70 comments on POLL: CLU08 went through $114/bbl..so, in the next 60 days, the front month price of CL will...
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70 comments on POLL: CLU08 went through $114/bbl..so, in the next 60 days, the front month price of CL will...
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Keep in mind ...
All markets fluctuate. It is hard to determine a trading range for crude since it has never traded in the dollar amounts that we have seen over the past year ... ever! With the volatility of all markets, a range of 15 - 20% might be reasonable.
China has pretty much shut itself down for the Olympics ... s kind of 'Clear Skies' initiative. Chinese storage is miniscule; refining in China is driven by the government price controls on petroleum fuels, it is unprofitable for refineries to process fuel. There is no reason for Chinese refiners to hold fuel they will lose money on.
http://washingtonbureau.typepad.com/china/2008/06/paying-more-at.html
By waiting, they have allowed prices to decline, that is helpful for them. By the end of the month, the Chinese will be buying again. I suspect prices will rise again.
Fluctuation... Is it a "forever" thing?
Regards, Matt B