I think a lot of speculative futures positions have yet to unwind in oil. Fundamental valuations on supply/demand would put the price around 80 - 100/bbl, so it has a way to go yet.
As for US inventories I think they have now ordered stockpiles to not be replenished at times of high oil price. So they will reduce the use of strategic reserves to compensate local consumers. I think this is why U.S. locals have been feeling the rise of price of petrol lately, more than usual.
Anyway, GWB has solved the problem by allowing drilling offshore all around coast of US... ha what a dill.
Yes I think it will turn around, but I am amazed at the cvn holders hitting the sell trigger for the last few weeks.
Oil producers are probably the only decent hedge at present with the usual safe havens being mauled thanks to USA sub prime fiasco. This has the makings of a 1000 enrons, and there should/will be court cases for the ceo's and directors of the lending and financial insto's that have created this loss of worldwide wealth.
cheers
steve
panic stations, page-14
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19.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $348.8M | |||
| Open | High | Low | Value | Volume |
| 19.5¢ | 20.0¢ | 19.5¢ | $80.01K | 402.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 20 | 1576649 | 19.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 20.0¢ | 319098 | 7 |
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