 | World Energy to 2050: A Half Century of Decline | The Oil Drum | Peak oil: BP, Conoco CEOs say it's here - also IEA's Fatih Birol really freaks out |  |
95 comments on DrumBeat: November 11, 2007
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95 comments on DrumBeat: November 11, 2007
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I think it depends on the inventory report. If it's much lower than expected this week, we'll have $100 oil. Though maybe only briefly.
I don't think it will be as simple as that this week. There are several complicating factors. The inventory report will be a day delayed, and the December contract expires the next day. Then, we have OPEC meeting at the end of the week. I think all of this will make it very tough to gauge what's going to happen this week. But with the contract expiring, I expect people to take profits, and if there is a bad inventory report the upswing will be tempered by those wishing to take profits and avoid getting stuck with delivered barrels.
Plus, for the reasons musashi points out below and others, there are stock market problems and dollar moves that will likely put pressure on the price.