NEW YORK - "A single energy conglomerate held 11 percent of all contracts on the New York Mercantile Exchange at one point last month, according to a published report today, suggesting that speculators may have played a larger part in volatile oil markets than once thought." AP via the Boston Herald
It wasn't me. :)
A few questions here to say the least.
Are they insane?
How much do they own now?
Did they make any money?
Did they get killed in the drop from $147?
Are they insane?
http://www.vitol.com/
Click on the read more icon for the full Boston Herald story.
read more | digg story
Showing posts with label oil speculators. Show all posts
Showing posts with label oil speculators. Show all posts
6/22/2008
At Oil Conference, Saudis Offer Slight Rise in Production
Ali Haider/European Pressphoto AgencyKing Abdullah of Saudi Arabia at the energy summit meeting in Jidda.
An energy meeting in Saudi Arabia underscored how few options the world has to push oil prices down from their record levels.
read more | digg story
6/19/2008
Oil Speculators Drive Down Crude Oil Price
I couldn't resist.
My theory that the main reason for the price of crude oil is the threat to supply due to the conflict in the Middle East saw the reverse side of the equation play out today.
A threat to demand.
China announced that they are raising the price of gas, with the thought being the higher price would drive down demand.
Crude oil can go down.
China controls the price of energy by subsidizing their refiners who have to pay the world's market price for crude oil, refine it into gasoline, and then sell it at the Chinese government's dictated price.
This is costing the Chinese government billions of dollars and artificially inflates demand for energy as the real cost is not seen in the Chinese market place.
All in all it made for a great trading day in the crude oil market.
13 Tick Range Bar Charts (click to view)
My theory that the main reason for the price of crude oil is the threat to supply due to the conflict in the Middle East saw the reverse side of the equation play out today.
A threat to demand.
China announced that they are raising the price of gas, with the thought being the higher price would drive down demand.
Crude oil can go down.
China controls the price of energy by subsidizing their refiners who have to pay the world's market price for crude oil, refine it into gasoline, and then sell it at the Chinese government's dictated price.
This is costing the Chinese government billions of dollars and artificially inflates demand for energy as the real cost is not seen in the Chinese market place.
All in all it made for a great trading day in the crude oil market.
13 Tick Range Bar Charts (click to view)
5/24/2008
Energy Speculators Draw the Heat
"Members of Congress have joined the anti speculation bandwagon blaming speculators for high oil prices and have proposed legislation to curb energy trading." (click the read more icon for the full NY times story)
Whenever the government interferes with the market bad things happen.
Always have, always will.
Maybe they should increase margin requirements in the corn market as well?
Or is the high price of corn a direct result of government subsidized ethanol plants?
Perhaps congress should question farmers about the high price of corn, demand to know how much money they are making, threaten a "windfall" corn tax?
Or is farmer bashing not as politically advantageous as oil executive/speculator bashing?
read more | digg story
Whenever the government interferes with the market bad things happen.
Always have, always will.
Maybe they should increase margin requirements in the corn market as well?
Or is the high price of corn a direct result of government subsidized ethanol plants?
Perhaps congress should question farmers about the high price of corn, demand to know how much money they are making, threaten a "windfall" corn tax?
Or is farmer bashing not as politically advantageous as oil executive/speculator bashing?
read more | digg story
5/17/2008
Oil prices: Wall Street's Game
Big fund money is flowing into oil markets sending prices to levels never seen before. Is it profiteering or an essential way to ensure supply?
read more | digg story
read more | digg story
5/09/2008
Crude Oil Hits New Record High
Great headline, all crude oil speculators must have made money.
Right?
Not me.
Losing day today with the big move happening in the "overnight" trade. (It wasn't overnight for them)
The Asian and European traders should have had a good day, and I guess I should have been to work at 4:00 am to participate as well.
The important thing for me to recognize today was that the signals were not working so I should limit my trading, in other words, preserve capital. Most traders, me for sure, can get caught up trying to recover losses by trading more than they should.
A nasty trading flaw known as revenge trading. A very bad idea.
I came away with 2 break evens and 2 full stops and called it a day.
We live to trade another day.
34 tick range bar chart. (click for better view)
13 tick range bar chart.
Right?
Not me.
Losing day today with the big move happening in the "overnight" trade. (It wasn't overnight for them)
The Asian and European traders should have had a good day, and I guess I should have been to work at 4:00 am to participate as well.
The important thing for me to recognize today was that the signals were not working so I should limit my trading, in other words, preserve capital. Most traders, me for sure, can get caught up trying to recover losses by trading more than they should.
A nasty trading flaw known as revenge trading. A very bad idea.
I came away with 2 break evens and 2 full stops and called it a day.
We live to trade another day.
34 tick range bar chart. (click for better view)
13 tick range bar chart.
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