Time to go LONG OIL?

Discussion in 'Commodity Futures' started by Jahajee, Sep 12, 2008.

  1. Bottoming action around 100 but ... even with Chavez threatening to stop oil exports to US (bluff bluff bluff) and Ike nearby, Crude remains dead in the water, not even a slight pop up.
  2. Here's what happens over the next 2 weeks:

    Oil goes down $10-15, wholesale gasoline goes up $1-1.50.

    Lets say 20% of US gasoline (3mb/d) is offline for 3 months... That'll enable a 90 million barrel build of crude, and likewise a 90 million barrel draw of gasoline.

    Maybe my prognostication might be worth coming back to in a month.
  3. Crude will not be able to mount a decent rally until all of those Gulf Coast refineries come back "on-line" and that could take the rest of this week . . . Also, the Paralympics in Beijing end on Wednesday.

    Measured-move projects to $86.00

  4. crude oil traded today below the range described by the first trading day of the year... that might signal further declines