Spehro Pefhany
medicine forum beginner
Joined: 16 May 2005
Posts: 4
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 Posted: Mon May 16, 2005 12:19 am Post subject:
So much for the doom and gloomers
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On Fri, 06 May 2005 15:51:37 GMT, the renowned ausound
wrote:
| Quote: | "s_knight8"
wrote in
news:d5fvih$4dl@dispatch.concentric.net:
consolidate in a
sideways pattern if not add to those recent gains.
in celebration of rosseroo 's robot reporter's glitch on Monday, I'll
participate in this thread with a limited number of keystrokes
I concur with the sideways analysis of the major indices
The ball and chain for this market is the price of oil, which is
heading higher this morning. Crude is up 65 cents to $51.48 per
barrel. It seems traders are ignoring the recent supply build because
the long-term dynamics of the demand curve favor higher prices. As it
is, we continue to recommend a strong portfolio weighting in energy
stocks.
The administration's has been buying crude and replenishing the strategic
oil reserves all during crude's historic price rise. This volume has been
part of the overall American "demand" for crude. At this price peak we
have a supply buildup. Our oil men leaders need not pump out any strtegic
reserves to affect supply and prices, merely curtail the rate of crude
being dumped into the strategic supply
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Okay, let's look at the numbers:
Amount of oil consumption worldwide: 56 million barrels per day
Amount of China's oil consumtion: 6 million barrels per day
ANNUAL Rate of growth of China's oil : +0.5 million bpd
Amount flowing into strategic reserve: 0.1 million bpd
Anyone who thinks that is going to make a lick of difference is
dreaming in Technicolor®. If prices are going up, it will just put off
the increases for a matter of weeks or months. If they are going down,
it won't make much difference either. |
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