Let see, oil was up a buck today! Classic short squeeze. Gee no one noticed. Failed again. I'll have to work on that. I choose to share this with y'all, seems that MAYBE crude will stabilize with this news and exactly what I said would take to correct the situation. However, it is only rumour, but positive. Short airlines!!!
The qdog has spoken!!!!!!!!!!!! Nice call DR...................
Commodities
Crude Oil Prices Rebound
On Hopes for OPEC Meeting
An INTERACTIVE JOURNAL News Roundup
Crude oil futures jumped more than $1 a barrel Wednesday on the New York Mercantile Exchange amid rumors that the Organization of Petroleum Exporting Counties and non-OPEC oil producers will meet to discuss reductions of world oil output.
Later Wednesday, comments from the director of Mexico's state-owned Petroleos Mexicanos that world oil producers need to moderate crude output to support prices sent crude oil and petroleum product futures soaring.
"It is now the turn of producers -- oil producers -- to moderate supply," said Adrian Lajous, director of Pemex. "Only in this way would it be possible to stabilize prices in the short term at a level acceptable to the principal actors in the international oil market."
Mr. Arrieta, in addition to denying rumors of an OPEC/non-OPEC summit, confirmed that he would attend OPEC's ministerial monitoring subcommittee March 30, raising the odds that the meeting could turn into a higher-level emergency meeting, where production cuts could be considered.
"There is a feeling in the market that world oil producers are moving toward production cuts. At the least, they are letting it be known that they are concerned about falling oil prices, and that improves the chances of output cuts taking place," said Tom Bentz, an energy analyst with Cresvale International, a New York trading house.
The gains reversed recent losses that have pushed crude oil prices to their lowest level in nearly a decade. The decline, which began last November, has been attributed to an increase in production by OPEC countries and lower demand by Asian economies caught in a financial crisis. A mild winter in parts of the United States and Europe also has pared demand.
Crude oil for delivery in April gained $1.11 to $14.32 a barrel; April heating oil rose 2.47 cents to 40.95 cents a gallon; April gasoline gained 3.71 cents to 48.60 cents a gallon. |
