CL future

Discussion in 'Commodity Futures' started by JamesJ, May 21, 2008.

  1. JamesJ


    crazy price action....

    a big player on margin call...

    enormous buying of 100 contract packs... driving price up and up right now
  2. LT701


    4.5% price move in one day

  3. LT701


    4.68% now
  4. LT701


    100 to 135 in the blink of an eye

    less than 2 months
  5. There is a need to be rational. CL is a very tradeable market each day. The moves are frequently big and the daily range usually wide. Compared to ES this is a fast market. But this is chance where you can speed up the use of your trading skills. Elsewhere you mostly use them in slow motion in other markets. Sure, you do have to know what you are doing. Put in the time and then listen to the chime - of money clinking into your coffers.
  6. IEA Cuts Long-Term Oil Supply Estimate

    In a time when the slightest notion of supply disruption sends oil prices to near-daily record highs, the International Energy Agency on Thursday is slashing its long-term projection for supply of crude. The IEA announced its findings following a study of the world's largest oil fields, after which concluded that depletion rates will exceed previous forecasts and lead to a reduction in the world's oil supply.

    The Paris-based IEA last set its supply estimate at 116 million barrels of crude oil a day by 2030. However, the Wall Street Journal is reporting they now expect that number to be around 100 million barrels. The report sent crude oil up over $135 a barrel in early trading in New York Thursday, a new record high.

    The head of the IEA, Nobuo Tanaka, told Bloomberg news that its next forecast will present a "more realistic supply potential" estimate, rather than the "optimistic" forecast in previous reports. The agency will fully report the findings of the study in November, when they release their annual World Energy Outlook.

    Growing demand for oil from emerging markets such as China and India has added demand to the already highly-valued commodity. Despite the rising cost of crude oil, the IEA expects global consumption will increase to nearly 98.5 million barrels a day by 2015. The IEA said in its previous World Energy Outlook that Chinese and Indian crude oil imports would almost quadruple by 2030 to 19.1 million barrels a day, helping to create a supply ''crunch'' as soon as 2015.

    The organization estimated then that global consumption would rise to 98.5 million barrels a day by 2015, over a 16 percent increase from the 84.6 million a day consumed 2006.

    The IEA is encouraging investment in oil fields. The agency's chief economist, Fatih Birol, told the Wall Street Journal that the investments in oil may be "much, much higher than what people assume."

    "This is a dangerous situation," he added

    The IEA, founded in 1974 in response to an Arab oil embargo, monitors energy for 27 countries worldwide, including the United States, Japan, and every European country.

    However, the United States has its own forecasting agency, in addition to the IEA's reports. They rely in the Energy Information Administration, an agency that is currently conducting its own supply study. They also appear concerned about investment in oil fields.

    On Wednesday, the EIA, part of the Department of Energy, released data showing that crude oil inventories dropped by 5.4 million barrels to 320.4 million for the week ended May 16. This came as a big surprise to analysts, who were looking for a build in supplies of about 900,000 barrels.

    The EIA also reported that gasoline stocks fell to 209.4 million barrels, down 800,000 barrels from the previous week. Analysts were predicting a rise of 500,000 barrels. Distillates rose 700,000 to 107.8 million barrels, less than the 1.45 million barrels predicted by analysts.

    The petroleum inventory report sent oil prices soaring again on Wednesday. Light sweet crude for July delivery moved to $131.79, up $1.81 on the session, as July took over as the front-month contract. In mid-morning trading, oil touched as high as $132.08, again smashing through its previous record highs.

    The advance continued in overnight trading on Thursday, with crude setting yet another record above $135 per barrel.
  7. Surdo


    Source please?
  8. So, let me get this straight.

    We could have a supply problem by 2015. That's if you assume no new fields are found and tapped (big assumption there; almost asinine).

    Wow. That only gives us 7 years to bring new fields online, ramp up alternate energy supply, introduce new energy efficiencies, and do a myriad of other things to decrease dependency on oil.

    We'll most likely have vehicles suitable for highway use that easily get 100+ mpg by 2015, and potentially a lot, lot more.

    Time to panic.
    #10     May 23, 2008