Oil surges on gasoline shortfall

[JohnWxy]

http://money.cnn.com/2008/07/30/markets/oil/?postversion=2008073015

Crude posts biggest one-day gain in nearly 3 weeks on surprise decline in supplies and Goldman forecast of higher prices.


NEW YORK (CNNMoney.com) -- Oil prices rallied as much as $5 a barrel Wednesday after a surprise decline in the nation's gasoline stockpile, and a forecast from Goldman Sachs that said crude could hit $149 a barrel by year's end.

[depakid]

1. "a forecast from Goldman Sachs"

I really do hate these sorts of folks. No question in my mind that they are and have been a HUGE part of the problem.

They'd be perfect scapegoats for the Dems to counteract the drill, drill, drill demogoguery. Alas, the current "leadership" has largely cast their lot with them, and will never follow through.

[JohnWxy]

3. I don't know if the Goldie-Sox forecast was that important. I posted this as an indicator that

there are so many traders wielding a lot of cash anytime thereis any hint of a possibility of an uptick in the price of oil you see a $4 to $5 move in one day. This is an indicator that there is a lot of trading acitivity going on (traders that is, who are not interested in taking delivery of the commodity, only trading to make money in the futures market).

[DCKit]

2. "...after a surprise decline in the nation's gasoline stockpile..."

Uh huh. Is there manipulation of the supply, the numbers, or both? Or did they simply ship the "surplus" overseas or put it on tankers until the price rises to an acceptable level?

I've had so much smoke blown up my ass over the past eight years I'm floating around like a blimp - tethered only by the keyboard cord with the TV remotes as ballast.