HONG KONG (MarketWatch) -- China's crude oil imports for the January to April period climbed 10% from a year earlier to 448.3 million barrels, according to data released by the General Administration of Customs Thursday. Imports for the month of April fell 4% to 106.80 million barrels, the bureau said. http://www.marketwatch.com/news/sto...x?guid={B94603F5-8D20-4890-B1AA-D3AE53F99DAD} Oil, 200 USD ? Maybe at the end of this year ?
They have to import oil because speculators are taking what would be ample supply off the market: http://seekingalpha.com/article/78264-commodities-prices-speculation-exposed One of the greatest thefts in modern history.
Speculaltors are good for the system. Without them, we'd have gas shortages. Plus I don't understand why people are complaing. You're a trader, follow the fucking trend. Bias and opinions are not to interfer with the trend.
So, you're saying speculators artificially (as in not supply-demand driven) drive the price of gasoline up, thereby reducing demand, and that without this mechanism, we'd have a shortage of gasoline? How about some specifics? At what price point would gasoline be in short supply due to normal supply/demand curves? How does reducing the base stock of gasoline - crude oil - by taking it out of supply channels, 'prevent shortages?' Wouldn't normal, equilibrium prices, established by real world supply and demand, accomplish the same thing, far more efficiently? Your logic is intriguing.
If that seekingalpha article is right. This will end badly. I wasn't around when the hunt brothers did their thing on silver but one at least went to jail.
I watch Platinum closely, last year a etf was set up. The big major platinum producers refused to sell to it. In fact the two biggest mines have long term contracts to sell their output. At the time I thought they(the mines) were wusses, they argued that an etf was bad for the market. I am starting to see their point.