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  • horacebello horacebello May 20, 2009 7:39 AM Flag

    Oil looks toppy

    The International Energy Agency (IEA) has warned that recession is leading to a collapse in energy investments, which could trigger the price of oil shot up, according to The Wall Street Journal takes.
    According to the IEA, the oil companies and investors have canceled or postponed some 170,000 million dollars in investment, which represents around two million barrels per day of future supply.
    In addition, another 4.2 million barrels of future supply will be delayed until 18 months because of cost-cutting by companies.
    This study, as seen by the New York daily, will be submitted to the Energy Ministers of the G8 weekend in Rome and the leaders of the G8 summit in July.
    It underlines the growing risk that the supply of oil (though currently is abundant due to the weakness of global consumption) could come under pressure once the economy pick up momentum again.
    "What we're saying is that around 2012 the great impact of this recession in the oil and investment in capacity, if current trends continue, could be severe with prices much higher, "says the chief economist of the IEA, Fatih Birol.

    Rogers told us the same 6 months ago.
    Rogers told us during the same week Merril was advertising the barrel going down to $25 (??? > of course they were buying futures)
    Take care with the price barrel...
    ou are starting holidays and "some people" need your bucks.
    Gold again over 930 (in this price nothing happens).