Oil at $30 by next February?

[speedy_thrills]

Bloomberg said:

Trades in crude-oil options contracts that would allow the holder to sell oil for February delivery at $30 a barrel reached 1,406 on the New York Mercantile Exchange today, making the contract day's second-most active, exchange data show.

Source: http://www.bloomberg.com/apps/news?pid=20601072&am...

Assuming some of us still have jobs that's got to be good .

[Morningside]

....Until Brown puts 50p tax on it.

[nownek]

speedy_thrills said:

Bloomberg said:

Trades in crude-oil options contracts that would allow the holder to sell oil for February delivery at $30 a barrel reached 1,406 on the New York Mercantile Exchange today, making the contract day's second-most active, exchange data show.

Source: http://www.bloomberg.com/apps/news?pid=20601072&am...

Assuming some of us still have jobs that's got to be good .

Not if you work in the oil industry

[tonyvid]

Does all this just prove that the recent peak pricing was driven by traders and Futures Bods playing games?

[jazzybee]

tonyvid said:

Does all this just prove that the recent peak pricing was driven by traders and Futures Bods playing games?

Or controlled by creating fear and threat of lack of supply by Bush and the rest of his Oil Business owning buddies perhaps?

[Nitro...]

And the 'deferred' 2p tax/duty increase will be upon us again.

[Tunku]

Nitro... said:

And the 'deferred' 2p tax/duty increase will be upon us again.

Yes, but if the price drops significantly, who is going to complain? This Sceptred Isle, (or is it Septic?) has already demonstrated loads of times it likes sodomy, especially if someone called Brown is doing it with an accomplice called Darling.

Oh, the irony of a Brown Darling.... Armageddon !!!! http://uk.youtube.com/watch?v=cTrOb8zyrZk

[Olf]

All sorts of options are sold around the world every day. See this as equivalent to a bet that the Gordo will be found balls deep in Cameron at the Christmas party.

[Nitro...]

But with the £ sinking against the $ the price at the pumps won't get particularly lower.

[Martin Keene]

speedy_thrills said:

Bloomberg said:

Trades in crude-oil options contracts that would allow the holder to sell oil for February delivery at $30 a barrel reached 1,406 on the New York Mercantile Exchange today, making the contract day's second-most active, exchange data show.

Source: http://www.bloomberg.com/apps/news?pid=20601072&am...

Assuming some of us still have jobs that's got to be good .

I wonder if that prediction is from the same people who were saying it would be $200 / barrel by the end of this year.

tonyvid said:

Does all this just prove that the recent peak pricing was driven by traders and Futures Bods playing games?

I can't comment with any degree of authority, but in my opinion, yes.

Don't even get me started on thier bonuses...

[oyster]

Morningside said:

....Until Brown puts 50p tax on it.

On crude oil?

[Morningside]

oyster said:

Morningside said:

....Until Brown puts 50p tax on it.

On crude oil?

Note to self: Read the thread I still suspect by the time it hits us it will have been taxed.
Anyhow, didnt Brown place a windfall tax on north sea oil a while back or was it gas?

[speedy_thrills]

tonyvid said:

Does all this just prove that the recent peak pricing was driven by traders and Futures Bods playing games?

In part it was but economic growth has slowed now as well so growth in demand has been reduced.

Olf said:

All sorts of options are sold around the world every day. See this as equivalent to a bet that the Gordo will be found balls deep in Cameron at the Christmas party.

True...but it's not just someone saying that, they are putting their money where there mouth is .

[sleep envy]

Tunku said:

Nitro... said:

And the 'deferred' 2p tax/duty increase will be upon us again.

Yes, but if the price drops significantly, who is going to complain?

I will

the s won't reduce/remove it when crude goes back over $75-100/b