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112 comments on POLL: CLU08 went through $127/bbl today..so, in the next 60 days, the front month price of CL will...

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westexas on July 22, 2008 - 4:09pm Permalink | Subthread | Comments top

I think that looking at monthly data tends to smooth some of the noise out, and it is more representative of what is actually going on regarding supply & demand. Since May, 2007, oil prices have increased on average at about 6% per month. Within this time frame there have been two down months, followed by strong rebounds. In any case, note that oil prices probably averaged around $140 for the first half of the July, and by the way, we did not average over $100 for a full month until March, 2008.

http://tonto.eia.doe.gov/dnav/pet/pet_pri_spt_s1_m.htm

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research24 on July 23, 2008 - 4:18pm Permalink | Subthread | Parent | Comments top

It was silly to think that the price would be a curve almost straight up without a break. And it was for quite a while, so its no surprise to me that a fall back occurred. Now we can play the game of predicting how deep the retrenchment will be. I have to admit that so far it is more than I expected.

OTOH, all the Saudis have to do is close the valve just a tad . . . . Will they do it?

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112 comments on POLL: CLU08 went through $127/bbl today..so, in the next 60 days, the front month price of CL will...

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