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September 18, 2012

More on the Mystery Selloff

 

There were plenty of theories about yesterday’s mystery selling in the crude oil market. (via Reuters)

  • Volume and liquidity was low because of the Jewish holiday.
  • There were effects of contract expiration, where some traders “roll” to new months rather than make or take delivery.
  • There was a rumor about a possible announcement of a release from the Strategic Petroleum Reserve.

The CFTC is investigating.

After the market close today a new theory emerged. It now seems that a single large trade may have sparked the selling, leading to “technical” trades by smaller market participants and algorithmic traders. The reason behind the initial trade is still not known. It could be forced selling from a hedge fund in distress. Some think it could be a change in fundamental analysis by a big firm. If so, it was an exceptionally clumsy way to change a position!

This type of trading action attracts a lot of attention, but does not provide much insight about the underlying fundamentals of the oil market.

More to come…

Filed under:Daily News Post,Fuel Price Trends,Price Shocks | by OldProf @ 8:38 pm | 

September 2, 2010

Another Fire on an Oil Platform

 

Maybe this kind of stuff has been happening all the time, but hasn’t been a big deal until the Deep Water Horizon incident.

An oil platform about 100 miles offshore in the Gulf of Mexico exploded this morning. All 13 people aboard were rescued.

No oil in the water, but the company was ready for it if it had happened. Not clear what caused the blast.

Filed under:Daily News Post,Fuel Price Trends | by Pump Girl @ 6:37 pm | 

August 10, 2009

Pump Girl Is Back At The Keyboard

 

And it feels like we’ve never been gone!!

Get ready to open your wallet for that last trip of the summer season. Crude prices jumped $10/barrel translating to something like an increase of $0.10/gal at the pump.

***

Tesla Motors, the electric car manufacturer, turned profitable in July. Sales of its Roadster 2 sports car rose dramatically, and manufacturing costs came down.

“There is strong demand for a car that is unique in offering high performance with a clean conscience,” said Tesla Chief Executive Elon Musk, in a prepared statement. “Customers know that in buying the Roadster they are helping fund development of our mass market electric cars.”

The Roadster gets 244 miles to the charge.

***

A little ray of sunshine from Goldman Sachs (NOT!). Analysts expect commodity prices to spike higher next year just like 2008. They see another possible $150/barrel price for oil. Supply shortages due to underinvestment and increased consumption to blame.

Filed under:Alternative Energy,Daily News Post,Fuel cost,Fuel Price Trends,Fumes,Gas price | by Pump Girl @ 3:13 pm | 

April 1, 2009

Fill Up On News 4/1/2009

 

Oil just couldn’t get to the $50/barrel price yesterday. The big oil invertory is not helping.

CNNMoney analyzes the effects of auto bankruptcy from A (autoworkers) to T (taxpayers) and everybody in between.

Ford vehicle sales drop 41% in March.

Americans are big people. They like to drive big cars.

Gas sales drop, even though prices have gone down.

Filed under:Daily News Post,Fuel Price Trends | by Pump Girl @ 2:03 pm | 

March 30, 2009

Fill Up On News 3/30/2009

 

Oil falls below $52, but overall going up.

Kuwait is happy with the current oil price. Shouldn’t we all be?

Surprise, surprise. Oil is overbought again. Who will be caught by the shorts this time?

Gas prices up over $2/gal. Not new news, but not good news either.

Filed under:Daily News Post,Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 12:07 pm |