ok; Oil trading at 130 and change on bs news, largest point increase on oil in a day yesterday on no news. Only real news is that the investigation probe into oil manipulation found that the big firms were in fact manipulating the system but since they found some kind of bs loophole, they can't be charged yet. As soon as that news came out, oil flew up to new highs. How obvious of manipulation is that! How can they not get in trouble for causing a global crisis! It was estimated that they have manipulated the price of oil between 30/40 points. So sick.
Yea with this price action, I don't buy 'supply shortage'. We are up $10 in 24 hours on only major news. Actual cash buying doesn't change price like that unless there is some major event or supply dislocation (which there is obviously not). I'm buying USO puts every $5 up.
What are U guys thinking. Oil jumped because of the extremely hawkish ECB statements, which in turn hammered the dollar. it did this at the same time. THAT is what moved oil. Will it continue to go up? doubt it, not soon anyway.
News- Morgan Stanley predicts oil at $150 by july for because of shipping patterns. You must be fu&*#ng kidding me. Its funny how Morgan was one of the names of firms who was found to be manipulating oil. Sick. Oil up over $4.57 disgusting
Let me propose they now realize the eye is on them and this is one last effort to ditch positions at a high price. They stand a lot to lose with so much oil purchased.
Euro up 1.3% on those statements. Crude up 5%. Sorry doesn't work out. Read this anyway. http://scriabinop23.blogspot.com/2008/06/ecb-missing-point-with-crude.html
ECB statement my arse 133 a barrel now it was at 122 yesterday I hope all the big firms traders get fuc*#% for this
Get your popcorn and take a seat. You are watching history, the squeeze of the century is happening, shorts are getting gutted here, unreal.