Sugarlips 332 Posted September 25, 2018 Was perusing some graphs and in the short term it looks like the market wants to test the previous oil highs. Are we going to get there and how soon? Consequences seem high.. The £ is materially weaker than the last time we got there (around 2008) and we all know what happened when it peaked. The msm are already doing panicked stories of petrol now passing £1.40 a litre. 1 Share this post Link to post Share on other sites
macca 162 Posted September 25, 2018 (edited) 35 minutes ago, Sugarlips said: Was perusing some graphs and in the short term it looks like the market wants to test the previous oil highs. Are we going to get there and how soon? Consequences seem high.. The £ is materially weaker than the last time we got there (around 2008) and we all know what happened when it peaked. The msm are already doing panicked stories of petrol now passing £1.40 a litre. FED interest rate rise this week as well.. does that push the $ higher against the £.. 2.25% although some are saying it could be 2.5% as they look to accelerate interest rate increases.. ECB and BOE can’t be far behind.. how much further can the U.K. consumer be pushed before they fall over.. Edited September 25, 2018 by macca 0 Share this post Link to post Share on other sites
Sugarlips 332 Posted September 25, 2018 17 minutes ago, macca said: FED interest rate rise this week as well.. does that push the $ higher against the £.. Traditionally yes, but Black is white and day is night atm.. Garth over at greaterfool is saying .25 this week then another 3 times in the next 9months. Unless there is any major political or economic changes a continuation of that looks baked in. the chancellor and that nice Mr Carney are going to be having some ‘chats’ ala “which do you want first, jack rates and blow the consumer up? Or destroy pound shortly followed by jack rates up anyway?” Meanwhile anyone planning long haul travel for 2019 might want to book it soon before the prices jump and/or the return of the air fuel surcharges.. 0 Share this post Link to post Share on other sites
Sideysid 189 Posted September 25, 2018 (edited) As I’ve said previously on here, I sold my oil shares back in 2014 at the previous high before the middle east ramped up output. Will be interesting to see if it approaches that point again. Just like any other commodity, the price is controlled. I’m sure Cattle Prod can offer his view on the inside spin, which is always appreciated. Edited September 25, 2018 by Sideysid 0 Share this post Link to post Share on other sites
Lavalas 77 Posted September 25, 2018 What would be the catalyst for oil going to highs? (Genuine question not a challenge, I know next to nothing about oil price movements) 0 Share this post Link to post Share on other sites
dgul 6,196 Posted September 25, 2018 11 minutes ago, Lavalas said: What would be the catalyst for oil going to highs? (Genuine question not a challenge, I know next to nothing about oil price movements) Lots of money looking for somewhere to go. The market will then invent a plausible reason, geopolitics, supply squeeze, whatever, and everyone will nod wisely at the irrefutable logic. 1 Share this post Link to post Share on other sites
NogintheNog 20 Posted September 25, 2018 (edited) 20 minutes ago, dgul said: Lots of money looking for somewhere to go. The market will then invent a plausible reason, geopolitics, supply squeeze, whatever, and everyone will nod wisely at the irrefutable logic. Agreed. Interesting that when Oil hit $150 dollars a barrel in 08 it was $2=£1, so effectively £75 a barrel. So at $1.3=£1 and $80 a barrel = £61.5 a barrel. Still a fair way to go in sterling terms... Saw that OPEC and the Russians told Trump to do one on his request for cheaper oil yesterday, maybe they can see that day of reckoning coming??? https://www.reuters.com/article/us-oil-opec/opec-russia-rebuff-trumps-call-for-immediate-boost-to-oil-output-idUSKCN1M30DK Ironically even the Frackers in the US don't want a lower price! Edited September 25, 2018 by NogintheNog 0 Share this post Link to post Share on other sites
Lavalas 77 Posted September 25, 2018 12 minutes ago, dgul said: Lots of money looking for somewhere to go. The market will then invent a plausible reason, geopolitics, supply squeeze, whatever, and everyone will nod wisely at the irrefutable logic. Refreshing to think there’s not always a complicated rationale. In that case I’ll go for oil to lows with gold and FAANGs to highs. Same reasoning 🤷🏻♂️ 0 Share this post Link to post Share on other sites
dgul 6,196 Posted September 25, 2018 16 minutes ago, Lavalas said: Refreshing to think there’s not always a complicated rationale. In that case I’ll go for oil to lows with gold and FAANGs to highs. Same reasoning 🤷🏻♂️ We're in the blow-off top phase -- anything can happen. 1 Share this post Link to post Share on other sites
spunko 8,255 Posted September 25, 2018 4 hours ago, dgul said: Lots of money looking for somewhere to go. The market will then invent a plausible reason, geopolitics, supply squeeze, whatever, and everyone will nod wisely at the irrefutable logic. The same way the people nodded at the suggestion it "crashed" last year due to US fracking... Have they stopped fracking now then? All a bit strange. 1 Share this post Link to post Share on other sites
macca 162 Posted September 25, 2018 9 hours ago, Sugarlips said: The chancellor and that nice Mr Carney are going to be having some ‘chats’ ala “which do you want first, jack rates and blow the consumer up? Or destroy pound shortly followed by jack rates up anyway?” Philip Hammond won’t want the price of his houses to go down, nor will the Tory front bench.. They will sink every ship before they let house prices collapse.. 2 Share this post Link to post Share on other sites
Sugarlips 332 Posted October 4, 2018 Up US$5 in a week, now 86bucks.. https://www.nasdaq.com/markets/crude-oil-brent.aspx?timeframe=7d 0 Share this post Link to post Share on other sites
stokiescum 2,912 Posted October 4, 2018 the crash and fracking allegadly brought it lower,i was paying over a quid 50 for derv 7 years ago....i think. 0 Share this post Link to post Share on other sites