Another example that prices are completely disconnected from reality.
coincides with the gold plunge
As usual probably an over leveraged joker hedge fund forced to liquidate his losses to cover his bad bets on the euro or some type of crap ? Or maybe an electoral present to Obamama by Saudi Arab friends.
As usual. Ben Bernanke and Dhargi hiding theire criminal money printing by a manufactured hammering of a commodity. And tomorrow the bought presstitutes will write that inflationnary pressures are inexistent thanks to Bernanke and Goldman Sachs mafiosi Dhargi good work. Banksters are scum. It is not the first time it happens. And 100% of time it happens, it happens just before or at the same time of massive monetization of debt by financial terrorists central banksters.
It’s simple – EXPIRATION OF OPTIONS
Couldn’t be a reaction to a planned release from the strategic oil reserves… or could it? Will “The Dave” index be broken? If it is, can the 16:1 historic gold to silver ratio be far behind? http://tradewithdave.com/?p=12099
It seems to me just the beginning of a new kind of war, fought with algorithms, chips and optic fiber cables.
Last time there was a sustained drop, it was to punish the Russkies. Who is in the dog house now?
At 1:54 p.m. EDT, light, sweet crude for October delivery plummeted to a low of $94.83 a barrel on the New York Mercantile Exchange after trading above $98 a barrel throughout the session. Volume surged to more than 12,500 contracts in a minute, after trading near 100 contracts for most of the session.
“Traders were looking like deer in the headlights,” said Peter Donovan, a Nymex floor trader at Vantage Trading. “It was just confusion as traders were scrambling. I called four different desks, and they all said, ‘we don’t know.’”
“The market is just showing its vulnerability. We’ve got a $10 to $15 premium just on Iran, so the market is susceptible to just come off,” said Tony Rosado, a broker at Dorado Energy Services.
Gen. Mohamad Ali Jafari, head of Iran’s Revolutionary Guard Corps., said Sunday if Iran was attacked, the country would retaliate against U.S. bases in the Middle East and Israel, and aim to disrupt oil shipments through the Strait of Hormuz, according to Agence-France Presse.
Interest in ‘Relinquished’ Azerbaijan Fields Growing Again
French Total repeated this success in the field Absheron in 2011. After two unsuccessful attempts the French company announced the discovery of 350 billion cubic meters of gas and 45 million tons of condensate in 2011.
Copyright 2012 Trend News Agency All Rights Reserved
KAMPALA, Uganda – The Ugandan government Monday said that its estimated oil reserves in the Lake Albertine Rift basin have increased to 3.5 billion barrels from 2.5 billion barrels, following months of rigorous appraisal and drilling activities
“I can confirm that the our reserves have increased to 3.5 billion barrels,” Mr. Rubondo said, adding that the basin still has potential for more discoveries.
Blocks 1 and 2 are operated by France’s Total SA and UK’s Tullow Oil PLC respectively. Company officials could not be reached for an immediate comment.
Cost of production in Iran is around 85 $ a barrel. If the oil price drops below this level Iran will close the Straits of Hormuz. That will bump oil prices up to over 100$ pb.
Iran is capable of striking numerous target in the Middle East including Israel. If the oil price does fall below 85$pb Iran will have no choice but to strike first. I think that the US and Israel knows this.
I stil say the French are behind the recent unrest and killing of the ambassador in Tripoli. The French would be in serious trouble if this Israel Gazprom deal went through. Meanwhile Rosneft is considering plans to supply oil to Sardinia’s refinery. Another blow to Total and Libya.
The ABC network already has a radio documentary on this ::
ATTACK OF THE ALGORITHMS
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