To all of you who believe that the futures markets are set by suppliers and purchasers, go to the BHP site and see what an ex RIO executive has to say about the market for Iron Ore.
By the way, when oil was at $150 and the experts were posting that it would go to $200, because of demand and supply, I asked a simple question that nobody could answer. As a consumer of oil, according to the scribes I can affect the price of petrol. If so how? There is no price differential between any supplier. My demand curve is totally inelastic. No matter how much petrol is, there are a number of kilometres each week I have to travel. Now that price of petrol has dropped I don't go whooo whooo its cheaper, I'll travel more.
So I pose the question to you now that price is low. Oil is still an essential and I would suggest that the demand curve is totally inelastic. If the price is set between suppliers and users where can I get a competitive quote? If consumers can't get competitive quotes, how can the price be set by a free market?
Any assistance would be appreciated.
Pear
Can Santos survive oil at $30 barrel, page-2
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