67 comments on This Week in Petroleum (TWIP) 12-27-2007
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Pieter, are you trying to blame someone for the drop in oil prices earlier? Oil is just volatile. No one trader is responsible. Fear and greed rule, there are no conspiracies here. If you watch it every day on an hour by hour, minute by minute basis, you will see far greater changes than than you saw this morning.
Ron Patterson
I'm not trying to blame anyone. I'm trying to figure out how these fast corrections happen. 1-2hrs -ish after an incident you see this 'flattening' of the price curve. I noticed it after Turkey moved into Iraq recently and I'm seeing it again now. I wonder whether this is short term profit taking or another mechanism. I don't think we have 'Bernanke boys' on the market like on Wall Street.
today was odd
crude was up about $1.5 - half of this move happened at 830 when Bhuto assasination hit tape -the other half at 10:30 when weekly supply numbers came out. nat gas was down all day - over 20 cents - then at 1:50 or so, it spiked and closed up on day - no apparent news that im aware of, unless it was leak of tomorrows report....cold as hell here, but my socks are wet - im sure there is some physical property to explain this...
The NG January contract expired today, so that probably caused some volatility.