Oil futures hit daily limit up

[zoog]

So it seems the big funds are back into commodities, for the moment at least.

SAN FRANCISCO (MarketWatch) -- Crude futures rallied Monday above $116 a barrel to their strongest level in three weeks amid speculation that the Bush administration's proposal to stabilize the financial sector may help revive economic growth.

Trading was halted for five minutes after the October crude contract reached the limit of $10 per barrel for daily price movement. Under trading rules, the price-change limit is increased by another $10.

Sept. 22 (Bloomberg) -- Crude oil climbed more than $24 a barrel, the biggest gain ever, as the dollar weakened the most against the euro since January 2001, boosting the appeal of commodities as a hedge.

Oil, gold, corn and other commodities climbed as the dollar dropped on concern that a U.S. proposal to buy $700 billion of troubled assets from financial firms will deepen the budget deficit. Oil has risen 41 percent since Sept. 16 as lawmakers pledged fast consideration of the Treasury's plan to buy devalued mortgage-related securities.
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``This looks like a squeeze play,'' said Phil Flynn, senior trader at Alaron Trading Corp. in Chicago. ``All of the contracts are up, but nothing like October. This is the last day of trading and someone is scrambling to guarantee supply.''
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Hedge-fund managers and other large speculators increased their net-long position in New York crude-oil futures in the week ended Sept. 16, according to U.S. Commodity Futures Trading Commission data.

Banning short-selling (on selected financial stocks so far)... what will come next, no long positions on oil and gold?

[D-Mack]

Re: Oil futures hit daily limit up

Goldman & Morgan are back in business ?

[jimmygu3]

Re: Oil futures hit daily limit up

So it seems the big funds are back into commodities, for the moment at least.

Banning short-selling (on selected financial stocks so far)... what will come next, no long positions on oil and gold?

Just got a text from a friend here in Atlanta. She went to 3 gas stations that were all completely out. Now waiting in line behind 15 cars. Oh, the madness of crowds! We'll be ready to swallow anything if they just promise us cheaper gas. Our puppetmasters have outdone themselves!

[Supercilious]

Re: Oil futures hit daily limit up

So it seems the big funds are back into commodities, for the moment at least.

Banning short-selling (on selected financial stocks so far)... what will come next, no long positions on oil and gold?

Now I believe they are preparing to change positions... I would expect to see more gas shortages (something like PM coins shortage ) . Faced with such terrible possibility, Ben will have to do something and rescue us . He will do the unthinkable ... he will dump more treasuries in the financial system problem-reaction-solution.

Of course that Jersey pension fund which bought $180 mil in Lehman shares just one day before the demise of the Fuld Empire, will go quickly and "diversify" in oil futures ...well .... because with so much money pumped by Ben the oil price has to increase ... And the Jersey government employees will be again "diversified" of their retirement savings

[BlackVoid]

Re: Oil futures hit daily limit up

Trend is back.
Dollar down, oil and gold up.

The oil bubble (that never was) continues.

Good news for $#*, he can now argue for several more years on the oil "bubble".

[Supercilious]

Re: Oil futures hit daily limit up

Good news for $#*, he can now argue for several more years on the oil "bubble".

That is so unfair.
Back in July I was saying this:

http://www.itulip.com/forums/showpos...&postcount=185

Quote:

Originally Posted by Lukester Would you like to place a gentleman's $200 bet with me, that the petroleum price is at $200++ by the end of 2010?

I may be a gentleman, but I'm not stupid. If, for another two years, they let Ben to have his kinky ways with the treasuries printing machine, by the end of 2010, we may very well have oil at $10000++ . Of course, by then, a bottle of Stella Bud Light may cost $500++ and you will read about the falling dollar in Wall Street Pravda (a financial paper with a long tradition, now, under new chinese management)