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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Cogito Ergo Sum who wrote (48128)	6/22/2012 4:58:57 PM
From: Johnny Canuck	Read Replies (3) \| Respond to of 68652

Eric Nuttal said that CNQ.TO was priced as if a barrel of oil was getting $66 and that the OPEC countries need $90 oil to be viable themselves. As a result he see a re-bound in the pice of oil I have a few questions that for me were left unanswered: 1) Given that the transportation issues in the Gulf of Mexico is not going to be relieved anytime soon and the amount of new production coming on line due to fracing maybe the $66 price target is justified or at least a price close to $70. With potential slowing demand in China and India due to their slow economies this could get worst. 2) Despite the fact that OPEC needs $90 oil, I wonder if the balance of power is slowly shifting as many non-traditional oil and gas producing countries can not produce oil and gas. I don't think OPEC has the level of control that they once had. Even Israel has potentially big gas reserves off their coast now.