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May 23rd, 2008 09:01 AM #41
http://www.cnbc.com/id/24764665
"Some people had set a target of $135 as part of their investment strategy and once that price was achieved have started taking some profits," said Phil Flynn, analyst at Alaron Trading in Chicago.
it's plain speculation. Hindi supply and demand.
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OPEC Secretary-General Abdullah al-Badri said Thursday the group can do nothing to lower oil prices, and called the oil market "crazy."
Talaga! sinabi mo dude. Crazy talaga!
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Quote from the article: The United States has repeatedly called on the Organization of the Petroleum Exporting Countries (OPEC) to boost its output to try to calm markets, but the group has said no increase is needed.Last edited by uls; May 23rd, 2008 at 09:04 AM.
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May 23rd, 2008 09:08 AM #42
I was thinking yesterday that gasoline and diesel might be rationed to control supply and it's negative impact on the oil companies and the evening news seemed to have mirrored my thoughts pretty much exactly.
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May 23rd, 2008 09:09 AM #43i hope the bubble will burst soon para crash and burn yng traders and speculators na yan. hmmp.
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May 23rd, 2008 09:16 AM #44
Palabasin nyo muna ako tapos pabagsakin na yang presyo na yan No seriously, traders just don't have faith with paper money anymore (me included) there is just too much inflation and where do they find haven why of course hard assets and commodities like OIL, GOLD, SILVER, AGRICULTURAL COMMODITIES and the likes... By the way instead of complaining I urge you guys to do something about it. Some people convert to LPG, others commute, I myself bought oil to hedge myself from the price increase... These are tough times, kinda deja vu of the 1970's stagflation....
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May 23rd, 2008 09:16 AM #45
I find it difficult for the bubble to burst unless a major oil investor would suddenly unload a major chunk of shares and then other smaller players would try to follow his lead. And still, there is a big chance that the smaller players would just buy up the sold shares.
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May 23rd, 2008 09:30 AM #46$135 na per barrel. expect increase in fuel prices tomorrow. as high as P2 / li ???
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May 23rd, 2008 09:36 AM #47
Its still P1 for unleaded and possibly P1.50 for diesel since last week P0.50 lang inakyat ng diesel.... And remember the $135 is NY Light Sweet Crude Oil, Philippine uses the Dubai Oil which is a few $ cheaper....
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May 23rd, 2008 10:15 AM #49
They might have to make it at P2/week to speed up their under recovery...
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May 23rd, 2008 10:18 AM #50sana mayroon na dito sa pinas na nagcoconvert na tubig na lng yung e gasoline natin kasi sa US na research ko sa INET mayroon na.. hay!!!! kailan pa kaya.... kasi yung mga oil companies pinipigil nila eh...
Buhay na buhay ang BGC this evening. Bukas halos lahat ng restaurants. Sabi pa nung isang cashier...
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