With crude futures off their recent highs early Wednesday morning, there appears to be a bit of calm in the air before the proverbial storm or, in this case, spring. With the “Arab Spring” continuing to take hold in the Middle East, protests and Shi’ite marches are expected in Saudi Arabia during the now ubiquitous “Day of Rage” on March 11 and 20. Indeed, oil traders will be watching this situation very closely, as heightened political, social, and economic unrest is likely to cause similar types of spikes that we saw with Egypt and Libya headlines.
Of course, legendary commodities investor Jim Rogers is not convinced crude is rising due to tensions in the Middle East, so much as because “…the world is running out of known reserves of oil.” Either way, you can be sure that “black gold” will continue to be all the rage in the coming days.
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[youtube:http://www.youtube.com/watch?v=ZdzRHQHWPMk&feature=related 550 412]
wise man say, why worry about blue if you can be assured of purple
lol
LoL
got up this am to catch the break out of the recent flag … just bought some /cl futures 104.50… will be important to see how the market reacts to the report today – will help determine if it’s still worried about the mid-east or is focusing back on fundamentals in the states.
tough call
(laughter) I love how we’ve been running out of oil for two decades, yet somehow APC managed to find something like four new major fields in Africa this year.
Is Peak Oil real. Obviously.
Are we close. Fuck no.
Indeed
I can’t believe Rogers, after bitching about cheapening the dollar after all these years, is actually backing the Peak Oil nonsense instead.
One wonder if the Pod People got to him.
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So, I take it Mr. Gint does not rock “le bow tie”?