Christmas 2008: Serving Roast Golden Goose- Oil @$35.35
One of the most astounding stories of 2008 has been the roller-coaster ride in crude oil prices. After several years of steady increases, a burst of speculative activity in 2008 pushed the price above $145 per bbl in mid-July. This produced a windfall for the speculators (who exited the market in time), nefarious petrol states (Russia, Venezuela, Iran et al) and the oil companies. It | Read More »
Random Thoughts as Oil Nears $102
What a difference a few months make! Crude oil began the year at roughly $96 per barrel. It surged to $145 by mid-July, and has plummeted to near the $102 level today. Massive amounts of cash flowed into the commodity markets this year, looking for the next hot ticket after the debacle of the mortgage-backed and CDO markets. Prices, predictably, moved upwards. But the 50% | Read More »
Oily Thoughts of the Day- Of Turkeys and GOBBL lines
*Is it Midnight at the Oasis Yet? Not Quite! * As I work on this blog, the price of crude oil has dipped below $112. Market analysts attribute the rise to a strengthening dollar and deepening concern about global demand. Crude has thus declined 25% from its speculative peak in mid-July.
Kurdish Rebels Claim Responsibility for Oil Pipeline Explosion
Kurdish rebels have claimed responsibility for an explosion on the pipeline carrying Azeri crude from the Caspian Sea ACG fields. Output is expected to drop by 80% pending repairs.