Short Squeeze In Oil Contracts!

[roadwarrior]

The current futures contract (October) expires today.

Prices have jumped $25.45 to $130.00

>

[djmax22]

:o So much for oil settling in the $80 range.

[roadwarrior]

No.

Commodity prices, especially oil, are very volatile.

In the last ten minutes the contract has dropped $10 to $120.

[fourbizz]

Has it occured to anyone that constantly thinking about, dwelling on, and whining about oil prices does nothing to change how much you pay?

I just ignore it anymore. Its not worth letting an extra 5 bucks keep you from going fishing.

[roadwarrior]

Better news:

Tomorrow the current contact is November which closed today @ $108.80

8-)

[djmax22]

Although oil is a volatile commodity there reason to believe that the price of oil will remain high as investors turn to commodities. Couple this with increasing demand from China (oil imports up 11.52% from August of last year), increased pressure on the dollar, hurricane Ike, oil production being trimmed by Saudi Arabia since the start of September, and many oil producing nation themselves being unstable leads one to conclude that oil prices will remain high in the foreseeable future.

Like Fourbizz said it isn't going to keep me from fishing.

[zellamander]

Has it occured to anyone that constantly thinking about, dwelling on, and whining about oil prices does nothing to change how much you pay?

I just ignore it anymore. Its not worth letting an extra 5 bucks keep you from going fishing.

Wow...  So much for making conversation. :-?

[Siebert Outdoors]

Better news:

Tomorrow the current contact is November which closed today @ $108.80

8-)

How long is the contract open for?  

[roadwarrior]

One month, but foward contracts trade constantly...Dec., Jan., etc.

The "quoted contract" is the current contract which is a proxy for the actual price of delivered oil. A large part of today's squeeze is thought to be that many holding long positions wanted the oil delivered!

[Catt]

The reason the price of oil will remain high is because our panty waist politicians voted to go on vacation instead of following the people will to lift the moratorium on drilling & building new refineries which is about to expire.

[Siebert Outdoors]

Catt I agree with your post.  I guess I would get in trouble if I hadnt paid taxes and voted to go on vacation April 15.

Thanks RW.  I'm learning alot from these posts on how it works.

[Glenn]

I prefer we sink our resources into finding alternatives to oil, so that we can tell OPEC and the super-powerful, high-profit oil corporations to go screw themselves!

[.ghoti.]

I prefer we sink our resources into finding alternatives to oil, so that we can tell OPEC and the super-powerful, high-profit oil corporations to go screw themselves!

AMEN

[frogtog]

I prefer we sink our resources into finding alternatives to oil, so that we can tell OPEC and the super-powerful, high-profit oil corporations to go screw themselves!

AMEN

X2

[fishfordollars]

Just wondering what the first hybrid outboard will look like? Maybe we can all hang our feet off the back and kick. So much for the HP limits on boats.

[Siebert Outdoors]

Just wondering what the first hybrid outboard will look like? Maybe we can all hang our feet off the back and kick. So much for the HP limits on boats.

A trolling motor. ;D

Amen Glenn