Oil is down sharpley any reason !!!!~!

Chaqi, What you have written is true, but what is your point?

 

Ksonsinc. You are wise, in my opinion, not to short oil, for the very reasons you mention. And too, we must keep in mind that even with a drop to below $60, the majors will remain fundamentally very strong. They are sitting on mounds of cash right now. The correct thing to do here is to wait and watch, and if prices of oil equities come down to a ridiculous extent, as they may, use it as a buying opportunity. Oil will remain fundamentally strong for quite a few more years.

 

anyone seen this? OPEC thinking about cutting oil production to support oil prices

http://www.ft.com/cms/s/51ec2e78-40da-11db-827f-0000779e2340.html

 

Thanks for sharing that. I was just going to do some research on OPEC to see what they might be saying/doing at their meeting tomorrow. Thx.

 

OPEC
http://news.yahoo.com/s/ap/20060910/ap_on_bi_ge/opec_meeting
BTW QM is down to 65.875 = -.375 at the open on NYMEX

 

Hey piezoe
I agree to you
No body want to get caught in a death spike cause when it will fall it will fall harder and faster
Right now only looking to scalp for a couple points and 65.90 look good but have to wait and watch

 

65.87 gone long
let just hope it goes up

 

Good luck to you!
I'd say 60 isnt out of the question in the next week or so, but i was under the price on the last dip in this region. So, who knows.

 

Yup! Look at gold

Still see no sign of buyers yet.

 

If we do not hold $65, there is a bit of an air pocket 'til $60.