Daily Oil Market Summary: May 19

Courtesy of www.fmxconnect.com

Comments

[anony]

Math test

[steve from virginia]

The trading range reasserts itself and the dollar becomes that much harder.

Beware the enticements of the gold bugs. Dollar strength is not a matter for central banks any more but the solvency of gasoline/diesel purchasers.

Since gas purchasers make monetary policy now the contest is between greed and convenience. Discovering that the dollars in their pockets are a) scarcer, and b) worth something makes the foregoing a real contest. I personally believe that gas customers are first and foremost pathologically cheap and will, in the end, stop buying so much gas to 'save' (hoard) dollars.

After all, dollars hoarded today is fuel that can be scrounged for tomorrow.

Believe it or not, $70 oil is vastly more devastating than is $90 (which is impossible as nobody can afford it.) $60 is even moreso. Don't ask about $30 oil.

Forget about those slap- Happy Days of cheap, $20 oil, hot rods and surfing. There is no cheap oil left to pump. The next level of our monetary policy contest is between desperation and convenience. Let's see how that turns out.

In general, the issue of the nature of our finance crisis has been made out to be the mispricing of risk. Look at all the other articles here on Zero Hedge, for instance. I personally think the issue is the mispricing of inputs. This too, is a (highly systemic) risk. The US has not had a hard currency since the halcyon days of finance collapse the early 1930's.

Welcome back!

[Bolweevil]

$20 or $144 still going surfing (on my bike). Daily oil is great...

[steve from virginia]

BTW: to Tyler amd Friends:

The Cameron- Hanover oil price review is my favorite feature here on this site. Thank you very much!

steve

[parallaxview]

mmmmm. chewy newgative territory.

[Grand Supercycle]

EURUSD buying support is still evident.

Daily chart is now extremely oversold, will post a chart soon.

http://stockmarket618.wordpress.com

http://www.zerohedge.com/forum/latest-market-outlook-1

[Sudden Debt]

BP option experation day is pushing it up pretty nice in premarket. I think that at noon is good moment to get short on BP as by then it will reach it's peak.

I also noted that after every oil catastroph, oil gets hammered. Iraq, Exxon... to name the biggest.

Meesa says down oil, down!

[Grand Supercycle]

EURUSD buying support is still evident.

Updates:

http://stockmarket618.wordpress.com

http://www.zerohedge.com/forum/latest-market-outlook-1

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