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Crude oil is plunging, off nearly $3 in the last few minutes, now -1.9% at $96.60. USO -2.2%,...

Crude oil is plunging, off nearly $3 in the last few minutes, now -1.9% at $96.60. USO -2.2%, BNO -2.6%.
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Comments (9)
  • Joe Morgan
    , contributor
    Comments (1579) | Send Message
     
    Oil needs to pullback to $90....
    20 May 2011, 10:08 AM Reply Like
  • Mike Maher
    , contributor
    Comments (2754) | Send Message
     
    Saudi Prince Alwaleed says Saudi Arabia is comfortable with prices between $70-$80 a barrel. Might be putting some pressure on prices.
    20 May 2011, 10:10 AM Reply Like
  • Guardian3981
    , contributor
    Comments (2210) | Send Message
     
    Prices at pump by me have not moved. Funny when the barrel goes up on the market gas stations raise prices right away yet when there is a fall it takes weeks or longer...
    20 May 2011, 10:18 AM Reply Like
  • Mike Maher
    , contributor
    Comments (2754) | Send Message
     
    Most station owners have very thin margins as prices go up and only make meaningful margins as prices decline. Prices by me (central NJ) have also been stuck ranging from $3.89-$4.09 at different stations for the last 2 weeks. They should start falling by the end of the month.
    20 May 2011, 10:23 AM Reply Like
  • Joe Morgan
    , contributor
    Comments (1579) | Send Message
     
    They are going down, you have to wait till June....

     

    Gasoline futures are at 2.80 a gallon already...
    20 May 2011, 10:41 AM Reply Like
  • Duude
    , contributor
    Comments (3398) | Send Message
     
    the price of oil is directly affected by the rising dollar. Will probably remain strong through the Spanish elections till some point in the not too distant future when new Spanish leadership can give us the thumbs up regarding no undisclosed debt, or new revelations that could send the Euro down even deeper and the dollar rocketing up.
    20 May 2011, 10:25 AM Reply Like
  • Tack
    , contributor
    Comments (14561) | Send Message
     
    Hey, where are the hyperinflation folks? I thought Weimar was right around the corner.
    20 May 2011, 10:25 AM Reply Like
  • Joe Morgan
    , contributor
    Comments (1579) | Send Message
     
    Tack, give them some time, they are looking for an excuse...if the underlying asset goes away from the direction they bet, they look for excuses like manipulation of numbers, HFT trading...etc....
    20 May 2011, 10:33 AM Reply Like
  • farmer448
    , contributor
    Comments (229) | Send Message
     
    And I suppose the changing margin requirements might have caused re-thinking positions....
    20 May 2011, 04:14 PM Reply Like
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