30 ordspråk av Peter Gignoux
Peter Gignoux
Remember that oil disruption is a genuine bullish indicator for the commodity,
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That put the cat among the pigeons.
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The core of this last move is entirely different than anything we've seen.
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The fallout is coming through from yesterday's (Tuesday's) data, which was very good. It has given the market a lot of encouragement,
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The last time the U.S. was engaged militarily in Iraq, oil prices shot up to about $42 a barrel,
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The market is reacting to Richardson's announcement. By putting more barrels on the market, it immediately alters U.S. crude oil inventories.
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The market simply thinks that there's not enough oil on the market and is theorizing that were going to see continued high levels of consumption.
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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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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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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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There are severely genuine signs of volume constriction from OPEC producers. They are keeping to their pledges,
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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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What we're partly faced with is a temporary aberration. But even if we fast-forward to tomorrow [after the contract change] we're still at $30 a barrel - which is about 10 percent above the year's average.
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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.
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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.
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