iPath S&P GSCI Crude Oil Total Return Index ETN
confluence of events seen this week will likely weigh on the price of oil and other commodities into the end of this year. Manufacturing weakness in China suggests that general demand for oil and building materials (such as copper and other metals) will remain soft in the coming months. Moreover, the latest congressional testimony from Fed Chairman Ben Bernanke indicated an increased likelihood that policy makers will elect to slow more »
In an explosive reversal, the commodity markets are plunging further downward. Oil dropped on Wednesday for its third day in a row, marking its largest one-day drop since July 23. Oil traded as high as $100 the week of September 10, only to take an 8% haircut this week.
Analysts were caught off guard by the major jump in the number of barrels of oil stored. Analysts expected supply to more »
Sky High Oil Prices
In 1976, the price of oil (WTI) was at $12.23, according to BP's 2012 June Energy Review. Now, we see WTI at around $94. Why the jump? Some may say inflation, but according to the BLS inflation calculator, if only inflation was causing oil prices to rise, then WTI would be $49.32 a barrel, not $94. So why are oil prices so high more »
At the tail-end of June I wrote an article titled OIL: The Buy of 2012. I asserted that oil futures were at mid-term lows and were due for a drastic bounce. I also went long iPath Crude Oil ETN (NYSEMKT: OIL) in the low-19 range.
Now my sentiment has changed. Here’s why.
Oil still has tremendous upside, and it could get back up above 100 and close to 110 more »