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Oil Just Tanked Out Of Nowhere...
TBI ^ | 9-17-2012 | Joe Weisenthal

Posted on 09/17/2012 11:21:29 AM PDT by blam

Oil Just Tanked Out Of Nowhere...

Joe Weisenthal
September 17, 2012

Trying to get to the bottom of this.

Oil just tanked.

Here's the USO (ETF), which is a decent intraday proxy, falling nearly 3% in a flash.

There's some chatter it's a fat finger, and others wondering if there's some kind of Strategic Oil Petroleum related news.

More to come as we figure it out.


(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: bhoenergy; commodities; crisis; economy; gasprices; oil; petroleum
Gold and Silver too:


1 posted on 09/17/2012 11:21:33 AM PDT by blam
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To: blam

I’d go with the fat finger for this and the middle finger for what comes next.


2 posted on 09/17/2012 11:23:01 AM PDT by John W (Viva Cristo Rey!)
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To: blam

Do not trust this Joe Weisenthal character. He is a shill for Obama. He is constantly ridiculed by readers of TBI for his flawed business analysis.


3 posted on 09/17/2012 11:25:04 AM PDT by HOYA97 (twitter @hoya97)
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To: blam

I noticed that too Blam. Thanks for the post. I was about to mention it myself.


4 posted on 09/17/2012 11:25:44 AM PDT by DoughtyOne (Obama, our first Mulligan Pres__ent Resident.)
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To: John W

Rumors of an imminent announcement by Obama of an immediate SPR release.

Obama is pulling out all the stops to save his election, no matter HOW MAUCH it costs you.

If Obama is so far up in the polls, like the media is claiming, why all these desperate, panicked moves?


5 posted on 09/17/2012 11:27:34 AM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: blam

Sorry, that was me.

I hit the wrong key, Sell instead of Buy..........


6 posted on 09/17/2012 11:27:56 AM PDT by Red Badger (Anyone who thinks wisdom comes with age is either too young or too stupid to know the difference....)
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To: blam
USD pop. Not that unusual, but you're seeing a load of profit taking in the metals, IMO. Stock market red, also a typical correlation.

Photobucket

7 posted on 09/17/2012 11:28:11 AM PDT by Attention Surplus Disorder (This stuff we're going through now, this is nothing compared to the middle ages.)
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To: blam

I sold short a crude futures contract w/a stop at 98. 43 seconds later my buy limit of 95.65 was triggered. Never seen it happen that fast but at least I was on the right side of the trade.


8 posted on 09/17/2012 11:31:24 AM PDT by GnL
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To: blam

It didn’t take out of nowhere. It tanked when someone mentioned opening the Strategic Oil Reserve(which is election year BS). There’s no supply problem. There’s plenty of oil in the country.


9 posted on 09/17/2012 11:32:05 AM PDT by RexBeach (Mr. Obama Can't Count.)
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To: HOYA97
"Do not trust this Joe Weisenthal character. He is a shill for Obama. He is constantly ridiculed by readers of TBI for his flawed business analysis."

I'm well aware of that.
In fact, I'm no longer allowed to post comments there any more.

10 posted on 09/17/2012 11:32:17 AM PDT by blam
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To: blam

Darn, I have two palladium Maples I was thinking about selling over the weekend, and this am woulda been perfect for a price lock. I did not buy them right. Worth about $18 less each now.


11 posted on 09/17/2012 11:32:23 AM PDT by Attention Surplus Disorder (This stuff we're going through now, this is nothing compared to the middle ages.)
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To: GnL; blam

http://www.reuters.com/article/2012/09/17/markets-oil-idUSL3E8KH1UF20120917


12 posted on 09/17/2012 11:32:28 AM PDT by Perdogg
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To: blam

The graphs are highly misleading — most of the bottom parts are missing, thus making a small correction look like “tanking”.


13 posted on 09/17/2012 11:32:45 AM PDT by USFRIENDINVICTORIA
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To: blam
WTI Crude Oil
$98.21 ▼0.79 0.80%
14:20 PM EDT - 2012.09.17


14 posted on 09/17/2012 11:36:30 AM PDT by newfreep (Breitbart sent me...)
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To: blam

The Dow went south pretty quickly too..down 53 now.


15 posted on 09/17/2012 11:36:44 AM PDT by SE Mom (Proud mom of an Iraq war combat vet)
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To: blam

Obama just traded the State of Israel for six trillion barrels and two virgins to be named later?


16 posted on 09/17/2012 11:37:32 AM PDT by Buckeye McFrog
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To: Perdogg

That article doesn’t address why crude dropped over 2% in less than 1 minute.


17 posted on 09/17/2012 11:40:13 AM PDT by GnL
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To: blam
Michelle canceled a shopping trip and vacation. The resulting drop in oil consumption from her entourage is what is behind the market move.
18 posted on 09/17/2012 11:41:06 AM PDT by HereInTheHeartland (Encourage all of your Democrat friends to get out and vote on November 7th, the stakes are high.)
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To: tcrlaf

who’da thunk obama would install an energy secretary who pines for European gas prices at $9+ a gallon

then acts like $4 a gallon is a national emergency and uses the SPR as a personal stash to try to lower gasoline prices - until after the election

Anyone noticed how many “crises” obama is stacking up for us until “after the election”? Holy shi-ite.


19 posted on 09/17/2012 11:41:35 AM PDT by silverleaf (Age takes a toll: Please have exact change)
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To: blam

My fault. I just bought more USO today, that’s why it tanked. Happens to me every damn time.


20 posted on 09/17/2012 11:47:46 AM PDT by crosshairs (America: Once the land of the free. Still the home of the brave.)
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To: blam

So now we can expect prices at the pump to plummet as well, right? /s


21 posted on 09/17/2012 11:51:07 AM PDT by al_c (http://www.blowoutcongress.com)
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To: blam

If Romney wins in November, as he should, gasoline will probably hit $2.50/gal. by Spring.


22 posted on 09/17/2012 11:54:05 AM PDT by 2ndDivisionVet (You cannot invade the mainland United States. There would be a rifle behind every blade of grass.)
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To: crosshairs; All

QUADRUPLE WITCHING FRIDAY hits this week. A day on which contracts for stock index futures, stock index options, stock options and single stock futures (SSF) all expire.

Everybody trying to reposition.


23 posted on 09/17/2012 11:56:33 AM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: crosshairs

It always happens that way, the retail investor has no chance.


24 posted on 09/17/2012 12:11:11 PM PDT by Orange1998
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To: 2ndDivisionVet

Fat Chance. Romney will go after Iran. No doubt, Romney better candidate by far. Only problem Romney changes positions like the wind.


25 posted on 09/17/2012 12:15:21 PM PDT by Orange1998
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To: Orange1998

Should we let Iran become a nuclear power? It’s bad enough that Pakistan and the DPRK already are.


26 posted on 09/17/2012 12:17:11 PM PDT by 2ndDivisionVet (You cannot invade the mainland United States. There would be a rifle behind every blade of grass.)
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To: newfreep
WTI Crude Oil

$96.18 ▼0.44 0.46%
15:03 PM EDT - 2012.09.17

27 posted on 09/17/2012 12:19:38 PM PDT by newfreep (Breitbart sent me...)
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To: blam

QE-Infinity. Heli-Benanke. Buy low, sell high.


28 posted on 09/17/2012 12:24:36 PM PDT by VRWC For Truth (Roberts has perverted the Constitution)
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To: DoughtyOne

Just more evidence the markets are manipulated. Pull the bids, close out the stops, move it back up and play the game some where else next time.


29 posted on 09/17/2012 12:41:28 PM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: 2ndDivisionVet

I don’t disagree but to say gallon of gas will be cheaper with Romney is incorrect.


30 posted on 09/17/2012 12:44:49 PM PDT by Orange1998
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To: Mouton

Something strange is going on, that seems assured.


31 posted on 09/17/2012 2:25:05 PM PDT by DoughtyOne (Obama, our first Mulligan Pres__ent Resident.)
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To: John W
Hmmm.....was it going over $100??....the fix is in....Obama wants $9.00/gal gas and so do the oil companies...but NOT until the election!
32 posted on 09/17/2012 2:40:16 PM PDT by M-cubed
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