CL Redux

Flip long .72

 

Reverse to short .85

Plan to hold this one overnight.

 

why has this thing gone up near 50 cents, back over 500?

 

gaddafi is going to speak in minutes , here is what he might say , it will be same rambling nothing new

- I united libya 40 years ago and worked hard to build contry and treat all citizens like my family.

- i am going to grant more democracy to people , we will conduct elections free and fair in 6 months

- alquida is behind many of these uprising

- US and westerners are entering country to divide us and do not engage them

- I treat rebels as my family , they surrender weapons , there wont be any charges

- I am giving last chance, then there will be huge action and death toll

let us see how I fare , after his speach

 

Perhaps he will commit hari kari, live!

 

20 ticks per contract today....not bad

 

That's pretty amazing considering there were individual 5-min bars that ran 50-100 ticks in the direction of a trending move today.

Maybe that's why they call them limit orders.

 

OPEC loses clout as swing supplier
-----------------------


http://www.marketwatch.com/story/opec-loses-clout-as-swing-supplier-2011-03-08

0/ Member countries are debating whether to increase their production, Kuwait's oil minister told reporters in Kuwait City on Tuesday.

A rise would come as the cartel tries to make up for lost output from Libya and quell fears of other supply disruptions elsewhere in the Middle East and North Africa.


Such a move would help “allay concerns over Libya but on the other hand is not a quick fix,” said Jim Ritterbusch, president of Ritterbusch and Associates in Illinois.


1/ For one, very few OPEC members have the capacity to increase production at the flip of a switch -- and the most important of them, Saudi Arabia, has already done so, analysts said.

OPEC says it holds around 6 million barrels a day of spare capacity, “which could quickly be made available to the market,” the organization said in a document recently posted on its website.

Several analysts, and even the U.S. Department of Energy, however, dispute that number.


2/ The DOE’s Energy Information Administration Tuesday estimated OPEC spare capacity will fall to 4.1 million barrels a day this year from 4.4 million barrels in 2010, followed by a further decline to 3.1 million barrels a day in 2012.

3/ Analysts at Goldman Sachs said OPEC spare capacity is likely to have dropped below 2 million barrels a day given the developments in Libya, even accounting for Saudi Arabia’s recent boost in production.

Libya’s unrest may have “brought forward the drawdown of OPEC spare capacity by about six months,” they said in a report to clients released Tuesday.

4/ “While the current loss of supply might turn out to be short-lived as production can be restored relatively quickly once the current civil unrest settles down, the real risk is that the remaining spare capacity cannot accommodate an escalation in disruption right now,” they added.

5/ Of OPEC’s 12 member countries, likely only Saudi Arabia, the United Arab Emirates, and Kuwait would be able to increase their production quickly, said Sarah Emerson, managing director of Energy Security Analysis Inc. in Massachusetts.

“Almost no one else does” as big producers such as Nigeria and Iraq struggle to keep their own production flowing and others such as Venezuela are tapped out, she added.


6/ An increase in OPEC output would also do little to stave off investors’ real concern behind the turmoil in Libya, said Michael Lynch, president of Strategic Energy & Economic Research in Massachusetts.

“The biggest problem right now is fear of trouble in some place else like Saudi Arabia,” said Lynch. Even if Gadhafi willingly steps down, prices are likely to moderate “only after people start to realize the Saudi regime is not in any trouble,” he said.

Saudi Arabia is the world’s No. 1 oil exporter and No. 2 oil producer after Russia.


7/ OPEC last officially increased output in 2008, when oil futures prices neared $150 a barrel. It also agreed to boost supplies in early 2003, to make up for losses from a general strike in Venezuela and the war in Iraq.

The organization is scheduled to meet June 8 for their ordinary meeting in Vienna. Leaders have said they are not likely to call an extraordinary meeting before that

 

lol slow and steady wins the race

 

The real question is can we break below yesterday's low at 103.33? If we do, ya better hang on to your seats because it's gonna be a fast descent. Anyone suffer from vertigo? Not I!