I see that only two people have looked at my blog.
Now that I am a perfect predicter, maybe there'll be more traffic.
Friday, May 6, 2011
Commodity prices plunge
Look out. Don't be the last to buy at the top.
Wall Street Journal today, "Commodity Prices Plunge." Silver off 8%, crude off 8.6%, cotton down 4.5%. What goes up must come down.
The dollar probably will be stronger.
Wall Street Journal today, "Commodity Prices Plunge." Silver off 8%, crude off 8.6%, cotton down 4.5%. What goes up must come down.
The dollar probably will be stronger.
Friday, April 29, 2011
Gold and silver
In 6 months people will be lamenting being the last person to buy gold or silver at the highest prices in history.
Monday, May 18, 2009
Wedding
Congratulations to my son Clark and his bride Katie, getting married May 23, 2009. I'm in the know, and they will have a great marriage!
Wednesday, April 15, 2009
Monday, December 29, 2008
Record weak demand for oil
Demand for oil will fall by largest margin in 25 years
* Tim Webb, industrial editor
* The Observer, Sunday 28 December 2008
* Article history
Gloibal demand for oil in 2009 will fall by the largest amount for 25 years, according to the chief energy economist of Deutsche Bank.
Adam Sieminski said oil prices could hit a low of $30 a barrel next year, a fall of a quarter from today's price, because of the sickly global economy. He forecast an average price of $47.5 for the whole year for oil traded in New York. Deutsche Bank predicts global demand will contract by 1 per cent, or 1 million barrels a day, three times the fall seen this year and the biggest since 1983.
Sieminski is predicting much lower prices than most other analysts and even Opec or the International Energy Agency (IEA). He said that other forecasts underestimate how much the global downturn would reduce demand for oil. The IEA forecasts that global demand for oil will rise by 400,000 barrels per day next year, but is expected to slash its numbers next month after the IMF revises down its economic growth projections for 2009.
Citigroup is forecasting an average of $65 per barrel next year. Barclays Capital is predicting $76, although it said there was a greater risk that prices would undershoot rather than exceed this figure. Dresdner Kleinwort forecasts $84.50. Oil prices averaged just under $100 in 2008 as soaring prices in the first half - they hit a record $147 in July - countered the recent slump.
If Sieminski is right about lower prices next year, it is good news for motorists in particular. Households should also see lower utility bills as gas prices are index-linked to the cost of oil. A continued slump in oil and gas prices, however, could make the cost of using alternatives to fossil fuels to generate electricity, such as wind farms or nuclear power, uneconomic. This will make meeting Britain's climate change targets even harder.
* Tim Webb, industrial editor
* The Observer, Sunday 28 December 2008
* Article history
Gloibal demand for oil in 2009 will fall by the largest amount for 25 years, according to the chief energy economist of Deutsche Bank.
Adam Sieminski said oil prices could hit a low of $30 a barrel next year, a fall of a quarter from today's price, because of the sickly global economy. He forecast an average price of $47.5 for the whole year for oil traded in New York. Deutsche Bank predicts global demand will contract by 1 per cent, or 1 million barrels a day, three times the fall seen this year and the biggest since 1983.
Sieminski is predicting much lower prices than most other analysts and even Opec or the International Energy Agency (IEA). He said that other forecasts underestimate how much the global downturn would reduce demand for oil. The IEA forecasts that global demand for oil will rise by 400,000 barrels per day next year, but is expected to slash its numbers next month after the IMF revises down its economic growth projections for 2009.
Citigroup is forecasting an average of $65 per barrel next year. Barclays Capital is predicting $76, although it said there was a greater risk that prices would undershoot rather than exceed this figure. Dresdner Kleinwort forecasts $84.50. Oil prices averaged just under $100 in 2008 as soaring prices in the first half - they hit a record $147 in July - countered the recent slump.
If Sieminski is right about lower prices next year, it is good news for motorists in particular. Households should also see lower utility bills as gas prices are index-linked to the cost of oil. A continued slump in oil and gas prices, however, could make the cost of using alternatives to fossil fuels to generate electricity, such as wind farms or nuclear power, uneconomic. This will make meeting Britain's climate change targets even harder.
Wednesday, December 17, 2008
NPR Report on OIl Prices
OPEC Announces Record Production Cut
OPEC agreed Wednesday to slash production by 2.2 million barrels per day -- one of its biggest production cuts ever -- in an effort to offset the falling price of oil.
The cut, which goes into effect Jan. 1, comes on top of existing reductions of 2 million barrels per day (bpd) agreed to by the 12-member Organization of the Petroleum Exporting Countries at its last two meetings. It lowers the group's supply target to 24.845 million bpd.
News of the cuts in crude production failed to boost oil prices Wednesday. Light, sweet crude for January delivery fell nearly 5 percent, or $2.07, $41.53 on the New York Mercantile Exchange.
Crude oil prices have plummeted more than 70 percent from summer highs of nearly $147 per barrel.
OPEC agreed Wednesday to slash production by 2.2 million barrels per day -- one of its biggest production cuts ever -- in an effort to offset the falling price of oil.
The cut, which goes into effect Jan. 1, comes on top of existing reductions of 2 million barrels per day (bpd) agreed to by the 12-member Organization of the Petroleum Exporting Countries at its last two meetings. It lowers the group's supply target to 24.845 million bpd.
News of the cuts in crude production failed to boost oil prices Wednesday. Light, sweet crude for January delivery fell nearly 5 percent, or $2.07, $41.53 on the New York Mercantile Exchange.
Crude oil prices have plummeted more than 70 percent from summer highs of nearly $147 per barrel.
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