i mean: Iran has threatened to close the Strait of Hormuz, conduit for about 40 percent of globally traded oil, if it is attacked. The U.S. military says it will prevent any such action.
Doubtful since today the inventory report comes out that should show a drop in demand over a holiday weekend, which is huge.
when/where does this report come out?
10:35am today. CNN, Fox, CBS Market Watch will all give a synopsis of it as soon as it’s released.
:tup: thanks.
U.S. gasoline supply up 900,000 brls last week: Energy Dept.
Yep, but unfortunately oil supplies fell 5.9 million barrels, more than expected, so oil prices are heading back up.
140+ by the end of the the day I bet.
fawking gayyyyy
:lol: That’s probalby the most truthful, factual, and spot on post in this entire thread! 
From the marketwatch ticker (jesus I need to get some real work done today)
Crude reverses gains, falling 0.2% to $135.77 a barrel
I’m starting to wonder if yesterday’s big drop might have actually restored a little downside risk to these oil investors.
join the club… why do i keep watching the prices today… sigh.
Oil closes up .01. Yeah, one penny.
On a day when Iran fired off missiles and the inventory report showed we drew down 5.9 million barrels.
I’d say that’s pretty good news. Maybe we’ll see more price drops by the end of the week.
yayyyy
Oil settles $5.60 higher to $141.65 as Middle East tensions have investors on edge. OPEC reports that global demand will grow by 50% by 2030
Further proof that there is too much speculation in the market though. Down $9 in 2 days then up $5.60 in one, with no spikes in supply or demand on any of those days.
But yeah, speculation has nothing to do with the price. :cjerk:
+1
the really funny part is that the speculation that does exist in the oil market is financed by the US government and federal reserve.
You know all those extra loans that the federal reserve made available through the discount window to firms after the Bear Sterns incident? Yeah, where do you think that money went? I bet is went straight to the only part of the market that was a bull…
OIL and commodities.
It makes me laugh when congress tries to blame speculators on the price of oil.
Anywho, I say speculators account for no more than $20 of the price of oil. If saudia arabia really had the oil and really were mad about the high prices of oil like they say they are, they would just flood the market.
^ Why would they do that though? There is no issue with supply as evident by the lack of gas lines, rationing etc. Putting more oil on the market isn’t going to do anything when the price is artificially inflated.
The price is artificially inflated only so much. There is a real demand issue going on whether you choose to believe it or not. And due to exponential growth in the demand of oil and the stagnant and soon to be decrease is supply, it will keep getting worse.
If oil demand keeps growing at present levels, it will take an oil discovery the size of ALL THE OIL WE HAVE EVER CONSUMED ALEADY to keep up with growth in the next decade.
There has not been a major oil discovery in almost 40 years.