DAMN ! - red alert ! Doomberg does it again !
...just when we thought we had this figured out (VBG).
You know; about 2 weeks ago I sensed the "Street" spinning all of the promising, positive fundamentals for crude prices & the Oilpatch to a degree that clearly imho, signaled an imminent shakeout in the Oilpatch... Then; we got a rally off of the overall market shakeup etc...
Now; theeeeeeeere Baaaaaack with the spin
ie:
Energy News
Mon, 2 Aug 1999, 8:28am EDT
<Picture>
Shell Singapore Plans to Cut Refining Output in August by a Further 14.3%
Shell Singapore Cuts August Refining Output by Further 14.3%
Singapore, Aug. 2 (Bloomberg) -- The Royal Dutch/Shell
Group, the world's second-largest publicly traded oil company,
will cut Singapore refinery output in August by another 14.3
percent from last month to 30,000 metric tons a day, reflecting
an oversupply in oil products in Asia.
====================================================
Energy News
Mon, 2 Aug 1999, 8:34am EDT
<Picture>
Revisions to Department of Energy Reports Arousing Traders' Suspicions
DOE Revises Oil Reports, Traders Still Suspicious: Spotlight
New York, Aug. 1 (Bloomberg) -- Among the statisticians at
the U.S. Department of Energy, the nation's crude oil inventory
figures are known as the ''Weekly Wobble.''
Early in July, the wobble got out of whack. The government
overstated the drop of U.S. inventories. That miscalculation,
based on poor reporting by oil companies, helped push oil prices
up to $20 a barrel for the first time in almost two years.
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....now add to this; the Barrons ''Dorfmanesque'' piece by Einhorn & we got seriously negative ''Spin Doctoring'' going on....
That we look to get beat up here a bit now looks inevitable; maybe time for a little ''Cash Safety'' once again ? Today looks to be very interesting... Is there ANY area of greater controversy than the recovery of Asian demand ????
Buckle Up Boys - the Bronco is being let out of the gate once again & I think we get leaned on by the ''Shorts'' here... if they are successfull - this retracement just may be my ''call option - golden goose buying opportunity''... time will tell.
good luck |
