The Energy Report
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You Talk To Much!
Thu, Jul 31 2008, 16:23 GMT
by Phil Flynn
You talk too much, you worry me to death, you talk too much, you even worry my pet. You just talk too much.
Leave it to Goldman Sachs to talk up their position at a key technical moment in the world oil market. they jumped on the report from the Master Card advisors that showed that gasoline demand hit the highest level of the year. You see according to Goldman what we have seen lately is not demand destruction but demand restraint and oil will go back up to the highs before the end of the year. So don’t worry about all those airlines that went out of business. They did not go bankrupt they were just restrained. And Detroit, just go back to making those SUV’s because demand is just restrained! That’s great news! The death of demand has been greatly exaggerated! This could be the biggest comeback since Lazarus.
Yes, the Department of Energy supply report should a big drop in supply but remember it was not all demand related. Gasoline production fell averaging 9.0 million barrels a day. That is 200,000 barrels a day less than the week before. Refinery runs fell to 87.1 percent.
Oil also got a boost on word that Olmert was stepping down in Israel. He's under fire for corruption and this led traders to worry if a change in leadership would lead to missiles firing in Iran.
We're short September crude from apprx 12570 - lower stop to 12530.
Sell September heating oil at 36000 - stop 36300.
We're short September RBOB from apprx 30900 - lower stop to 30800!
Sell September RBOB at 32520 - stop 33000.
Sell August natural gas at 1050 - stop 1070.
Have a GREAT day!
Published on Thu, Jul 31 2008, 16:28 GMT
Archive
- Life Liberty and Oil!
Published On Fri, Jul 3 2009, 05:53 GMT - Oil's got to accentuate the positive
Published On Wed, Jul 1 2009, 05:57 GMT - China is providing the fireworks!
Published On Tue, Jun 30 2009, 05:49 GMT - Post Fed Commodity Rush
Published On Mon, Jun 29 2009, 05:40 GMT - Oil Intervention
Published On Fri, Jun 26 2009, 06:26 GMT
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