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What is going on with oil ?

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posted on Jun, 30 2012 @ 06:59 PM
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According to kitco.com, on Friday 29/6/2012, crude oil went up $7.27 a barrel or almost 10%. I checked the Associated press, my source of main stream media, and found no mention of it, at least not in the head lines.

I have two questions for you ATSers.

1. Why did oil go up $7.27 on Friday?
2. Why is this not headline news?




posted on Jun, 30 2012 @ 07:02 PM
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reply to post by graysquirrel
 


oil can go up as much as it wants.

gas has gone down almost a dollar in the past week



posted on Jun, 30 2012 @ 07:03 PM
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reply to post by graysquirrel
 

The Arabs are pissed.
Don't blame 'em to be honest.



posted on Jun, 30 2012 @ 07:11 PM
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Originally posted by Bonkrh
reply to post by graysquirrel
 


oil can go up as much as it wants.

gas has gone down almost a dollar in the past week


It would be great, if dude's had a ball sack and a brain sack... At least it'd be apparent who's packing:


Brent Futures Spiked to Settle Near $98 on EU Deal
Light Sweet Crude
OIL
84.96 -7.27
+9.36%

GAS
2.6318 -0.1545
+6.24%



posted on Jun, 30 2012 @ 08:03 PM
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reply to post by graysquirrel
 


IRAN OIL EMBARGO BEGINS TODAY

The EU has placed Oil Sanctions against Iran, they went into effect this morning (6/30/12) which is going to create an off balance within the OPEC nations.

Also there is currently a strike in Norway that is effecting North Sea oil production. I'd expect to see oil prices begin climbing quickly.

(Edit to add: Gas is dropping significantly if you're in the NW because our local gas refinery went back online since being shut down by a fire in February (which after investigation it was discovered they were simply gouging us for the past 6 months). Oil prices have been falling because the USD is comparatively stronger than competing currencies, especially the Euro with their debt issues. Now Oil will fight our stronger Dollar with supplies as any ship carrying Iranian Oil may not enter EU Ports.
edit on 6/30/2012 by Rockpuck because: (no reason given)



posted on Jun, 30 2012 @ 08:38 PM
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Another reason for the price of gas dropping, at least in the US anyway. Is that our supply of gas is the highest it has been since 1999.


The recent boom in North American oil production has seen supplies rise to their highest levels in 22 years. The department's report showed that U.S. crude production surged 117,000 barrels a day to 6.35 million for the week ended June 15, the highest since 1999.


Market Watch

Oh and vote for me!




posted on Jun, 30 2012 @ 10:22 PM
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Natural gas used to be just burned at the well head. Now they are able to separate the sweet gas from the sour gas as it is harvested, making the process cheap enough that everyone is capturing now.

Oil will be manipulated by people who are wanting a specific outcome in the upcoming election. Once the election is over, it will be business as usual and we will see the true market price being reflected.



posted on Jun, 30 2012 @ 10:43 PM
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reply to post by graysquirrel
 


Alberta Tar sand can make up the difference in no time
It about time the ME wake up


Ho and if you do not want it China will

edit on 30-6-2012 by Trillium because: (no reason given)



posted on Jul, 1 2012 @ 01:46 AM
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Originally posted by Rockpuck
reply to post by graysquirrel
 


IRAN OIL EMBARGO BEGINS TODAY

The EU has placed Oil Sanctions against Iran, they went into effect this morning (6/30/12) which is going to create an off balance within the OPEC nations.

Also there is currently a strike in Norway that is effecting North Sea oil production. I'd expect to see oil prices begin climbing quickly. .......


Thanks for the informative post Rockpuck.

I was taught that a truly free market factors in known events like this “Iran oil sanctions” in advance. That be the case, I would have expected the price of oil to actually go down, if anything, on Friday.

As for my second question, I am still puzzled why the Associated press did not report this with its simple explanation in there head lines. A %9.36 increase in oil in one day is significant.

For the record, I do expect the price of oil to drop back down and keep dropping for reasons that have not been made public as of this writing.



posted on Jul, 1 2012 @ 07:42 AM
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reply to post by graysquirrel
 


Our local news reports the price per bbl of sweet light crude every time it runs the news. Now, they may not run a story on it, but they report the change and make comment about it every day, 4 times a day.



posted on Jul, 1 2012 @ 08:00 AM
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Last Friday , everything spiked against the Dollar. Gold, Oil, GBP, EUR, CHF. you name it. Im speculating someone dumped a load of dollars on to the market. For what reason we don't know.

But here is the proof.

A crazy drop in the USDX right at the end

Live USDX



posted on Jul, 1 2012 @ 08:00 AM
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double post

edit on 1/7/2012 by JakiusFogg because: (no reason given)



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