$70 approach on Oil

Discussion in 'Commodity Futures' started by drobin, Aug 28, 2005.

  1. drobin


    As of 8/25/05 - Brent Crude Oil $66.25
    As of 8/25/05 - Light Crude Oil $67.49

    The probability of hitting $70 a barrell is pretty high. What say the rest of you?
  2. Let it hit $70 on Monday, then SELL!
  3. drobin


    71 is my mark :D
  4. a minimum of 1 mil barrels will be shut in for awhile as a lot of rigs will be destroyed.

    I'm betting a big rally in oil is followed by opening the Strategic Petroleum Reserve (hey, that's LA too?)
  5. Bush has yet to say anything about the Strategic Reserves which is foolish on his part. It will help keep prices under control Monday.

    I do think it will happen though but there is a possibility it may not.

    Anyway what's the legal daily price increase on Crude? Ain't it $3? I think we'll easly reach that limit Monday.
  6. JayS


    First limit for Crude is a $10 move. Nat Gas is $3.


  7. NO is 6ft below sea level, could be cleared for days, rigs have already been evacuated.

    This could be very very bad.

    70 could be blown away
  8. toc


    Recently I had predicted $80 oil....but am recanting a little. It seems top is in around $70 and then down to $40. Happy Shorting Folks!
  9. BSAM


    Crystal ball? Personal acquaintance with the Wizard Of Oz? What are you basing this on? Hope you're right!!!
  10. waiting for opening in 28 minutes. I am hearing +$5, around $71 or $72.
    #10     Aug 28, 2005