Exactly. I wouldn't be surprised if a report came out saying 5 more automobiles were sold in September than in August and then the price shoots up another $10 a barrel. Ridiculous!
interestingly, i now have a job working with energy traders. anyway, we turned on the volume on msnbc when they were on the oil trading floor, and some trader was saying it would be foolish to sell off now. He says nothing supports selling? I'm like, what?
it's a futures contracts, so it's not current inventories increases (which are already somewhat expected and already factored in). I believe what's driving the price up is an expected colder winter.
That's the thing though, they raise it and raise on unproven fears but let's say there is a mild winter, can we expect oil prices to drop sharply? I don't think so. I am beginning to agree more and more with MadMax that this thing is a bubble. I am not an expert but that is what it seems like to me.
I don't care what anyone says, letting the oil industry consolidate is directly responsible for all of this. Before we only had to deal with OPEC, now we have to deal with MoEx
oh no cold water. oh no summer people drives. oh no early fall hurricanes. oh no spring lets have all the refineries go down. oh no china. oh no india. oh no turkey. oh no iran. oh no syria. oh no nigeria. im convinced. its a scam.
i don't know if it is or isn't. as i've said, i'm no expert. but it's not like there's no precedent for it in this very market.
