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WTI Crude Soars Above $48, Highest In 4 Weeks
Echoing the end of August face-ripping rally, WTI crude has soared almost 12% in the last 4 days, pushing the Dec contract above $48 for the first time since mid-September... And the reason? Well, The Fed is raising rates and they wouldn't do that if the economy was not awesome, right?
Surge pricing...
In a similarly vicious move to the August-close ramp...
Charts: Bloomberg
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Must be panic buying.....
must be JPMorgan...
today: JPMorgan Says Ignore Oil Market Noise, Long Puts....WTI is going to the 20s. Washout on the way.
RIPS
Right. And nat gas is going to $1. All this in the midst of winter setting in on the northern hemisphere. If I were you, I'd short it.
BROOKS
Seems you think global manufacturing is up? Just cause you cant use firewood to heat your home in San Francisco doesnt mean dick to the oil market. Washout comming. Look at global shipping, look at global manufacturing....look at the morons running things.
I hope you have the long side of my trade.....best of luck to you.
If its any condolences ill be buying several monsterboxes with your losses.
RIPS
I don't need luck, but thanks for offering it. I've done quite well buying CNX at $6.90, and going long OIH and CVX a few weeks ago. I think I'll take a few bucks off the table at these levels. I'd hate to be a pig.
Good luck to you on your macro analysis bet.
BROOKS
edit: I didn't downvote you RIPS. Never quite understood the point to that.
Happy Gambling!
petro dollar and wti going up
Banksters literally all hands on deck to keep crude afloat. Dollar carry trade being eviscerated and whole bunch of derivatives tied to crude.
Cocksuckers will lose because all the free FIAT shit in the world can't stop whats coming for more than 1 year max.
Gold is leading the charge... DOWN
There's no fear of inflation. Preservation, well that's a whole 'nother story. Papers of oil forward contracts are not a means to preserving wealth or anything.
Paper gold is down due to naked short selling bought and paid for by USD created out of air by the FED and loaned at ZPIR to thier agents. No way to unwind thier shit, just crash and burn
12% price moves, now that's what I call stabiliteeee.., Good job fed.
Could it be that keystone will never happen?
Could it be that Russia is going to all of a sudden seem serious about dropping big bombs over there? Whether there are US troops there or not?
Could it be that China is going to start making the oil tankers take the long run?
Or is it just running up the price to lock in year end positions?
Or maybe its the more real concern re production cuts in Brazil....
short term noise more deflation ahead
And yet DJIA ia about 2% off its all-time close (18312), SPX is about 16 points off (2131) and NAZ is about 1% off its all-time close
(5219). Bulls make money; bears make money; pigs (and idiots) get their asses handed to them.
Moral of the story: make money; keep your ass.
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Brazil oil workers strike
Libian western export ports shut down
All EM's feeling pressure
First world export countries, Canada, Norway, American Mid-west feeling pressure
AND
Five crazy armies running around the Middle East bombing each other and shooting down airplanes
I am Long oil
Strategic reserves all full and demand cratering across the globe.
Just because they'd like POO to be higher doesn't mean it will go there.
Higher POO will just intensify the demand problem and give us more deflation.
Is oil rare? Not at all.
Not smoking cigarettes is probably good for your health. Not smoking cigarettes must also good for your health otherwise people wouldn't be doing it, now would they?
Price of oil going up?
Probably means Putin is hitting ISIS oil tanker truck convoys.
The ones that the Negro wouldn't hit because he wanted to keep the price of oil down with oversupply to punish naughty Russia.