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Up another 2.7% to $95.40/barrel, oil moves higher than it stood before the government attempt...

Up another 2.7% to $95.40/barrel, oil moves higher than it stood before the government attempt to drive prices lower just 4 sessions ago sent crude temporarily plunging. USO +3.2%, BNO +3.4%.
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Comments (18)
  • youngman442002
    , contributor
    Comments (5129) | Send Message
     
    I am sure Obama will say something about how what a great success his release of the Strategic reserve was...
    29 Jun 2011, 11:31 AM Reply Like
  • Tricky
    , contributor
    Comments (1693) | Send Message
     
    Look at the bright side -- at least now we can refill the reserve at higher prices. D'oh!!
    29 Jun 2011, 11:34 AM Reply Like
  • Tony Petroski
    , contributor
    Comments (6368) | Send Message
     
    "crude 'temporarily" plunging"

     

    Well-spot.

     

    Supply and demand.
    29 Jun 2011, 11:32 AM Reply Like
  • Windsun33
    , contributor
    Comments (4377) | Send Message
     
    We sold it at ~$90 now we can buy it back at ~$95. The government motto - buy high, sell low.
    29 Jun 2011, 11:37 AM Reply Like
  • SA Editor Stephen Alpher
    , contributor
    Comments (557) | Send Message
     
    We'll set the Treas. Sec. loose on that and it will come back as a profit!
    29 Jun 2011, 11:43 AM Reply Like
  • Andrew Vickers
    , contributor
    Comments (32) | Send Message
     
    From Joe Biden's after school daycare:
    Bipartisan plan to eliminate the US debt crisis.

     

    Step 1: Refuse to raise the debt ceiling & lever up a short position on treasuries.
    Step 2: ????
    Step 3: Profit.
    29 Jun 2011, 12:45 PM Reply Like
  • Terry330
    , contributor
    Comments (870) | Send Message
     
    There is more demand than supply,with strong US growth.
    29 Jun 2011, 11:40 AM Reply Like
  • wyostocks
    , contributor
    Comments (8852) | Send Message
     
    Terry
    What are you smoking today?
    29 Jun 2011, 11:48 AM Reply Like
  • Tricky
    , contributor
    Comments (1693) | Send Message
     
    Terry, I'm just going to put aside any debate as to how strong US growth is, or whether that is the cause for the demand/supply situation.

     

    The key issue is that there was no MAJOR supply disruption that merited this release from the SPR.

     

    The most kind motive I can give for it is that the administration hoped it would break the back of speculation to knock down oil prices for an extended period of time to a "proper price".

     

    But let's even say you're assertion is correct on both fronts -- so how is a one-time release going to alleviate the problem? The SPR is for major, acute supply disruptions (like, say a few unfriendly countries teaming up to constrict supply to the US). The release obviously can't hold down prices in an extended supply/demand imbalance.
    29 Jun 2011, 11:58 AM Reply Like
  • wyostocks
    , contributor
    Comments (8852) | Send Message
     
    Tricky.
    You'll learn to stop wasting time with logic on Terry330's comments. All she can do is parrot the DNC talking points for the day.
    29 Jun 2011, 12:24 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3531) | Send Message
     
    She?
    29 Jun 2011, 01:14 PM Reply Like
  • xan
    , contributor
    Comments (16) | Send Message
     
    Strong US growth?... Mmmmmm : /, this is looking like the fake pump before the post QE2 dump
    29 Jun 2011, 11:43 AM Reply Like
  • Stoploss
    , contributor
    Comments (1727) | Send Message
     
    Stupid is, as stupid does. Or something like that.
    29 Jun 2011, 11:46 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3531) | Send Message
     
    So what did the release accomplish?
    29 Jun 2011, 11:50 AM Reply Like
  • Tricky
    , contributor
    Comments (1693) | Send Message
     
    It felt good at the time. That's the most important thing, you know.
    29 Jun 2011, 11:58 AM Reply Like
  • Windsun33
    , contributor
    Comments (4377) | Send Message
     
    It gave Obama some talking points for his campaign for the weekend.
    29 Jun 2011, 12:03 PM Reply Like
  • WMARKW
    , contributor
    Comments (10484) | Send Message
     
    My suspicion is that it accomplished the same thing the take down of the precious metals market accomplished in the first week in May. Having set themselves up, the boys at JPM and GS simply asked the boss man to help them out, and then, bang, they made tons on their shorts due to "intervention", unnatural of course, in the market they had set up for a takedown. It was just about making money.
    30 Jun 2011, 12:05 AM Reply Like
  • 2PP
    , contributor
    Comments (353) | Send Message
     
    Watching the Obama presser now, he looks at a lost as to what to try next to heal the economy. Denying the NLRB is targeting Boeing, and won't admit his policies are hampering job creation. It reminds me of Jimmy Carter's clueless pressers during the Iran crisis. Obama has no clue on the economy and this latest attempt was a complete failure.
    29 Jun 2011, 12:26 PM Reply Like
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