Tuesday, July 29, 2008

Speccies call crude DOWN

Futures gone net short overnight for the first time since around the start of last year. Commodities trading mate of mine told me a couple of weeks ago that he wouldn't short at $130/bbl, but would at $120/bbl... which isn't too far off at the moment (Nigeria, Iran etc willing.)

That said, the futures players have not been the best longer (or even medium) term indicators of the direction of oil prices over the last 5 (or 10) years.




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