The Thailand Forum

The Thailand expat forum for Travel, Lifestyle and Fun.

Welcome to the TeakDoor.com forums.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact us.

Forum Home Donate Arcade Chat Room Gallery Blog Mark Forums Read
Go Back   TeakDoor.com - The Thailand Forum > Banal Banter > Issues
Reload this Page Oil Tumbles as Signs of Slowing Economy Spur Commodity Selling
Home Register TD Links FAQ Members List Calendar Search Today's Posts Mark Forums Read

Issues There is much going on in the world and the opportunity to discuss these issues and how they affect your world is always relevant. Your opinion is important and though we might not solve the problems confronting society, we just might open someones eyes. What is your opinion?

Reply
Page 1 of 16 1 2345611 > Last »
 
LinkBack Thread Tools Search this Thread Display Modes
Old 09-07-2008, 04:16 AM   #1 (permalink)
mrsquirrel
Elite Member
 
mrsquirrel's Avatar
 
Join Date: Jul 2005
Location: In a rather cold and dark place
Posts: 9,878
mrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the net
Oil Tumbles as Signs of Slowing Economy Spur Commodity Selling
Quote:
Oil Tumbles as Signs of Slowing Economy Spur Commodity Selling
By Mark Shenk
July 8 (Bloomberg) -- Crude oil fell more than $5 a barrel, the biggest decline in three months, as signs that the global economy may slow prompted investors to sell commodities.
Oil in New York has dropped more than $9 since reaching a record $145.85 a barrel on July 3. Gold, silver, copper and corn also declined. The U.S. economy has sagged amid credit-market and housing slides. Contracts to buy previously owned homes fell more than forecast in May, signaling prices have yet to bottom.
``All the bad economic news is making people take a second look at commodities,'' said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. ``Commodities were purchased as a hedge against inflation. A global recession is looking more likely, and it's the greatest weapon in the fight against inflation.''
Crude oil for August delivery fell $5.33, or 3.8 percent, to settle at $136.04 a barrel at 3:02 p.m. on the New York Mercantile Exchange, the biggest drop since March 31. Futures have fallen 6.4 percent over the past two days, the biggest two- session decline since March 19 and 20. Prices are up 87 percent from a year ago.
An index of pending U.S. home resales fell 4.7 percent following a revised 7.1 percent gain in April that was greater than previously reported, the National Association of Realtors said today in Washington. The prospect of further price declines may be discouraging offers, while rising mortgage rates and tougher lending standards make it harder to qualify for loans.
``There is more concern about the U.S. economy,'' said Kyle Cooper, an analyst at IAF Advisors in Houston. ``There was a feeling that the U.S. doesn't matter because of growth elsewhere, but the country is still responsible for about 25 percent of world oil consumption.''
Recession Concern
Sales of services and manufactured goods in the U.K. fell in the second quarter, posing ``serious risks'' that the economy will tumble into a recession, the British Chambers of Commerce said today. An index based on a survey of 4,758 services companies fell to minus 2, the lowest since 1992, from 17, according to the London-based lobby group.
``We have strong concerns about the sharp rise in oil prices,'' the Group of Eight said in a statement today in Tokyo, where the leaders are holding their annual summit. ``The world economy is now facing uncertainty and downside risks persist.''
The U.S. is ``very close to a disaster'' because it imports almost 70 percent of its oil, investor Boone Pickens said during an interview with CNBC, unveiling a strategy to limit the country's dependence on foreign crude.
Pickens, founder and chairman of Dallas-based BP Capital LLC, made his comments as Congress has been investigating the role of speculators in oil's rise over the past year. Pickens said the gains are because global demand exceeds supplies.
Iranian Statements
Oil also fell today as negotiations continued between Iran and western governments over the country's nuclear program. President Mahmoud Ahmadinejad dismissed the possibility of a war with the U.S. and Israel over his country's nuclear work, saying Iran is trying to avoid conflict.
``We're making the utmost effort for providing peace and security at the world level,'' the Iranian president told reporters today in Kuala Lumpur, where he is attending a summit of the Eight Islamic Developing Countries. ``Don't worry, there won't be any war in the future. Mainly they are focusing on some sort of propaganda or psychological war.''
Iran has said it may blockade the Strait of Hormuz, the shipping lane for a fifth of the world's crude, if its nuclear facilities are attacked. The country has the second-biggest proved oil reserves and is the second-biggest producer in the Organization of Petroleum Exporting Countries.
``There's been some reassurance about the dispute with Iran, which is taking some of the risk premium out of the oil market,'' said Rick Mueller, director of oil practice at Energy Security Analysis Inc. in Wakefield, Massachusetts.
Brent Oil
Brent crude oil for August settlement declined $5.44, or 3.8 percent, to settle at $136.43 a barrel on London's ICE Futures Europe exchange, the biggest drop since March 19. Prices climbed to a record $146.69 on July 3.
The UBS Bloomberg Constant Maturity Commodity Index, which tracks 26 raw materials, declined 2.6 percent to 1,633 today, the biggest decline since March 19. Gold fell for a fourth day.
The U.S. dollar rose against the euro, limiting the appeal of commodities as a hedge against inflation. The currency climbed 0.5 percent to $1.562 per euro at 3:13 p.m. in New York, from $1.5726 yesterday.
``Any time the dollar moves higher, you are going to see folks shift away from the commodity markets,'' Mueller said.
To contact the reporter on this story: Mark Shenk in New York at mshenk1[at]bloomberg.net.
Last Updated: July 8, 2008 15:51 EDT
And here is me thinking that it was going to get higher.

Even after Iran said they would fight if they are attacked as well.

Interesting turn of events there.
mrsquirrel is offline   Reply With Quote
Old 09-07-2008, 04:23 AM   #2 (permalink)
attaboy
Elite Member
 
attaboy's Avatar
 
Last Online: Today 08:37 AM
Join Date: Jan 2006
Posts: 1,890
attaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailand
I think oil is experiencing a bubble just as the US housing market did. The huge pool of investment money is looking for places to park. Right now it's oil. When it falls back the money will look for some other place. Maybe Brazilian real estate. Who can guess?
__________________
As a kid I always thought my nickname was "attaboy" until I realized they were rooting for the dog: "Attaboy, get 'em! Get 'em!".
attaboy is offline   Reply With Quote
Old 09-07-2008, 04:27 AM   #3 (permalink)
Spin
Scumbag Daytrader
 
Spin's Avatar
 
Join Date: Jul 2006
Posts: 7,107
Spin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the net
Donor
The trend for oil is up, this is just a pullback and in a couple of days its business as usual. 148+ before July14th.
Spin is offline   Reply With Quote
Old 09-07-2008, 07:19 AM   #4 (permalink)
mrsquirrel
Elite Member
 
mrsquirrel's Avatar
 
Join Date: Jul 2005
Location: In a rather cold and dark place
Posts: 9,878
mrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the net
Quote:
Originally Posted by Spin
The trend for oil is up, this is just a pullback and in a couple of days its business as usual. 148+ before July14th.
Does this mean you are planning on impersonating an Israeli in Iran?
mrsquirrel is offline   Reply With Quote
Old 09-07-2008, 09:49 AM   #5 (permalink)
Whiteshiva
Elite Member
 
Whiteshiva's Avatar
 
Last Online: Today 03:57 PM
Join Date: Dec 2005
Location: Nontaburi
Posts: 3,368
Whiteshiva User spends way too much time on the netWhiteshiva User spends way too much time on the netWhiteshiva User spends way too much time on the netWhiteshiva User spends way too much time on the netWhiteshiva User spends way too much time on the netWhiteshiva User spends way too much time on the netWhiteshiva User spends way too much time on the netWhiteshiva User spends way too much time on the netWhiteshiva User spends way too much time on the netWhiteshiva User spends way too much time on the netWhiteshiva User spends way too much time on the net
Quote:
Originally Posted by attaboy View Post
I think oil is experiencing a bubble just as the US housing market did. The huge pool of investment money is looking for places to park. Right now it's oil. When it falls back the money will look for some other place. Maybe Brazilian real estate. Who can guess?
I guess this ties into the mistaken belief that speculative future trading in oil has driven prices higher? Not the case. The drop in prices are more likely due to a drop in demand, as the high price has eventually started to have an impact on demand, combined with several national governments reducing or removing subsidies on petroleum products such as diesel, petrol and LPG.
__________________
Any error in tact, fact or spelling is purely due to transmissional errors...
Whiteshiva is offline   Reply With Quote
Old 09-07-2008, 10:26 AM   #6 (permalink)
britmaveric
Elite Member
 
britmaveric's Avatar
 
Join Date: Mar 2006
Location: Pattaya
Posts: 2,122
britmaveric has much to be proud of in Thailandbritmaveric has much to be proud of in Thailandbritmaveric has much to be proud of in Thailandbritmaveric has much to be proud of in Thailandbritmaveric has much to be proud of in Thailandbritmaveric has much to be proud of in Thailandbritmaveric has much to be proud of in Thailandbritmaveric has much to be proud of in Thailandbritmaveric has much to be proud of in Thailandbritmaveric has much to be proud of in Thailandbritmaveric has much to be proud of in Thailand
$125 by 14 July.
britmaveric is offline   Reply With Quote
Old 09-07-2008, 10:40 AM   #7 (permalink)
mrsquirrel
Elite Member
 
mrsquirrel's Avatar
 
Join Date: Jul 2005
Location: In a rather cold and dark place
Posts: 9,878
mrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the net
There was another article on there but I can't find it now that said something along the lines of.

" We shouldn't be surprised by $100 barrels from now on"

Not sure if it meant barrels around $100 or if it meant $100+
mrsquirrel is offline   Reply With Quote
Old 09-07-2008, 12:19 PM   #8 (permalink)
Carnwadrick
Tak
 
Carnwadrick's Avatar
 
Last Online: Today 11:09 AM
Join Date: Aug 2007
Location: Dark side of paradise
Posts: 357
Carnwadrick is a glorious beacon of light in ThailandCarnwadrick is a glorious beacon of light in ThailandCarnwadrick is a glorious beacon of light in ThailandCarnwadrick is a glorious beacon of light in ThailandCarnwadrick is a glorious beacon of light in ThailandCarnwadrick is a glorious beacon of light in ThailandCarnwadrick is a glorious beacon of light in ThailandCarnwadrick is a glorious beacon of light in ThailandCarnwadrick is a glorious beacon of light in ThailandCarnwadrick is a glorious beacon of light in Thailand
You guys are too serious about this stuff..the real deal is the oil world is scared that if Obama gets in he will levy the oill companies with huge winfall taxes that will push gasoline prices so high that nobody in the USA will be able to afford to drive..result drop in demand..drop in profits..better drop prices now and help McCain win...easy speculation for someone like me with only a 10th grade education..and before you say "I know it shows"
Carnwadrick is offline   Reply With Quote
Old 09-07-2008, 02:28 PM   #9 (permalink)
Spin
Scumbag Daytrader
 
Spin's Avatar
 
Join Date: Jul 2006
Posts: 7,107
Spin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the net
Donor
...........
Spin is offline   Reply With Quote
Old 09-07-2008, 04:45 PM   #10 (permalink)
mrsquirrel
Elite Member
 
mrsquirrel's Avatar
 
Join Date: Jul 2005
Location: In a rather cold and dark place
Posts: 9,878
mrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the netmrsquirrel User spends way too much time on the net
Up again after Iran test fired a potato gun
mrsquirrel is offline   Reply With Quote
Old 09-07-2008, 05:26 PM   #11 (permalink)
Begbie
Senior Member
 
Begbie's Avatar
 
Last Online: Today 04:30 PM
Join Date: Mar 2006
Location: Lagrangian Point
Posts: 5,054
Begbie User spends way too much time on the netBegbie User spends way too much time on the netBegbie User spends way too much time on the netBegbie User spends way too much time on the netBegbie User spends way too much time on the netBegbie User spends way too much time on the netBegbie User spends way too much time on the netBegbie User spends way too much time on the netBegbie User spends way too much time on the netBegbie User spends way too much time on the netBegbie User spends way too much time on the net
Quote:
Originally Posted by mrsquirrel View Post
Up again after Iran test fired a potato gun
Triggered by the drop in the price of oil.
Begbie is offline   Reply With Quote
Old 09-07-2008, 07:13 PM   #12 (permalink)
Norton
Born Again Pagan
 
Norton's Avatar
 
Last Online: Today 11:05 AM
Join Date: Oct 2007
Location: Roiet
Posts: 5,288
Norton User spends way too much time on the netNorton User spends way too much time on the netNorton User spends way too much time on the netNorton User spends way too much time on the netNorton User spends way too much time on the netNorton User spends way too much time on the netNorton User spends way too much time on the netNorton User spends way too much time on the netNorton User spends way too much time on the netNorton User spends way too much time on the netNorton User spends way too much time on the net
Quote:
Originally Posted by mrsquirrel
Up again after Iran test fired a potato gun
Quote:
Originally Posted by Begbie
Triggered by the drop in the price of oil.
Guess this proves the "speculators" have nothing to do with oil price.
Norton is offline   Reply With Quote
Old 09-07-2008, 07:26 PM   #13 (permalink)
Spin
Scumbag Daytrader
 
Spin's Avatar
 
Join Date: Jul 2006
Posts: 7,107
Spin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the netSpin User spends way too much time on the net
Donor
its back up 2$ now
Spin is offline   Reply With Quote
Old 09-07-2008, 07:41 PM   #14 (permalink)
Butterfly
Suspended Member
 
Butterfly's Avatar
 
Join Date: Mar 2006
Posts: 10,006
Butterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the net
a bit early to call that small drop the beginning of the end, it's rebounding already

I am afraid the drop could be slow and long, bringing pain to everyone,

this is assuming that Iran doesn't nuke Israel or the other way around
Butterfly is offline   Reply With Quote
Old 09-07-2008, 07:49 PM   #15 (permalink)
Boon Mee
Senior Member
 
Boon Mee's Avatar
 
Last Online: Today 04:48 PM
Join Date: May 2006
Posts: 8,672
Boon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the net
Donor
Quote:
Originally Posted by attaboy View Post
Maybe Brazilian real estate. Who can guess?
You can buy a real nice three bedroom/bath condo right near the beach in Fortaleza for <100KUSD at the moment...
Boon Mee is online now   Reply With Quote
Old 09-07-2008, 07:54 PM   #16 (permalink)
Butterfly
Suspended Member
 
Butterfly's Avatar
 
Join Date: Mar 2006
Posts: 10,006
Butterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the netButterfly User spends way too much time on the net
^ damn, sounds like a good deal. Are you there at the moment, Boon ? if yes, take a few pics of the girls on the beach, would make a nice review for the travelling forum
Butterfly is offline   Reply With Quote
Old 09-07-2008, 08:04 PM   #17 (permalink)
Milkman
Gone Off
 
Milkman's Avatar
 
Join Date: Dec 2005
Location: shelf
Posts: 8,051
Milkman User spends way too much time on the netMilkman User spends way too much time on the netMilkman User spends way too much time on the netMilkman User spends way too much time on the netMilkman User spends way too much time on the netMilkman User spends way too much time on the netMilkman User spends way too much time on the netMilkman User spends way too much time on the netMilkman User spends way too much time on the netMilkman User spends way too much time on the netMilkman User spends way too much time on the net
Quote:
Originally Posted by mrsquirrel View Post
And here is me thinking that it was going to get higher.
And I think you're correct. You'll see crude possibly go higher. Wait until tomrrow, and the next day, and the next week.

Quote:
Even after Iran said they would fight if they are attacked as well.

Interesting turn of events there.
Iran attacked could mean $200 per barrel. All speculation at this point.
Milkman is offline   Reply With Quote
Old 09-07-2008, 08:06 PM   #18 (permalink)
Boon Mee
Senior Member
 
Boon Mee's Avatar
 
Last Online: Today 04:48 PM
Join Date: May 2006
Posts: 8,672
Boon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the netBoon Mee User spends way too much time on the net
Donor
Quote:
Originally Posted by Butterfly View Post
^ damn, sounds like a good deal. Are you there at the moment, Boon ? if yes, take a few pics of the girls on the beach, would make a nice review for the travelling forum
A little north of Rio right now - will take some pics when I get the chance. It's the 'off-season' - winter down here and kinda rainy...
Boon Mee is online now   Reply With Quote
Old 10-07-2008, 01:20 AM   #19 (permalink)
attaboy
Elite Member
 
attaboy's Avatar
 
Last Online: Today 08:37 AM
Join Date: Jan 2006
Posts: 1,890
attaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailandattaboy has a brilliant future in Thailand
Quote:
Originally Posted by Whiteshiva View Post
Quote:
Originally Posted by attaboy View Post
I think oil is experiencing a bubble just as the US housing market did. The huge pool of investment money is looking for places to park. Right now it's oil. When it falls back the money will look for some other place. Maybe Brazilian real estate. Who can guess?
I guess this ties into the mistaken belief that speculative future trading in oil has driven prices higher? Not the case. The drop in prices are more likely due to a drop in demand, as the high price has eventually started to have an impact on demand, combined with several national governments reducing or removing subsidies on petroleum products such as diesel, petrol and LPG.
That doesn't mean there isn't a bubble occurring. A tremendous amount of wealth is being generated worldwide and it looks for places to generate more money. People are piling onto the oil commodity market. How far it will drop and when I don't know. Who knows where the mob will follow the rumors next.
attaboy is offline   Reply With Quote