backdoc » February 7th, 2015, 11:21 am IMO
WITH BLACK GOLD IN A SHORT SQUEEZE PRICES LOOK TO HEAD LOWER BUT WHEN?
MMMM THE RECENT NEWS IN IRAQ LEADS US TO THINK MAYBE NOT UNTIL THE DINAR TAKES VALUE!
INTERESTING THAT 58.00/ BARREL IS A TARGET PRICE FOR THEIR BUDGET AND TODAY ENDS AT 57.80/ BARREL! MMMM
LIKE THE TRADERS SAY, YOU CAN’T HAVE THE DOLLAR CONTINUING TO GO UP AND OIL GO UP! IT SIMPLY DOESN’T WORK THAT WAY!
EVEN THE METALS ARE ROLLING OVER TO THE DOWN SIDE NOW AS I SAID THEY WOULD!
WHEN QE WAS KICKING, WE COULD EASILY SEE HIGHER BLACK GOLD PRICES AS THE DOLLAR WAS GETTING DEVALUED, BUT NOT AS IT BECOMES STRONGER!
SOON YOU ALL WILL SEE WHAT I’VE BEEN SAYING BUT OBVIOUSLY NOT QUITE YET. THE BAKERS DOZEN SEES FIT TO MANIPULATE A SHORT SQUEEZE PRICE OF CRUDE FOR A WINDOW OF TIME PREPARING FOR LAUNCH OF THE IQD, IMO.
REMEMBER THE IQD FOR DECADES WAS OVER $3.00. NOW WE SEE ARTICLES TALKING ABOUT IT RETURNING TO NORMAL! MMMM
WITH THE WEDDING BEGINNING ON THE 10TH WE HAVE "HAPPY EVER AFTER" TO LOOK FORWARD TO, “IN GOD WE TRUST".
ONCE THE CBI DECIDES TO FUND THIS HAPPY MARRIAGE, THE CONSUMMATION WILL BE COMPLETE!
WE WILL SEE CONTRACTS BEING FULFILLED WHICH WILL DIVERSIFY THEIR ECONOMY AS I’VE MENTIONED MANY TIMES.
WHEN THE CEREMONY BEGINS, THE THE COUPLE WILL STARE INTO EACH OTHERS EYES WITH BOLTS OF LOVE!
EVERYONE IN THE WORLD WILL SOON TAKE NOTICE BEGIN OF THIS ENTERPRISING COUPLE!
WHY DO YOU THINK THE CBI IS INVESTING BACK INTO ITS OWN COUNTRY TO FUND THE BUDGET?
BECAUSE IT WILL BE THE BEST PLACE IN THE WORLD TO DO BUSINESS?
THE BEST RETURN ON INVESTMENT “ROI” !
OH BUT WHAT ABOUT THE SECURITY YOU ASK? WELL, DOES A 100,000 TROOPS TO FIGHT ISIS LET YOU KNOW THEY ARE SERIOUS? MMMM
WE HEAR THE CURFEW ENDS SATURDAY IN BAGDAD! HAVE THEY BEEN HIDING THIS IMPROVED SECURITY AS GANGS HAVE BEEN ROUNDED UP? MMMM
WHAT ABOUT THE HEAVY EQUIPMENT POURING IN ALONG WITH APACHE HELICOPTERS GOING TO ERBIL TO SUPPORT DOWNED PILOTS IN SYRIA? YA I THINK THE EMPIRE MEANS BUSINESS!
YOU SEE IT’S ALL ABOUT BUSINESS, THATS WHY CONTRACTS WILL BE FULFILLED AND SOON!
NOT TO BE A NEGATIVE IN ANY WAY HERE BUT, ONCE THE BUDGET BECOMES LAW AND NEEDS TO BE ACTIVE ON THE 16TH DON’T ASSUME WE WILL SEE A LIVE RATE THEN!
YES, WE ARE VERY CLOSE BUT REMEMBER NOTHING INTERNATIONAL WILL HAPPEN UNTIL OZ LETS IT GO! (Oz=IMF, WORLD BANK, U.S.TREASURY, AND CBI)
HE IS THE HEAD OF THE HOUSEHOLD! JUST BE PATIENT AND WAIT A WEEK OR TWO MORE IF NEEDED BECAUSE CONTRACTS WILL ULTIMATELY FORCE THE INTERNATIONAL RATE TO SHOW!
WHY? BECAUSE, IT’S ALL ABOUT BUSINESS!
AGRICULTURE,BANKING,MINING,TOURISM,AND INDUSTRY WILL LEAD THE WAY TO A NEW BOOM FOR THE EMPIRE AS I PREDICTED EARLIER!
ONCE ITS LAUNCHED OR DURING ITS' LAUNCH I SUSPECT WE WILL SEE BLACK GOLD ALONG WITH THE METALS FIND THEIR PROPER LOWER LEVEL TO THE DOLLAR ALONG WITH THE STOCK MARKET AT LEAST FOR THE TIME BEING, SINCE THE DINAR WILL BE A DONOR CURRENCY AND WILL STRENGTHEN THE DOLLAR EVEN MORE AS WE BEGIN TO WORK OUR WAY TOWARDS THE MULTILATERAL SYSTEM AS THE FINANCIAL BAILOUT FOR THE COMING CRISIS!
THE "PYTHON" WILL BE READY TO WRAP ITS COILS OF LOANS NEEDED AROUND THE FAILING COUNTRIES IN THE OLD SYSTEM!
I LOOK FOR CHINA TO SHRINK SOME OF ITS RESERVES BY LOSING BUSINESS TO VIETNAM WHILE IT DEFENDS ITS’ CURRENCY AND TRIES TO DIVERSIFY FROM AN EXPORTING ECONOMY TO A MORE DIVERSE ECONOMY!
IT WILL HAVE TO PAY A PREMIUM FOR OIL AS WELL!
THERE MAY BE SOME BATTLES IN THE SOUTH SEA OVER BLACK GOLD WHICH IS IN THE RIPARIAN RIGHTS OF VIETNAM, BUT WE WILL HAVE TO SEE!
CHINA WILL HAVE TO PAY DEARLY FOR THE BLACK GOLD AND VIETNAM HAS PLENTY!
I LOOK FOR A MAJOR INCREASE IN THE DEMAND FOR THE DONG REGARDLESS OF WHEN IT FINDS A REALISTIC VALUE SINCE IT HAS PASSED ARTICLE 4 REVIEW FROM THE IMF!
YES WE HAVE A LOT TO BE EXCITED ABOUT WITH THIS NEW MARRIAGE IN IRAQ, BE SURE YOUR ON THE GUEST LIST AND DON’T BE A DING DONG!! HEEE HEEE
8@8, DOC IMO
Oil surges 8 percent as U.S. rig count plunges, shorts scramble
A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson
By Barani Krishnan
Oil surges 8 pct as U.S. rig count plunges, shorts cover Reuters
US rig count saw steepest decline since March 2009 Market Realist
Seadrill (SDRL) Stock Higher Today as Oil Surges TheStreet.com
Oil rallies on U.S. rig count drop; dollar up seventh month Reuters
US Drilling Rig Count Falls by 74 in Past Week 24/7 Wall St.
NEW YORK (Reuters) - Oil prices roared back from six-year lows on Friday, rocketing more than 8 percent as a record weekly decline in U.S. oil drilling fueled a frenzy of short-covering.
In a rally that may spur speculation that a seven-month price collapse has ended, global benchmark Brent crude shot up to more than $53 per barrel, its highest in more than three weeks in its biggest one-day gain since 2009.
The late-session surge was primed by Baker Hughes data showing the number of rigs drilling for oil in the United States fell by 94 - or 7 percent - this week. Earlier gains were fueled by reports of Islamic State militants striking at Kurdish forces southwest of the oil-rich city of Kirkuk.
Brent (LCOc1) settled up $3.86 at $52.99 a barrel, after running to as high as $53.08.
U.S. (CLc1) oil futures finished up $3.71 at $48.24, soaring by nearly $3 in a final frenzied hour and ending a two-week stretch of relatively steady prices, the longest break since a seven-month rout kicked off last summer. On Thursday prices had touched a six-year low under $44 a barrel.
Poised for a bounce many thought was overdue, short traders raced to cover their positions on fears that the rout, sparked by massive U.S. shale crude supplies, was nearing its end.
"The rig count drop was a lot more than people expected and it really got the market going," said Phil Flynn, analyst at Price Futures Group in Chicago.
According to Baker Hughes, the decline in oil drilling rigs was the most since it began keeping records in 1987. With drillers having idled about 24 percent of their oil drilling rigs since the summer, some traders may be betting that an anticipated slowdown in U.S. oil production is nearer than expected.
NOT OVER YET?
Some are not convinced that the sell-off in oil is over. The rout began in June when Brent peaked at over $115 a barrel and accelerated in November after OPEC refused to cut its production.
"There was a lot of short-covering before the month end from people wanting to take profit from the $40-odd lows, so it's not surprising that we rallied," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow in New York. But it will take a while for production to respond to lower drilling.
"This doesn't change the fundamental outlook in oil. We are still about 2 million barrels oversupplied."
Production from OPEC, or the Organization of the Petroleum Exporting Countries, rose in January to 30.37 million barrels per day (bpd), a Reuters poll showed, a sign that key members of the group were resolute about defending their market share.
A Reuters poll shows oil prices may post only a mild recovery in the second half of the year, with prices still averaging less in 2015 than during the global financial crisis. (OILPOLL)
Joseph Posillico, senior vice president of energy futures at Jefferies in New York, also warned of a short-term, short-covering rally that could be quickly reversed.
"This is just the market being the market and we could give these all back in the next few sessions."
(Additional reporting by Ron Bousso in London and Henning Gloystein in Singapore; Editing by Jason Neely, John Stonestreet, Bernadette Baum, Gunna Dickson and Lisa Shumaker)