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  • docjoe999 docjoe999 Dec 19, 2010 1:00 PM Flag

    Oil pricing is fixed. Anyone surprised?

    The key sentences in the article, "First of all, the NYMEX contracts for January delivery close on Tuesday and there are still 132,168 open contracts or 1,000 barrels each (132M) scheduled for delivery to Cushing, OK, a facility that can handle at most, 45Mb of crude and is, at the moment, full."

    The other, "Yesterday, Criminal Narrators Boosting Crude were very excited to report that we had a 9.9Mb draw in oil inventories. WOW! That sounds like a lot of oil demand doesn't it? Of course, any real news people would mention that the report clearly indicated that "U.S. crude oil imports averaged 7.7 million barrels per day last week, down by 1.4 million barrels per day from the previous week" but CNBC is not news, is it?"

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    • So basically what you have is rising oil prices because traders are bidding up nonexistent barrels of crude oil. That this is market rigging costing the American consumer trillions of dollars, and the government is doing nothing about it should shock no one anymore.

      The supply and demand myth continues with CNBC. If oil prices go up, it is because inventories are going down. If oil prices go down, it is because we imported less crude last week than in any week since 1998. The supply and demand myth with regards to crude oil pricing must go on.

      What is it with our presidents that they resemble men from the Wizard of Oz? Bush was like the Scarecrow who had the courage but lacked the brains to see that the oil market was rigged. OTOH, Obama is like the lion who had the brains but lacks the courage. He knows the market is rigged, but is too scared to do anything about it.

      This law, the Commodities Futures Modernization Act or CFMA, is the evil that has allowed our entire finanical crisis to happen. It is costing the U.S. consumer trillions a year.

      How is speculating on nonexistent barrels of crude that results in pushing prices higher good in any way for this country?? Why is this Enron written law still on the books as the law of the land??

      That oil is grotesquely overpriced at the moment goes without saying. Eventually, supply and demand will win out as it always does, and oil prices are going to collapse. That PBR will be crushed when this occurs is a given. The hard part is the when.

      • 2 Replies to docjoe999
      • Where does this idea come from that Obama has brains? It's like The Emperor's New Clothes. This is someone whose college transcripts, undergrad and law, have not been released, unlike Bush's. Although it could be that it's because he took a bunch of courses in Marxism and weird stuff like that, but if he had it would never see the light of day except on conservative media anyway. Even with that theory, there's no objective evidence that he's particularly brainy - no body of work, no academic achievements, no IQ test, nothing. There is plenty of objective evidence that he's kind of an airhead.

        Another question is, why wasn't the media clamoring to see his transcripts when he ran? Any brilliant theories on that?As opposed to when he was running for Senate and the media demanded judges release the sealed divorce papers of his heavily favored Democrat primary opponent, and then of the Republican who was going to be his opponent and would have been heavily favored. Obama stated he thought the release was a good idea.

        Also why did the judges comply...ah never mind.

      • Not that it matters but I'm not sure I'd give credit to Obama for having lots of brains though he may well be well suited for politics.

        On the economy, he doesn't seem to have a clue....Like a deer in the headlights.

        And he sure doesn't seem to have a clue about fiscal responsibility.

        Just like in Illinois?

        lol. It's actually kinda sad and ridiculous that things ever got this bad but i guess it's par for the course in terms of how most politicians treat tax revenues within a budgetary process these days.

        The idea that govt can do it all better than the private sector also has to be laid to rest.

        As to oil prices and futures maniplulation, how do you know that there aren't sellers selling oil they don't have in order to artificially depress prices?

        This analysis you've posted is ridiculously shallow.

        And since you think it's manipulation in all the commodity markets, you might consider the fundamentals for grain prices as it relates to supply demand.

        http://www.bloomberg.com/news/2010-12-20/corn-extends-gains-to-six-week-high-as-report-says-u-s-planting-may-drop.html


        and coal which does not trade on futures mkts. Just why are coal prices going up?

        food inflation everywhere , especially in USD's.

        couldn't have anything to do with demand, could it?

        Or the increasing velocity of money out of USD's because of increasing fear of lost purchasing power?




        Personally, I think the biggest manipluation has been in the bond market most recently but that's only because there's been so much newly printed money to buy new issues.

        And still , yields went up? whoa boy.

        could that mean that in spite of the fed buying with both hands, other's are selling UST's even faster?

        And these newly printed funds are over and above the couple of trillion or so that Bernanke shoveled out the back door of the Fed (in secrecy) in order to bail out the Wall Street Investment banks...(including some large primary dealer foreign banks that are part of the cartel) when he bought a bunch of their worst garbage at face value when they were probably only worth 10 cents on the dollar.


        All at the behest of Obama appointee , Geithner?

        No wonder money is going to commodities.

        The best fundamental reasons for investing in commodities are under your nose.

        Only question is, will the printing presses give us even more ammo on top of growing fundamental demand in the emerging markets?

 
PBR
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