Whats going on??? oil down. ng down 1.10

Discussion in 'Commodity Futures' started by scriabinop23, Aug 20, 2007.

  1. Shutting the 407 oil wells in the Campeche Sound will result in a production loss of 2.7 million barrels of oil and 2.6 billion cubic feet of natural gas a day, Pemex said. Of that, about 1.7 million barrels of oil a day is exported from three Gulf ports, where Pemex was loading the final tankers before shutting them as well.

    per this... http://www.msnbc.msn.com/id/20289472/

    This is 1/10th of US oil consumption on a daily basis. A BIG deal, even though it may be a short term event. Even so, permanent damage to rigs may lower production over long term.

    And oil down? Anyone have any good ideas?
  2. Massive unwinding.
    Rush to t-bills.
    Cash is king.
  3. My guess; funds hid in oil and prayed for a big storm to hit. Didn't happen. Now scrambling to the exit but don't fit all at once.
  4. The "damage" was less than expected. "Sell Mortimer! Sell! Sell! Sell!!!!!
  5. Down another 3.2%. Natty is clearly going to $4. Short all you can.