Article

2004-10-17 Home Front: Economy

Oil May Rise to $75 a Barrel, says top man at CBT.

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Posted by Mark Espinola 2004-10-17 1:30:55 PM|| || Front Page|| [11137 views since 2007-05-07] Top

#1 ..Which means regular here in SC at roughly $2.60/gal, easily $3.25 in many other places, and possibly close to $4.00 in quite a few places.
Frankly, I have a feeling Something - though God alone knows what - will have to be done before it gets that bad. That will almost certainly bring on a recession here, and a wipeout-level DEpression in many other parts of the world.

Mike

Posted by Mike Kozlowski 2004-10-17 5:27:20 PM|| 2004-10-17 5:27:20 PM|| Front Page Top

#2 Okay, now that an "expert" has put a stake in the ground, we now know that it will *not* go as high as $75....

Posted by Carl in N.H. 2004-10-17 6:55:49 PM|| 2004-10-17 6:55:49 PM|| Front Page Top

#3 The navy sez it's time to short oil.

Posted by The Only Armed Force That Matters 2004-10-17 8:20:25 PM|| 2004-10-17 8:20:25 PM|| Front Page Top

#4 Carl, up in 'heating oil New Hampshire', you hope it does not climb to $75 or higher. I do not blame you with winter on the way. To a degree the Islamic terrorist enemy can effect further price rises, only if they are able to cause a panic among energy traders by attacking key oil exporting nation's storage depots resulting in tangible (real) shortages in global supplies. Security measures have been greatly beefed up around all major oil instillations, therefore the only way the enemy can succeed in acts of sabotage is through jihadic suicide missions, which these crack pots have proven they are more then willing to carry out.

Mike, if prices begin approaching the $70's the President can authorize that the Strategic Petroleum Reserve be opened to assist in demand. That action should lower prices, but it would be contingent on the driving force being the leap in energy prices at the world-wide market level.

Armed Force, to be safe, since there will an inevitably reversal to these record highs, placing a hedge on the downside would be wise at this stage. The question is how much down on the strike & which month(s) coupled of course with how many 'put' contracts? Like the man said, 'what goes up must come down.' How much and when remains to be seen.

Posted by Mark Espinola 2004-10-17 9:41:44 PM|| 2004-10-17 9:41:44 PM|| Front Page Top

#5 Mark, where and how do you trade oil futures? Any trusted online exchanges?

Posted by lex 2004-10-18 12:44:07 PM|| 2004-10-18 12:44:07 PM|| Front Page Top

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