SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Big Dog's Boom Boom Room
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Second_Titan who wrote (4987)11/10/2001 1:22:10 PM
From: Archie Meeties  Read Replies (2) of 206214
 
The FSU released a statement saying they will cooperate will OPEC on production cuts. Translation - "We recently went long crude futures". Oil production in the FSU isn't controlled by the government, but by private companies. To give this announcement the appearance of some teeth, these private co's will probably issue their own statements agreeing to cut production. (All the while exiting their long positions and preparing to short).

This is reminiscent of the heady days of 10% daily swings of Pd, when the FSU played the futures market like a cheap violin. One day they were freely shipping Pd, the next, the Norilsk shipment was stuck in an iceberg and there only recourse was to export it on submarines. The difference is that they actualy could make a huge impact in the Pd market because they account for a huge share of Pd production (more than OPEC does of crude).

"The energy markets closed higher on Friday with the exception of natural gas. Todays rally was supported by news reports that Russia may be leaning toward cooperating with OPEC on a production cut. This news triggered additional short covering in crude oil and its products ahead of next week’s meeting by OPEC in Vienna. OPEC is expected to cut crude oil production by 1.5 million barrels per day when it meets next week. Now with the apparent cooperation of a number of non-OPEC nations, it looks as though a major bottom might be forming in the energy markets."

quotes.ino.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News