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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Broken_Clock who wrote (101826)5/30/2008 12:30:32 PM
From: carranza2  Read Replies (1) of 206325
 
Here are the latest NYMEX tables for light sweet crude. If you wish to see more detail, click on the individual contracts. You can check all the other grades as well by roaming around the site.

My suggestion is to ignore most of what is published by pros, look at the raw data, take in every data point you think might be reliable, then make up your own mind.

nymex.com

I find it very odd that the VLCC market is so strong at a time when demand is more or less stable. In fact, the prospect of lessened demand from the developed economies because of recession or slow growth suggests that perhaps VLCCs are being used for storage.

Hoarding?

Possible.

Do I know so for a fact? No. But I don't think anyone would tell the small fry like us that it is indeed taking place. And hoarding, by its nature, ends at some point.

There seems to be an unreasonable amount of speculation in a commodity which goes parabolic from February to June without any very good reason for the rise. Supply while not ample is not significantly short.

This makes me think crude is poised for a correction.

But since the long term trend is definitely up, such a short term correction may present one of the last buying opportunities we may see for a very long time.

I am therefore out of oil for the moment. Waiting for a correction.

Have taken profits, these won't disappear. But if I were long oil and the correction hits, it could be very nasty for my PF so rather than risk a big loss, I take smaller profits.

And sleep well at night.
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