Casino67 Posted June 23, 2011 Share Posted June 23, 2011 MSNBC.com:Thursday’s surprise release of 60 million barrels of crude reserves is not about keeping oil consumers well supplied. It’s about chasing oil speculators out of the market.And it seems to be working.“This is the straw that breaks the camel’s back — this is the tipping point,” said Fadel Gheit, oil analyst for Oppenheimer, a leading investment bank. “The speculators will have to change their positions. Instead of betting on higher prices they have to bet on lower prices."In a coordinated move, U.S. and European energy officials announced they would release 60 million barrels of oil from strategic stockpiles over the next month after OPEC failed this month to agree on an increase in production. Those extra OPEC barrels were supposed to replace crude output lost when civil war in Libya shut down production._____________________________From CNN market report:CommoditiesOil $92.22 +1.20 +1.32%----------------We haven't seen $92 a bbl for awhile, but it closed lower yesterday, before the announcement. Reason I never played commodities. Link to comment Share on other sites More sharing options...
Pepper Posted June 23, 2011 Share Posted June 23, 2011 This will last exactly two days. That's how much we use. Thank you, Dear Leader Obama Link to comment Share on other sites More sharing options...
Casino67 Posted June 23, 2011 Author Share Posted June 23, 2011 CNBC described this as a 'genius move by Obama'. Haha, you KNOW they aren't biased, must be true. Link to comment Share on other sites More sharing options...
Pepper Posted June 23, 2011 Share Posted June 23, 2011 Casino67! CNBC? The stenographers? They have their noses so far up *(&*^ that I am surprised see daylight let alone the truth. Link to comment Share on other sites More sharing options...
Casino67 Posted June 23, 2011 Author Share Posted June 23, 2011 Casino67! CNBC? The stenographers? They have their noses so far up *(&*^ that I am surprised see daylight let alone the truth. Exactly. Link to comment Share on other sites More sharing options...
Casino67 Posted June 24, 2011 Author Share Posted June 24, 2011 Was surfing around the tv tubes this AM and heard on FBN that the Saudi's aren't happy about the SPR move. They, and other experts, expect retaliation by OPEC by reducing their oil production. Naturally forcing prices up in the near future. It could turn out to be a long, cold winter. Link to comment Share on other sites More sharing options...
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