Peak Oil, or Oil Bubble? Message Board

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Gold/Mining/Energy : Peak Oil, or Oil Bubble?

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To: saveslivesbyday who wrote (198)	7/17/2008 5:35:25 PM
From: Peter V	of 229

From ino.com August crude oil closed down $5.10 at $129.50 a barrel today. Prices closed near the session low and hit a fresh five-week low today. The past three days of losses are the largest three-day declines in the history of crude oil futures trading. Serious near-term chart damage has been inflicted to begin to suggest that at least a near- term market top is in place. August heating oil closed down 939 points at $3.7471 today. Prices closed near the session low today and hit a fresh three-week low. Bulls still have the overall technical advantage but are fading badly. August (RBOB) unleaded gasoline closed down 1,144 points at $3.1650 today. Prices closed nearer the session low today and hit another fresh five-week low. Bulls but have faded badly this week as serious near-term chart damage has been inflicted. August natural gas closed down 84.3 cents at $10.555 today. Prices hit a fresh three-month low today amid bearish "outside markets"--namely sharply lower crude oil prices. Serious chart damage has occurred to suggest a market top is in place. Prices are in a steep two-week-old downtrend on the daily bar chart.

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