Doomberg finds more idiots to go on record...
bloomberg.com
Producers haven't ''even cut one barrel yet, and we're up
$3,'' said Tom Bentz, senior vice president-energy at Cresvale
International LLC in New York. ''There has to be a correction and
I think it's coming very soon.''
There HAS to be a correction? Oh, I get it. The market wasn't oversold before, so now it must be overbought. Asian demand is still shrinking, right Tom?? And surely a "senior" VP like you is aware of the massive increase in non-OPEC production. We've been drilling wells left and right here in the US, haven't we?
''We could have really big builds in crude oil because it's
the last week before the OPEC cuts,'' said Chester Irvin, a
trader at ABN Amro Inc. in New York. Irvin is predicting an
increase of 3.5 million to 4.5 million barrels. ''It's like going
on a diet tomorrow, so they'll just send this stuff over now.''
Yeah, they'll just flood the market now. Never mind the logistics problems of transportation, offloading, or storage. Hey Chester, why not ship an extra 100 million barrels this week? It's like a diet - I want to lose weight for spring so I'll stuff myself now.
WHERE do they find these guys, in the bars on Saturday night? At least we know they find them in New York... |
