Will Oil hit 70$ this week

Discussion in 'Commodity Futures' started by mahram, Aug 28, 2005.

  1. with katrina shutting down all oil and gas production in the gulf, plus key refinaries in the south shutting down, will oil hit 70$ and over this week?
  2. Even if Katrina misses there are many long-term concerns (Iraq and Venezuela instability, Iran nuclear ambitions, and the cronic lack of investment in oil infrastructure, that will push oil to 70$ over the next 2 or 3 weeks anyway.
  3. Way over 70. I expect crude to rise the legal limit during asian trading monday.
  4. Katrian already shut down 1/3rd of the refinery production in the gulf with more to follow. It's a category 4/5 hurricane which means the damage could be fatal.
  5. My instinct is yes 70$ tonight. Long oil short everything dependent on it or negatively correlated to it on the open.

    AT 909mb pressure this one is another Hurricane Camille in intensity. That's how I was told to compare hurricanes.

    Then I had a chilling thought regarding president wetbrain. Never in the history of the SPR, has there been a situation with potential for taking action to release reserves.

    Bill Clinton, any past president actually, instinctively would dispatch the issue with one sentence this afternoon - "That's why we have the SPR." Would momo boys go long in the face of a comment like that?

    With this jackass, it's hard to tell.

  6. well apparrently as of today all oil production in the gulf has been shutdown....many oil companies are expecting major damage to rigs
  7. In this case we can surely expect 70$ by to-morrow.
  8. Most of them actually shut down yesterday.
  9. hey GEO

    be careful on those gap opens !

    are you refering to sunday night's
    opening print / opening range
    or monday am opening's for equities / oil markets?

    -My instinct is yes 70$ tonight. Long oil short everything dependent on it or negatively correlated to it on the open-
  10. Well Im more afraid of the longterm damage, alot of the rigs stopped evacauating when people said it wouldnt hit them on friday, and now alot of rigs were unprepared. Im also afraid of the Lousian oil port. If you have widespread damage, because you have some idiots taking the advice of the news that they would be missed, then 70$ oil would be pretty low.

    #10     Aug 28, 2005