Traders go short on Lloyds

[snaw]

Learn how to use charts - I did not say $10 was normal, here is what I said exactly:

"The increase in overall oil demand (maybe 20%) should not have lead to provide going from $10 in late 90s to $150 last year."

http://www.wtrg.com/oil_graphs/oilprice1947.gif

85-99 it was around $20, in 1997/98 it dropped down to $10 - just as I said.

$20-30 was normal, OPEC did not want it to go past $40 because it would have lead to development of alternative fuels, unfortunately dollar's weakness and speculators pushed oil and other resources to ridiculous levels.

And it had nothing to do with consumption or instability in oil producing regions?

BTW How log did it drop to $10 for? cause the graphs I'm looking at barrel show it go below $20 ... and the average for both years is $20 ...

[DimPrawn]

And it had nothing to do with consumption or instability in oil producing regions?

...

Actually very little.

http://www.guardian.co.uk/business/2...-oil-discovery

[snaw]

WHS.

Snaw thinks that suddenly all the Chinese bought 7 litre V8 monster trucks and it isn't to do with cheap money speculating on oil futures.



I'm glad the "brain drain" is taking snaw out of the UK pool of intellect.

You really are ignorant if you think oil consumption is all about petrol that goes in your car. Even in America it's only 40% of the total consumed.

Here's some help:

http://en.wikipedia.org/wiki/Peak_oil

[snaw]

Actually very little.

http://www.guardian.co.uk/business/2...-oil-discovery

There's a difference between discovering oil, and oil production.

You keep coming, and I keep knocking em down. Like taking sweeties of a wean.

[DimPrawn]

You really are ignorant if you think oil consumption is all about petrol that goes in your car. Even in America it's only 40% of the total consumed.

Here's some help:

http://en.wikipedia.org/wiki/Peak_oil

And you are ignorant if you think Iraq or Iran has any bearing on oil price.

http://steelguru.com/news/index/2009...producers.html

[sasguru]

Actually very little.

http://www.guardian.co.uk/business/2...-oil-discovery

Eh? Are you really this imbecilic?

What does a recently-found potential oil field in Brazil have to do with the discussion of trend oil-prices and whether disruption to established oilfields cause a rise in price?

According to AtW graph, war in relevant regions does cause a rise in price.

I know you're not the sharpest tool in the box, Dim, but I had not thought it was that bad

[snaw]

And you are ignorant if you think Iraq or Iran has any bearing on oil price.

http://steelguru.com/news/index/2009...producers.html

Yep, that's a graph on production. Clearly Iran and Iraq aren't producing much these days, which has an impact on oil price.

Reserves on the other hand ...

http://en.wikipedia.org/wiki/Oil_res...roved_reserves

I refer the honorable gentleman to the bottom of that page, on reserves

Saudi Arabia 267 42.4 10.2 1,620 72
Canada 179 28.5 3.3 520 149
Iran 138 21.9 4.0 640 95
Iraq 115 18.3 2.1 330 150
Kuwait 104 16.5 2.6 410 110
United Arab Emirates 98 15.6 2.9 460 93
Venezuela 87 13.8 2.7 430 88
Russia 60 9.5 9.9 1,570 17
Libya 41 6.5 1.7 270 66
Nigeria 36 5.7 2.4 380 41
Kazakhstan 30 4.8 1.4 220 59
United States 21 3.3 7.5 1,190 8
China 16 2.5 3.9 620 11
Qatar 15 2.4 0.9 140 46
Algeria 12 1.9 2.2 350 15
Brazil 12 1.9 2.3 370 14
Mexico 12 1.9 3.5 560 9
Total of top seventeen reserves 1,243 197.6 63.5 10,100 54

Game, set, match.

[sasguru]

And you are ignorant if you think Iraq or Iran has any bearing on oil price.

http://steelguru.com/news/index/2009...producers.html

You're contradicting yourself.
The bearing on oild prices arises not mainly from production, but from the effect on oil futures.

Logic is not really your strong point is it?

[DimPrawn]

Eh? Are you really this imbecilic?

What does a recently-found potential oil field in Brazil have to do with the discussion of trend oil-prices and whether disruption to established oilfields cause a rise in price?

According to AtW graph, war in relevant regions does cause a rise in price.

I know you're not the sharpest tool in the box, Dim, but I had not thought it was that bad

Top ten oil producing countries (bar 1) are relatively stable countries.

There have been some HUGE oil fields discovered and Brazil will become the biggest producer of oil in the world soon. Not exactly Iraq is it.

The supply of oil is growing. Angola have also found a huge oil reserve.

Demand is not rising. Yet the price has gone from $40 to $80 in a matter of a few months.

Do the math. Oil prices are not being driven by peak oil or demand.

Even Atw can see that.

[DimPrawn]

I can't even be bothered arguing with snaw.

Yes snaw, it all about supply and demand and war.

like the war in Canada and war in Saudi Arabia and the war in Venezuela, etc.

$100 a barrel is quite normal and it's cos there is no oil left and Chinese are all eating it with noodles.



Wibble!