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My personal opinion is that we were overpriced at $135, the market is taking a breather after we saw demand destruction in the US. We know demand lags price considerably. I think youve got to have some big stones to go long for the next few weeks.
May 30 10:59 am
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All Comments by Indyphil »Volatility: It's the Oil, Stupid [View article]
We really need to watch Chindian demand to understand the longer term fundamentals, and of course not ignor what Al-Naimi and friends are up to. More personal opinion but I think folks are wising up to the Saudi bluff. 12Mbpd capacity? Sure, and theres this bridge for sale too. 250 Billion barrels of 2P reserves? Hmmmm....