BP was able to cover by purchasing spot but I believe Conoco has declared FM for their supplies out of Prudhoe. I hardly think this will have any effect on crude prices.
Thanks for that info about Conoco Wow; all these oil threads get really quite whenever we get a pullback.
And other people are looking for >$80... Your reason(s) would be more interesting than a number seemingly picked out of thin air.
Mainly because of my technical indicators and price pattern movement. I personally trade base on technical indicators and never the news. The news may move it up or down a bit but eventually, technical indicators and market psychology based on price movement and volume rule. I just went to CNN a few minutes ago and saw that the Mideast Peace Deal has been passed and Israel has agreed to it. I believe this could be a good reason for sellers to sell it down and long position holders to take profit. We'll see next week. On a side note, I think Natural gas is starting to look bearish. There is a slight chance of running back to 8.50 but I think a great chance of touching low $6.00 in a week or so.
I agree with this. Crude has failed to push higher on some very bullish news lately. Physical traders seem to be mandated to get oil prices lower but there is a lot of fund buying / support around $73.80. However, don't agree with you on nat. gas. This market, although well supplied at the moment has huge potential to spike on heavy, localised demand. The demand season is now starting to kick in and I think physical traders have little reason to sell much more at the moment. Other than trying to get a lower price for their spot winter purchases.
Looking at NAtgas, I think Contango was right... I strongly think a pattern is emerging to take NATGAS to about $9.50 soon. Going long on Natgas at $7.00 stop set at $5.75
Got stopped out on my long natgas position but more than covering this on my short crude position. Think crude is due for a bit of strength shortly but long term I think we may have seen the major top for now... Problem is that natgas and crude both trading off the same fears (hurricane season, cold winter, supply cuts...) Both crude and natgas are well stocked and crude remains well-supplied. Natgas "should" go up as we approach winter but there's little hype around right now to spike prices. So it's drifting lower with crude. However, natgas not as affected by freight as crude is.