What would we do without forecasts?
Forbes, July 2011 – It seems that plenty of traders agree with Roubini’s bearish outlook. A chart published today by Bloomberg shows a sharp increase in traders buying call options on $200/barrel oil futures, which expire on May 17th.
BBC, November 2014 – The IEA, a consultancy to 29 countries, said weak demand and the US shale gas boom meant crude’s recent fall below $80 a barrel was not over.
All those oil future traders telling me how foolish I am,
not having invested my portfolios in 200 dollar oil speculation.
Up Yours !
78 dollars a barrel.
–
Cold weather insulation is a better deal,
thanking you Al Gore..
The paper loss in value of my oil shares is made up by the real savings at the pump 🙂
“It’s tough to make predictions, especially about the future.”
Yogi Berra
WTI was actually below $74 on Thursday. I suspect it will be back at that point and dropping by the end of the week. I was a little early with my shorting of oil, but now it is beginning to look like a very merry Xmas indeed. Especially since it is all in the TFSA. Thank you Jim Flaherty. Thank you, you intrepid American fracking pioneers. Maybe I won’t have to depend on CPP in my dotage…
Excellent Juxtaposition Kate! Now, to drive home the point, find some Krugman article or Obama pronouncement that increasing the supply of oil will have little impact on the price.
I remember back about 3-4 years back when the price of gasoline went nutso ($1.25-1.35 /l)and they blamed it on nutso crude prices ($140 Bbl).
Howcum….gas is 1.25-1.35 with crude bouncing around $100 +/- ?
Now crude is in the $70s and gas has only dropped a nickel or a dime?
The old feedstock versus new feedstock argument is BS….price of crude rises..so does gasoline….price of crude falls…gasoline stays the same because…….old stock crude still in the system.
A wise guy said yesterday that the price of gas went up in Calgary from $.94 to $1.79 because the upstream price is low so the oil companies are making it up on the downstream.
The later price should have been $1.079
And the price of diesel hasnt moved at all. Its disgusting, same feedstock, same reasoning, same disconnect.
We all know the reason that the pump price remains high long after logic indicates it should have dropped far more than the tiny increments for the consumer. They do it, because they can. That’s all. They do it because they know there’s nothing we can do about it, and they are well aware of the fact that no matter where you fuel up, the cartel controls the price. Probably already planning refinery shutdowns for maintenance. That old standby has never failed in jacking up the price at the pump. I believe their motto is “always pretend you give a damn, but screw them whenever possible”.It has worked for many decades.