Thursday September 04, 2008

NYMEX crude oil prices fall to $105.46 as Hurricane Gustav fears fade

channelnewsasia.com :

Oil prices plunged over $5 in New York on Tuesday [2 Sep 2008] after Hurricane Gustav appeared to have wreaked less damage than feared to Gulf of Mexico energy facilities. NYMEX light sweet crude oil for Oct 2008 delivery dropped as low as $105.46 in intraday trade. Falling demand for crude oil because of a slowing global economy has caused prices to drop from record highs of $147.27 on July 11. The euro fell below $1.45 as a strengthening dollar helped drive oil prices lower. Iran called for OPEC to discuss excess supply at its 9 Sep Vienna meeting. "Some OPEC members are providing the market with excess supply and producing more than their OPEC quota," said the Iranian Oil Minister Gholam Hossein Nozari. $100 oil is "a minimum" for oil prices, he said.

- The mainstream press continues to fill up with talk about a $100 OPEC floor. Meanwhile the US dollar continues to power higher, with USDX (the US Dollar Index) breaking decisively through the 78 resistance level, heading for the 23-year support/resistance level of 80, which it broke through on the downside in Sep 2007. Not the greatest of times to be a commodity bull of any kind at this point especially of oil. The $100 level should hold, but if this support level fails, we could probably get ready to declare an imminent global economic collapse. Let's hope that's not the case.

See also :

1. NYMEX crude oil falls $10 on deep recession fears amidst stock market meltdown
2. NYMEX crude oil prices drop over $34 from record highs to $112.31 on stronger dollar
3. NYMEX crude oil falls to $110.63 as Hurricane Gustav weakens
4. The big Beijing 2008 Olympics China shutdown - commodities fall only temporary?

(2008-09-04 20:31:45 SGT) [Energy] Permalink Comments [1]

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