MAY 2, 2011, 12:37 A.M. ET.Oil Futures Tumble on bin Laden's Death

[lonestarnot]

http://online.wsj.com/article/SB10001424052748704436004576298122530768268.html


By GA-WOON PHILIP VAHN
SINGAPORE -- Crude oil futures tumbled in early Asian trade Monday following media reports that Osama Bin Laden has been confirmed dead, raising hopes that geopolitical risks in the oil-producing regions of the Middle East and Central Asia could be reduced.

The death of the man would likely have little immediate effect on political stability and oil production in countries such as Libya, however, so traders weren't certain how the market would react in the longer run.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at $112.33 a barrel, down $1.60 in the Globex electronic session. June Brent crude on London's ICE Futures exchange fell $1.15 to $124.74 a barrel.

Spot gold prices were also sharply lower. The yellow metal fell from a new record of $1,576.52 an ounce to $1,545.30 an ounce.

[tridim]

1. Watch pump prices rise.

They'll come up with some BS excuse.

[sharesunited]

2. Our Dept. of Energy can leverage this moment by selling short against the SPR.

And cover those shorts when the back of this speculative bubble is decisively broken.

Without needing to release a single of drop of oil.

And making a profit for the American people by crushing the speculators.

Seize the moment!

[DCKit]

3. 1% is not a "tumble".

It is, however, a substantial amount of money if you're trading futures by the tanker-full.

[lonestarnot]

4. 2% this a.m.