After a brief pop higher on EIA data showing an unexpected draw in oil stocks, WTI crude resumes...

After a brief pop higher on EIA data showing an unexpected draw in oil stocks, WTI crude resumes its sharp decline, -2.7% to $89.38/barrel. What inflation worry? The price of crude has now fallen by about $10 since the Fed's QE∞ announcement on September 14.

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Comments (5)
  • untrusting investor
    , contributor
    Comments (9903) | Send Message
    Does seem strange that oil is declining given Fed, ECB and other central bank interventions.
    3 Oct 2012, 05:14 PM Reply Like
  • RS055
    , contributor
    Comments (5671) | Send Message
    First of all - and I know CNBC et al aggressively grasp at any opportunity to spin a story - these weekly inventory numbers dont matter - unless you are day trading energy futures.
    What is the current govt focussed on right now? Huh? getting re-elected - right? If not they lose their nice jobs - OK?
    What does the rest of the world - esp. the middle east feel about the US elections? huh?
    Lets see - under the previous admin - you had all manner of trumped up fantasies, distortions, religious war fantasies etcetc - remember? So - it would seem logical that much of the world does not under any circumstances want a bush/bush lite or whatever - they saw that horror movie - they dont want to be subjected to it again.
    So - can they do anything to help our current prez retain his job/ ( not that he needs much help- but every little bit helps). Sure - do the Saudis have the ability to push down oil prices for a week or two? Sure.
    Occams razor.
    3 Oct 2012, 06:50 PM Reply Like
  • RS055
    , contributor
    Comments (5671) | Send Message
    After the elections ? Well that is a whole new can. yup - the pent up Bernankinflationism -will manifest.
    3 Oct 2012, 06:53 PM Reply Like
  • RS055
    , contributor
    Comments (5671) | Send Message
    Oh the other thing - the energy supply landscape is changing rapidly - the US is producing a lot more from new sources. Foreign govts are increasingly getting nationalistic and grabby - likely to increasingly crap on former oil company partners - take their assets etc.
    This is all good - great actually. Except - like healthcare, college tuitions etc - US produced oil is likely to only be economical at much higher oil prices - and so it will be higher.
    its a great future - if you can afford it.
    3 Oct 2012, 07:07 PM Reply Like
  • Interesting Times
    , contributor
    Comments (15302) | Send Message
    Mike Maloney predicted that oil will plummet prior to the dollar becoming wothless. Maybe start buying you Physical now??


    Personally, i am concerned with all the games being played within our markets..
    3 Oct 2012, 10:31 PM Reply Like
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