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Daily Oil Market Summary: May 20

Tyler Durden's picture




 

Courtesy of www.fmxconnect.com

 

 

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Thu, 05/20/2010 - 19:36 | 364406 cougar_w
cougar_w's picture

The hot-money is leaving the house. There goes QE1 ...

Thu, 05/20/2010 - 21:41 | 364685 lawton
lawton's picture

Hopefully oil stays near 70.00 for a while. 

Thu, 05/20/2010 - 22:26 | 364714 hedgeless_horseman
hedgeless_horseman's picture

To my way of thinking, odd as it is, oil should/could/would be much higher if the fat federali finger wasn't keeping it down.  I am more inclined to believe conspiracy theories of price suppression in the oil market than in the PM market.  But what do I know?  Are people driving less?  My gestalt says no.  Strange times.

Thu, 05/20/2010 - 21:59 | 364734 lawton
lawton's picture

I think the only reason it has went over 80.00 is due to speculators looking at the current supply/demand the last decade... not counting hurricanes hitting...

Thu, 05/20/2010 - 22:23 | 364780 Bolweevil
Bolweevil's picture

Forthcoming "Persian Excursion" by our beloved navy should put in a healthy stop to depreciating price. How much oil does a modern aircraft carrier burn through doing laps around the Indian Ocean (including aircraft)? Are they all nuclear? That's green.

Thu, 05/20/2010 - 22:23 | 364781 lsbumblebee
lsbumblebee's picture

I think oil is lower because it's priced in USD and Ben has been pretty busy propping up the not-so-valuable green hygiene product.

Speaking of gold, I see Da Boyz have definitely set up camp in Hong Kong. 1165? They must be reenacting the Opium Wars right now.

Looks like Harvey Organ was right:

"In case you hadn't checked yet, the June Options Expiration is coming up next Tuesday, May 25:

price calls 1100 7,105 1150 4,976 1200 18,103 - W-O-W ! 1250 4,781 1300 5,306 1400 6,227 1800 5,814 - W-o-w again: at +1800+ !

PLUS +another+ 18,000 (or so, aggregated) from 1155 to 1195.

That sets up a task for the Cartel to take gold down to 1150 if they want to neutralize some 41,000 potential calls for delivery. Alternatively: if they fail, perhaps the melt-up will finally start. High stakes..."

http://harveyorgan.blogspot.com/search?updated-max=2010-05-20T15%3A19%3A...

Thu, 05/20/2010 - 22:30 | 364795 Dr o love
Dr o love's picture

I think oil is lower because to get from $87 to $30 it has to go in the downward direction.

Thu, 05/20/2010 - 22:43 | 364814 lsbumblebee
lsbumblebee's picture

Can't argue with that.

Fri, 05/21/2010 - 00:22 | 364992 GoinFawr
GoinFawr's picture

That sets up a task for the Cartel to take gold down to 1150 if they want to neutralize some 41,000 potential calls for delivery. Alternatively: if they fail, perhaps the melt-up will finally start. High stakes

...indeed.

I unabashedly fap at the idea of 41,000 calls for delivery.

 But Pt has been given the real work over this op ex. GS was pumping it a few months back, as in right smartly before 100USD/oz fell off. Recovered like a champ; chart even looked so bullish you could taste it, only to shed 300/oz (~17%) in a little over the last 7 days.

Regards

Fri, 05/21/2010 - 00:20 | 364998 boeing747
boeing747's picture

Another oil war is coming in 2011. This time dollar, oil and gold all up, guest who controls all these?

Fri, 05/21/2010 - 00:21 | 365001 Grand Supercycle
Grand Supercycle's picture

 

For several days I warned of EURUSD buying support as detected by my indicators - and this has been confirmed by the recent Euro break out.

The proprietary indicators I use can identify trend changes before they occur.

http://stockmarket618.wordpress.com

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

Fri, 05/21/2010 - 00:22 | 365005 Apostate
Apostate's picture

KSA and the rest of them have played a price-suppression game as a means of maintaining political order.

That's OPEC and the petrodollar system.

In return for keeping oil prices low, the US keeps its dog, Israel, on a reasonably tight collar.

The sheikhs in turn get to have all the slaves they want, build fancy buildings, enjoy lives of luxury, keep the priests at arm's length, and send their princelings to roam about the world, attending schools, partying, and playing at being businessmen - so they don't start revolutions domestically.

KSA is done for without the US and access to western expertise through companies like ARAMCO. Without constructs like ARAMCO, you get situations like you have in Venezuela or Iran - decaying equipment, inept management, poor business sense, and inability to explore for more oil.

It's unnecessary. Markets are dynamic. We can adapt to higher oil prices through efficiency and allowing further development of realistic alternatives (like - helloooo - nuclear power).

Just. Cut. The. Chord.

Let them drown in their own shit.  

Fri, 05/21/2010 - 00:31 | 365017 GoinFawr
GoinFawr's picture

Let them drown in their own shit.  

I don't mean to be rude, but for some reason 'deregulation of the oil industry' and the 'Gulf of Mexico' are springing to mind...

Letters to the usual address...

Regards

 

Fri, 05/21/2010 - 00:35 | 365028 Apostate
Apostate's picture

I have no idea what "deregulation of the oil industry" even means.

Deregulation, re-regulation, regulation, anti-regulation... it's just more byzantine nonsense, rent-seeking, oligarch-supporting crap. 

What I do know is that the government sucks at everything.

Maybe Ralph Nader is hiring. You wanna jump on his failed crusade, go for it... his sugar daddy government is on its death bed. 

Fri, 05/21/2010 - 01:28 | 365067 GoinFawr
GoinFawr's picture

Rant/on:

Ralph Nader, 'failed'? Bite your tongue, sir. If there was any failure it was on the part of the duped citizenry who he's been scoring superlative wins for four (count 'em: 4) decades to recognize him for the indefatigable American he truly is. 

Unless, of course, you are so thick as to think the Freedom of Information Act is a total fail. Or maybe the Clean Drinking Water Act?

He'd have actually put an end to the US' Crusading, not lie to that effect while secretly intending to perpetuate it.

I mean: I highly doubt Mr.Nader would have handed most of the US' grandchildrens'/great-grandchildrens' paycheques over to the banksters... but we'll never know now, will we? 'Cuz their great-grandparents all voted for a sucker's anodyne and thought it was 'change'.  But that certainly is no fault of Ralph's.

If I have anything against Ralph Nader, its that I have a hell of a time making it through anything he's written.  Otherwise, if he could have made it past inauguration before somebody took a shot at him: Yah, certainly I think he would have put together a fuck-sight better administration in Washington than the plutocrats that infest the place now. He's never failed the US, its failed him.

Rant/off

 

Regards

Fri, 05/21/2010 - 02:43 | 365139 boeing747
boeing747's picture

See you again, gold below 900.

Fri, 05/21/2010 - 06:14 | 365237 Crime of the Century
Crime of the Century's picture

With Central Banks accumulating? I'd be tempted to take that bet, and I'm not a degenerate speculator.

(with apologies to Tony Soprano)

Fri, 05/21/2010 - 08:34 | 365350 jp
jp's picture

Anyone see a price drop of 50 cents at the pump yet?

http://futuresource.quote.com/charts/charts.jsp?s=XRB%20M0

There is the wholesale move in black and white but did anyone see it at the retail level?

Until we do, the rest is just so much window dressing. What does a gal of gasoline go for in EU? Talk about a train wreck.

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