The drop was due to the SPR loans, tankers coming from Europe, and some pipelines and refineries coming back on line. The sale from the SPR was a surprise announcement after the market closed. Aaron Schindler Schindler Trading
Although you have to congratulate the US government on its SPR trade... Buy between 30-45, sell at $67 ish. Great trade, guys! Can I get a tax decrease now? (didn't think so)
Not a prediction, but medium uoptrend in oil/gas sector is still up; ddint buy any dips today, like i usually do. XOM,BP, independants oil stations were lowering prices today; south east, helping consumers balance thier budget.
http://www.marketwatch.com/news/story.asp?column=Futures+Movers&siteid=mktw&dist= "We may be awash in gasoline by the end of September,"
Crude closed with an inverted cup on the 10 minute. Usually bearish with volume . After labor day demand drops anyway, so highly probable we already topped.
ARE inflation adjusted charts showing recent gasoline prices close to 1980 Iranian crisis prices .. ?
if we close over 70 any time next week, oil shorts are dead meat. this baby could go to 90. i don't think we're done yet, at all.
I think this is an interesting move on the part of the Bush admin. Haven't read up on the full news item yet, but dumping a bunch of supply into a market is generally a very good way to lower prices. If oil prices do start to decline/retrace, I'm very interested to see how the markets will handle a significant decline in oil prices, particularly after the parade of "higher highs" news items we've been seeing lately.
there was a 10 minute ( POST CLOSE NYMEX ) reaction to the SPR news friday www.platts.com - October crude traded down to $67.10/bbl for a loss of $2.37/bbl on the session. October unleaded gasoline fell to $2.1590/gal, down to its allowable limit of 25 cts/gal and triggering a five-minute trading halt. October heating oil traded down to $2.0850/gal, down 11.35 cts on the day.-