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Gold doesn't seem to be along for the ride today. It's calling bullshit on today's rumors
The Feckers already took Celente's Paper GOLD.
WTF is next???
Keep an eye on your Daughters...
Borrowing infinite amounts of money at a negative interest rate and buying up futures contracts in a market where you set margin rates = PRICE STABILITY
A.K.A... JP Morgan is telling you to dump your crude oil plays like a coffee stimulated morning movement. PUSH HARD MY FRIENDS.
JP Morgue really going out on a limb here with their year price target on oil!
Adjusts it from present price to $9 dollars away! Gee thats a REAL BALLZY call there JP Morgue you bag of DICKS!
So, oil at $70 soon then, eh?
NTS: Sell WTI
BTW did someone order a bullshit ramp just now? Because it's here.
meanwhile natural gas makes another 52 week low....
Liquified Natural Gas is up handsomly
LNG is up 5.5% after being up as much as 8% earlier toay
yeah, whazzup wit dat?! am buying "all the way to the bottom", but where the hell does turn? geez
"and $118/bbl in 2013"
Must be nice to have access to the same quality drugs that J.P.Morgan is on when they come up with these unrealistic projections.
Perhaps they are counting on the Iranian oil to flood the market after we bring Democracy back to them.
iran supplies china's oil. US army in northern africa to starve china from all minerals. now, my avatar has sent troops to australia!
Salvia divinorum + a dartboard = seeing the future (a few puncture wounds also)
Little Miss Market basketcase manic/depressive jumps up and runs around the room again throwing glitter in the air!
Dont worry, within a couple hours the meds will wear off and she'll be back huddled in the corner sobbing in despair.
I cannot see how anyone can hold a long position overnight tonight with all of those French bond auctions bright and early tomorrow. Word is that the London bond vigilantes are hungry for some French cut tomorrow.
Moody's take rating action on 12 German Landesbanken, banks listed below:
Bremer Landesbank Kreditanstalt
Norddeutsche Landesbank Luxembourg
They have no clue.
1) Regulatory approval. Why would it occur when it will increase the price of WTI? Those commissioners are elected.
2) It's very very hard to get $200/barrel oil. Economies and their oil consumption are destroyed before $200/barrel. Low consumption would not pressure prices upward. And of course, $200 / barrel means trucks can't buy fuel to bring food to shelves. People who starve to death also lower consumption.
3) Brent is the price of oil. It's within a few dollars of the other blends (excluding WTI), which are also the price of oil. WTI is not Bakken (which isn't much anyway, only 300K bpd right now, and will only add another 100Kbpd by the time it hits its peak, soon (ignore all Bakken hype, horizontals die vertically)). It is also not oil sands oil, which will be headed to Vancouver for shipping to China soon. The "spread" is not important. Oil (Brent and other blends) costing $110 is important.
4) Greece burns 400K bpd and has to buy every barrel of it from Iran, because no one else will take their IOUs. These are the realities that define the oncoming deaths. Not WTI.
Fed pumptards in full parade today. Clearly, somebody did not send Waller the memo:
Fed's Waller says possible US growth in Q4 and Q1 2012 to be as high as 3.5% annual rate unless EU crisis escalates
Possible US growth....well hell its also technically POSSIBLE for 5 oz gold bars to come shooting out of my ass as well...but Im not pricing it in.
Meanwhile.... WTI just broke +$3/b for today. One of the village idiots I was trying to inform about oil prices told me gasoline at the pump has went down so I am full of shit. I went and talked to a local gas station owner and he told me that everyone is lowering their prices because they are on the brink of insolvency with more decreased consumption going into winter. I expect to see at least 3/10 of the gasoline providers in my small town go out of business over the winter. Possibly more. High gasoline prices are horrible for most people. However, not having access to gasoline period because it is impossible to make a profit on depression level consumption, which leads to reluctance to operate a fuel station in a location, is much much worse.
I'm not worried though. I have been burning wood for heat for 5 years now and haven't bought a drop of gasoline or owned an automobile in 2 years.
Daily calls from the FED/ECB has now turned markets into boy who cried wolf syndrome...halflife of these rumors are now only minutes as no one believes any of the crap now.
the only target i want to see, is that little laser dot on all of the crooks foreheads!
I'd just like to ask everyone to step backwards and look at oil, from 2008's spike onward to this year's 2 seperate 100+ occasions, and truly try to convince themselves that supply scarcity is not explanatory.
There was no QE during the first spike in 2008. Printing won't explain it.
Exxon and Chevron pure crude production is falling. Ditto Total. They have resorted to Barrels of Oil Equivalent to conceal it, adding in all liquids and natural gas. It's all bullshit. Crude is not coming out fo the ground at a pace 7 billion need it, and everyone who is rational knows it.
The party is over. The cops are coming. On horseback. Four of them.
"The party is over. The cops are coming. On horseback. Four of them."
I am going to be using that one. Good stuff!
Not that I disagree with supply scarcity which is obviously upon us, I believe a huge part of the 2008 price explosion was instigated by the Dick Cheney "We have to increase our reserves because intel shows us the terrorizers want to bomb refineries in the Gulf" play. I think that it was a 'shock test' to see how the masses in the United States will react to the inevitable supply shortage that we are now subject to.
Hmm the spike in oil had absolutely nothing to do with the repeal of Glass Stegal and the passing of the Commodity Futures Modernization Act along with regulation being recinded governing the practice of rolling contracts over and over into future contracts. The fact that millions of barrels are being held in storage tied to contracts owned by "investors" that will never take delivery of a single barrel holding supply that could lower the per barrel cost substantially has nothing to do with it either. Oh and big investment banks renting tankers to store oil off shore because there isn't space to store the oil anywhere else has nothing to do with the price manipulation. 92% of all oil contracts being traded by speculative investment firms has nothing to do with the rapidly increasing cost. The fact that the exploration crews of Exxon stated that it would be profitable to drill anywhere in the world at $40 a barrel in 2005 before th speculators drove th price to 3 times that. The fact that the same Exxon crews stated that at $60 a barrel it would be profitable to build driling stations on the ocean floor. The price also has nothing to do with Arab governments that based their entire economies on $60+ oil and made promises they couldn't keep when the market crash sent oil to $37. "Investors" knew this fact and could exploit it to drive the price higher. Oh and the fact that American gasoline consumption has fallen back to 1990's levels is completely irrelevant. Also that a 1% decline in American consuption eclipses any Asian growth. I've been folowing oil for a very long time and followed every stry during the bullshit run in oil from 2003-2008 becaue I put 30k+ miles on a car per year and gasoline in my largest expense outside my mortgage. Oil at $100 is bullshit and anyone with a brain should know it. The real market price based on fundamentals is below $40, there is no argument to the contrary.
On the contrary, the first, oh, half of your commentary would not explain the price of Tapis, Brent, Oman, Libyan oil (in that time frame) or Russian Urals oil, none of which care one iota about the price of your supposedly manipulated (upward, as opposed to PPT downward) WTI. Stop thinking of this matter as a financial entity. It's not about trading. It's about dying.
The second half of your commentary purposely denies scarcity in order to claim that lower consumption should yield lower price. How can lower consumption yield lower price if the quantity of product is scarce?
And lastly, your core failure, is the fundamental misunderstanding that Demand is not synonomous with Consumption. You can have low consumption with high demand. People can want to burn more. That's demand. They can't do it because it's not there in sufficient quantity, driving the price up.
You resort to all sorts of contortions in thinking to avoid the crushing power of Occam's Razor, which in this context is . . . scarcity.
agree with you price should be 50% lower and banksters/oil majors have kept it artificially high.
by the way there used to be an ADR on the oil floor in London - the same?
Please reconcile your view with 2 facts:
1) Since 2005, world net exports are down ~10%
2) Since 2005, the net energy of "All Liquids" category which is confused by everyone to mean oil is flat.
I, feel.....the ......urge.......comming............over.............me...............
........FUCK you's J P Morgan Chase &Co,,,,,,,,
You's lying,thieving,cheating,Rothschilds cum swallowing sacks of shit.
So Cushing is essentialy overflowing with oil and reversing the pipeline will make it cheaper to ship oil to refineries sending more supply to the market, and that means oil should be trading higher? Ahh bizzaro land, got to love it.
Trading higher because Brent IS the global price of oil. WTI is global price less marginal transporation costs, which have historically been either truck or rail and is now expanding to pipeline. But after oil is refined, those transporation costs are added back so that oil shipped from the North Sea is relatively the same price as that coming from Cushing + those high trasportation costs.
Anticipation of a lower cost transportation source such as the Seaway pipeline for 2012 puts pressure on trucking and rail companies to reduce costs today to contract and keep clients.
What this article hasn't leveraged yet is this. If U.S. demand is assumed constant and oil is no longer shipped FROM the Gulf to Cushing but instead is shipped FROM Canada to Cushing, then that means there will be a net reduction in oil imports from foreign providers other than Canadians. (who are not considered so foreign in propaganda speak) If this is true, we'll hear about it on somebody's campaign trail or we Won't hear about Drill Drill Drill on the other...
It's not overflowing with oil.
It's overflowing with WTI. Brent is oil. Brent defines the price.
If you bring WTI to the coast, then it becomes more valuable because more markets can demand it, not just a handful of Midwest refineries. Once it gets to the coast, it can ship to anywhere, and thus can command a higher price for the oil people extracting it from the ground.
Does this mean the global supply is increased from what it is now? Yes, but . . . it's only 150K bpd in that pipeline. That's all. The rest is hand waving predictions of more and more. That's all bullshit. The 5%/yr production decline in presently producing West Texas fields will lose 150K and much more in that year it takes to start the pipeline reversal. So . . . supply increase? Nope.
When you see quotes of supply increase from ANYONE, look real careful at what increased. It won't be crude. It will be "all liquids". They don't have crude's BTUs.
As for Canada, we are maybe only mere DAYS from hearing that China is funding a pipeline to the Vancouver coast. That will be that for that product having only one customer. Extra demand . . . higher price for Edmonton black flow.
if i am correct, the jopamites bought oil last time at 105, now they want to get rid of it. They had to raise forecast.
ANd one thing i don't get it... so the reversal will be in 2012 but we have to pay today those prices.
SHould publicly hang all assholes.
Surpised everthing is a scam by scum? FUCK JPMORGAN et al
first fundemental story to move the oil market in what seems like years.
shame constant bearish news from ZH has no effect on stock prices.
52 weeks 11 hours
<=== buy WTI and short the ETFs?
<=== buy PMs and short the morgue, BiCheZ!
Again, oil is not about trading.
It's about dying.
neither are PMs about trading
they are about living
what cause the dump in the past 20 minutes?
What is going on with PSLV? Is someone unwinding? Is the trust issuing more shares?
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