22 September 2008

Buckle up, baby

It's gonna be a wild ride!

-- NEW YORK -- Oil prices leaped more than $25 (U.S.) a barrel Monday — the biggest one-day price jump ever — as anxiety over the U.S. government's $700-billion bailout plan, a weak dollar and an expiring crude contract ignited a dramatic rally.

Phil Flynn, analyst and oil trader with Alaron Trading Corp. in Chicago, said the late-session surge in oil appeared to be the result of a large investment fund scrambling to cover its short positions, or bets that prices would fall.

“When people sense that someone is short, it's like blood on the streets. It just accelerates the rally.”
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11 comments:

Ontarian said...

I'm not surprised in the least that an *ahem* oil analyst would try to justify it. These days, any excuse will do; from a hurricane that hasn't hit refineries yet and might not, to long weekends that magically increase the prices, to this. When, and how/if will this madness end?

djxtreme said...

I'm tired of paying more for seculators and stock market BS. It's time THEY pay for what they do. If they bid on a price then take DELIVERY at that price.

Neo Conservative said...

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"djxtreme says... I'm tired of paying more for speculators and stock market BS"

unfortunately, we are all at the mercy of these self-named "masters of the universe"... who routinely drive prices up and down to fill their own pockets.

one of the less pretty faces of capitalism.

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djxtreme said...

Time for the game to change. Time for them to PAY for their speculation. I'm, sure that would stop things real quick.

Neo Conservative said...

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dj, trust me... you're preachin' to the choir here.

the sad truth is, like heroin smuggling in af'stan... and even with the recent market meltdown... there's too much money and too many higher-ups already in the securities industry's pockets... for this to really ever change.

the big boys play hard and... i've brushed up against enough of these arrogant assholes to know... think of themselves as demi-gods.

it's their game... and the rest of us mere mortals just have to suck it up.

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djxtreme said...

All the more reason for things to change. It`s not about supply and demand. It`s about BS stock market `betting``. And I`l be damned if I`m gonna let this go on any longer. If they wanna gamble and play with `their`money fine. But it should NOT affect the whole population.

Neo Conservative said...

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"And I'll be damned if I`m gonna let this go on any longer."

you got a plan to stop it, bro... believe me... i'm all ears.

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djxtreme said...

neo...I can`t do it alone. I twill need all of us. But if yer i8ntersted I`ll create a group and we`ll do our best to try and pressure GOV to do it

Neo Conservative said...

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i have to confess i'm not much of a joiner... but i'm certainly interested in what strategy you were thinking of employing.

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langmann said...

Government will just make it worse. You're imagining a situation where they are tied down, but what really happens is that once government gets involved these guys with their money lobby Liberal MPs sitting on boards to push things in their favor. Soon you have a monopoly where these guys are all in bed together and no-one new can come onto the scene and undercut their prices.

What we need to do is look for substitutes for oil and start using them. The only reason I am in favor of novel strategies to heat my house, transport etc. is so I don't have to pay these guys my money.

Capitalism has some seemingly negative sides but government always makes it worse.

Neo Conservative said...

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"langmann says... The only reason I am in favor of novel strategies..."

and that, my friend, is micro-capitalism at its finest.

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