Peter Gignoux
Peter Gignoux
book buying comments higher instead market morning oil prices pulling response rose saw seeing traders
What we're seeing this morning is in response to OPEC's comments and also some old-fashioned year-end book squaring. Oil prices rose sharply and then fell. The market is doing some to-and-fro action, where traders saw the fluctuations and thought about pulling back instead of buying at the higher prices.
clear expect oil steer
I would expect that they'd steer clear of the oil installations. They're fundamental to the oil-for-food process,
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There are reports that all Iraqi exports are running normally. If the worry was that Iraqi exports would cease and they haven't, then there is nothing to worry about.
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Yesterday's rally was based on a number of factors. There was some financial geometry in there as well. It was an options expiry day on the New York Mercantile with a rising market. That gave it a little more oomph than it needed. Now that oil's flowing, prices are coming back in line.
altogether behaving
Altogether we're on target. The market's behaving very well right now.
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The most interesting thing about these cuts is that they were imposed immediately (from April 1). Normally OPEC members take a few months to implement them,
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Oil and politics are a volatile combination and we have two separate issues confronting the oil market at the moment.
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Oil always seems to attract inflammatory rhetoric. And this is just another case of it.
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OPEC should be terribly pleased. Its income has gone up mightily last year and this year,
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OPEC is trying to micro manage the oil price at the upper end of the range,
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I think it's a sure thing they are going to raise by a certain amount -- the question is how much more are they going to produce.
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There are severely genuine signs of volume constriction from OPEC producers. They are keeping to their pledges,
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Remember that oil disruption is a genuine bullish indicator for the commodity,
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But having said that, the same problems still exist with the strike in Venezuela and the Iraq situation.