Oil is up 20% today alone !

wombat42_2

http://www.bloomberg.com/markets/commodities/cfutures.html

luvpump

http://news.sky.com/skynews/Home/Business/Crude-Oil-Prices-Skyrocket-Meaning-Price-At-Petrol-Pumps-Will-Go-Up-Here/Article/200809415104971?lpos=Business_Carousel_Region_0&lid=ARTICLE_15104971_Crude_Oil_Prices_Skyrocket_Meaning_Price_At_Petrol_Pumps_Will_Go_Up_Here

What on earth is going on !!!! ??? any ideas

neil324

luvpump wrote: »

http://news.sky.com/skynews/Home/Business/Crude-Oil-Prices-Skyrocket-Meaning-Price-At-Petrol-Pumps-Will-Go-Up-Here/Article/200809415104971?lpos=Business_Carousel_Region_0&lid=ARTICLE_15104971_Crude_Oil_Prices_Skyrocket_Meaning_Price_At_Petrol_Pumps_Will_Go_Up_Here

What on earth is going on !!!! ??? any ideas

The dollar is tanking and money is pouring back into commodities. Because of the US government $700B bailout.

purch

They have suddenly remembered why they they were buying Gold, Oil and other Commodities like crazy in the 1st half of the year.

The U.S. is a virtual bankrupt and the only way out of the mess is to print print print !!!!!!!!!!!!


The market has a short attention span and often needs 'reminding' what it was thinking about just a few weeks ago !!!

wombat42_2

The market has swung from the fact that the US is in recession and therefore demand for oil is low to the view that a huge amount of money has to be printed to bail out the bands which depresses the dollar which in turn triggers commodity investment.

Fortunately I didnt sell any commodities during the correction :D

StevieJ

luvpump wrote: »

http://news.sky.com/skynews/Home/Business/Crude-Oil-Prices-Skyrocket-Meaning-Price-At-Petrol-Pumps-Will-Go-Up-Here/Article/200809415104971?lpos=Business_Carousel_Region_0&lid=ARTICLE_15104971_Crude_Oil_Prices_Skyrocket_Meaning_Price_At_Petrol_Pumps_Will_Go_Up_Here

What on earth is going on !!!! ??? any ideas

Probably technical, Generali gives a good explanation here.

http://forums.moneysavingexpert.com/showthread.html?t=1173393

esbo

I think it is these banks that have been !!!!!!! about with the price of oil, now that US government has bailed them out they can get back to !!!!!!! up the econemy again by driving up oil prices. They should have let the lot go to the wall. I would of.

wombat42_2

http://www.bloomberg.com/apps/news?pid=20602013&sid=aa2880cO2dNU&refer=commodity_futures

casper_uk

Maybe that's where the hedge funds that used to short sell are putting their money? Well that and the fact that the dollar will tank.

StevieJ

wombat42 wrote: »

The market has swung from the fact that the US is in recession and therefore demand for oil is low to the view that a huge amount of money has to be printed to bail out the bands which depresses the dollar which in turn triggers commodity investment.

Fortunately I didnt sell any commodities during the correction :D

That's fine but are they not priced in dollars?

purch

Probably technical

And P*ss P^^r reporting as usual.

The Sky News link is the usual scaremonger rubbish, concentrating on the expiring front month, whilst the actual contract that is being traded and influences the price is the November contract.

Nearly 20,000 contracts open interest is a lot.:eek:

Don't tell TrussNo1............all this NAKED buying of futures..........terrible :rotfl: :rotfl: