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The new normal. Inventories build, oil price goes up. Draw down inventories, price crashes. What else would you expect in this completely fucked up market?
lol
inventories do not play a real role since oil is not based on supply and demand.
oil is like gold. it is almost pure speculation.
supply and demand price would be around 20$
the other 80$ are people betting on oil to go higher.
once there is no upside, people will sell.
OPEC took away a significant chunk of upside today
—> oil drops
well Mr. “thumbs down”, I’ve made 250% this year in WTI trades.
maybe I know what the fuck I’m talking about
called it weeks ago.
also called no santa rally ^^
Iran can go fuck itself. that’s the message of the other OPEC nations
no one wants a nuclear Iran (except Obama)
I’ve been short in WTI oil since 101$ ^^
for those interested, the story is this:
Iran needs money to fund its nuclear program that has been blown up by Iranian dissidents over the last weeks.
no one of the big OPEC nations likes IRAN (they belong to another type of Islam that is hostile to most OPEC nations)
to raise money, Iran makes threats so that oil prices would rise.
Saudi Arabia and other countries know that they’d be the next target of Iran’s nukes after Israel has been dealt with.
so they want lower prices to save themselves and keep Iran from earning too much with oil sales.
that’s what’s happening
that move was to prove that even with armed conflicts, the other OPEC nations would keep supply steady, even if Iran’s output dropped dramatically
I predicted the same thing, using technical analysis.
Taco, since you believe that everything that’s happening in the world is somehow America’s doing or America’s fault, you’ll never understand oil, the middle east or any global issue.