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22.7% of daily oil and 22.9% of daily natural gas production in the Gulf of Mexico has now been...

22.7% of daily oil and 22.9% of daily natural gas production in the Gulf of Mexico has now been shut-in in anticipation of Tropical Storm Debby, up from 7.8% and 8.2% yesterday. The Gulf accounts for 20% of U.S. oil production and 6% of natural gas output.
Comments (6)
  • Venerability
    , contributor
    Comments (3048) | Send Message
     
    The Short Brent contigent are, of course, trying to keep it "out of the Market," but I count no fewer than 4 major labor strikes in the Brent complex starting over the past few days.

     

    At least two of them - in Nigeria and especially Norway - could have a very serious (Bullish) impact on the Brent price this week, especially since everyone is well aware that the European Iranian embargo, with several exemptions, is still scheduled to begin in just five trading days.

     

    24 Jun 2012, 06:05 PM Reply Like
  • raifel
    , contributor
    Comments (94) | Send Message
     
    Thank you for the info! This will make Monday morning interesting.
    24 Jun 2012, 06:49 PM Reply Like
  • Bobmarycarroll@aol.com
    , contributor
    Comments (8) | Send Message
     
    Oil investing Monday morning should be profitable but of short duration.
    24 Jun 2012, 07:03 PM Reply Like
  • jbind
    , contributor
    Comments (72) | Send Message
     
    Storm is NOW forecast to move away from producing areas and hit the panhandle. Major change in forecast.

     

    http://bit.ly/MP0LFC
    24 Jun 2012, 07:52 PM Reply Like
  • AZ Desert Trader
    , contributor
    Comments (228) | Send Message
     
    So lets says it is 25% of daily oil to make the math easier and that no other production gets shut down from now on. Doing the math that means ~5% of the US oil supply will get shutdown for ~1 week. In addition ~50% of gas price is the price of oil.

     

    Sssooo, I will guarantee the price of gas goes of more than 2.5% for more than one week. Book it.
    24 Jun 2012, 10:32 PM Reply Like
  • Venerability
    , contributor
    Comments (3048) | Send Message
     
    If only US leaders were still not being kept completely in the dark by the irresponsible financial media, which continues to coddle the Short side Hedgie contingent!

     

    The harmful speculation in the Energy complex is much more often on the Short side than the Long side.

     

    Excessive Long side speculation does very temporary harm.

     

    But excessive speculation on the Short side does long-term harm, as it accelerates deflationary spirals already in the works.

     

    That's what happened in 2008. And the same Traders, with very few variations, who fiddled while the World Economy burned in 2008 are attempting the exact same thing again.

     

    PTBs around the world: This is MECHANICAL - not political, not financial, not economic - plain ole Market Mechanics.

     

    It would immensely helpful to ALL World Markets now, if Responsible Market Leaders took strong, strong steps to PROP Brent, Copper, Silver, the Loonie, NOK, Peso, Rupee, Real, Naira, Rand, and Ruble.

     

    Gold seems to be taking care of itself. So does the Aussie.

     

    WTI is largely irrelevant.

     

    The Yen is always manipulated.

     

    And everyone can just ignore the Euro, although putting the Fear of Goddess into those excessive Euro Shorts would be helpful.

     

    But as for the rest of the above: MECHANICAL! Brent, especially. Brent speculators are fairly easily controlled, IMO, compared to many other groups in the commodity-currency trading complex.

     

    Brent does well, everything else tends to do well. It's a leader commodity, because of its value as a Deflationary Canary in the Coal Mine.

     

    (Yes, after years of observation, I really do see things as just this simple.)
    25 Jun 2012, 06:29 PM Reply Like
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