So oil races above $113 and pulls back to $106 in 2 days because they warn prices are headed lower? Interesting, so all they have to do to get oil to go back to $30-$40 a barrel is to continue to say that oil is due to fall and that global supplies of oil are just fine....seems a few words out of their mouths control the entire oil market.... Oil price drops more than 3 percent Oil falls below $106 a barrel after Goldman Sachs warns of 'substantial pullback' in crude ap Chris Kahn, AP Energy Writer, On Tuesday April 12, 2011, 11:14 am EDT NEW YORK (AP) -- Oil tumbled more than 3 percent Tuesday after Goldman Sachs warned investors that crude is due for a "substantial pullback." Goldman analyst David Greely noted that global supplies remain "adequate" even though the rebellion in Libya shut down production there. Before fighting broke out in February, Libya exported about 1.5 million barrels per day2 percent of global demand -- mostly to Europe. Fears of tightening global supplies have helped push oil prices 33 percent higher since the middle of February. Benchmark West Texas Intermediate crude for May delivery gave up $3.71, or 3.4 percent, to $106.22 per barrel on the New York Mercantile Exchange, shedding nearly two weeks of price increases. At one point it dropped to $105.60. In London, Brent crude lost $3.47, or 2.8 percent, at $119.95 per barrel on the ICE Futures exchange. Analyst and trader Stephen Schork pointed out that anyone who bought oil contracts last week paid between $107.58 and $112.94 per barrel. If oil continues to hold below that level, it could trigger a wider selloff. "If they panic, we could be at $100 (per barrel) in no time," Schork said. Meanwhile, gasoline pump prices continue to set new records for this time of year. The national average for a gallon of regular rose 2 cents on Tuesday to $3.79, according to AAA, Wright Express and Oil Price Information Service. Illinois has joined California, Hawaii and Alaska with average prices above $4 per gallon. In other Nymex trading for May contracts, heating oil lost 9 cents at $3.1654 per gallon and gasoline futures gave up 5 cents at $3.1461 per gallon. Natural gas fell 4 cents at $4.064 per 1,000 cubic feet.
So speculators don't affect the price oil, it's all fundamental supply and demand ?? Riiiiiiiiiiiiiight This seems more like telegraphing to others that they're not going to play the "take the physical, then park the tanker off the coast" like the others did back in '08.
Why is it that you believe the media commentary when price drops, but when prices rise the media commentary is all BS? Do you honestly believe that this statement released by GS is moving the entire crude market?
Oil life, lover boy. he move in space with minimum waste and maximum joy. City lights and business nights. When you require street-car desire for higher heights. No place for beginners or sensitive hearts When sentiment is left to chance. No place to be ending but somewhere to start. No need to ask. He's a crude operator, crude operator, crude operator, crude operator. Coast to coast, Cushing to Henry Hub, West Texas male. Across the north and south, to Brent or WTI, oil for sale. (Bass Guitar solo) Face to face, each classic case. We shadow box and double cross, Yet need the chase. A license to love, insurance to hold. Melts all your mem-'ries and change into goldman. His eyes are like angels but his heart is cold. No need to ask. He's a crude operator, crude operator, crude operator, crude operator. Coast to coast, LA to Chicago, western male. Across the north and south, to Key Largo, love for sale. crude operator, crude operator, crude operator, crude operator, crude operator, crude operator, crude operator, crude.......... operator,(Fade)
When QE 2 finally ends its going to be some show..... That chart says it all right there plain and simple!!!!
Lovely. Any time Goldman does anything intentionally conspicuous, my first reaction is Hmm. Is this a nice opportunity to jump aboard for the trip to 120$? Hmm.