So let’s get this straight. When Libya started this affair earlier this year, oil prices skyrocketed on fears of an oil supply disruption. Despite the fact that all oil needs continued to be met, oil just had to go above $100 because “that evil Qaddafi…”
But now, we have the rebels pushing clean into Tripoli in a one day offensive, the dictator is nowhere to be found, and wouldn’t you know it, oil is higher because “Jackson hole’s a commin’…”
Assholes, can you stop holding onto oil already? What is it going to take to get a push below $80?
Look, do you want to know how many Libyans faithful to Qaddafi remain in Libya? The answer is obviously not many.
How do I have the gumption to just jump out here and say that? Well, because I watched the footage of the fighting. And the Libyan rebels looked terrible at it. Absolutely God-awful, in fact.
This weekend, in between drinking with a group of friends, I watched as Libyans dressed in their regular daily apparel; guys who looked like if they weren’t busy fighting a revolution would have otherwise been manning their families 7/11 store counter; waltz around the middle of Libyan streets, clumsily, not even bothering to find cover, as they fired guns wildly at unseen enemies. I watched kids hanging out on tanks that they had obviously just learned how to operate. I watched a dude fight for his country’s freedom in a navy blue collared shirt.
If these people had encountered any real loyalist force, presumably of military origins, they would have got their shit rocked.
So you’ve got to assume at this point that there are just an overwhelming number of opposition members; so many that anyone in that country who actually has been trained to fight; has decided it’s not a winning strategy.
More importantly, the rebels hold the oil ports and strategic locations. They are going to keep those facilities on full operating capacity. After all, they have a rebuilding campaign to pay for.
So France’s oil needs will be met in full. Now Europe can stop dicking around in our oil markets and leave Canada’s precious resources to their rightful owners…Americans.
Just kidding Canadians…
But nope, now we get an oil spike into the week because people are just positive that Bernanke is going to paper bomb the shit out of this country.
The sad thing is they’re probably right. I’m going to have to unwind UCO. But it would have been nice to at least get some action in the oil markets that reflects the favorable developments coming out of Libya.
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