Posted on 03/26/2008 11:59:50 AM PDT by thackney
What the hell was the point of invading an oil-rich nation if we let them stay in OPEC and refuse to grab any oil from them? We are such pussies it makes me sick.
I don’t know if the Spot Market means much to you but you might find this interesting.
Most commodities dropped substantially about a week ago, but are halfway back up to where they were. The Fed's .25 + .75 drop of their rate probably triggered it but clearly is having little lasting effect. Have no idea how that works. Fuel oil is within 8 cents of its high a couple weeks ago.
Earlier this morning the news guy said oil stocks were high and then we heard here stocks are low. This is not at all confusing except to those who listen more than once a day. Last Dec they were all saying that gasoline would be $4 by Memorial Day although there was no indication in the futures. Now it seems the price might reach that which makes one wonder if they are going to be right about something for once.
But that cannot be; global warming is making heating oil useless...
The chart I referred to was crude production not refinery production. Fuel formulation shouldn’t have any bearing on how much oil is pumped from the ground.
I’m trying to chart the data as well as the original poster did, I’m an excel retard so it may be a while. Then I can see if its a chance occurance or annual event. Then I can correllate it to my hypothesis and see if it floats. Probably won’t but its interesting either way.
I'll tell you this much, though. July #2 oil is 20 cents over July RBOB. I can see no way in hell that RBOB won't gain at least 15 cents of that back by end of May, perhaps much sooner. Today was the second 2.5+ MMbbl drawdown in RBOB stocks in a row, and I somehow don't think Americans are going to change their driving habits tooradically, even at $3.00+/gallon.
How say you, good sir?
The curious thing about GW is that its causing a blizzard, at this moment, in Wisconsin.
Global warming has always made it colder. Our climate has gotten steadily colder since they started using the term.
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