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December 11, 2007
Thanks Fed for higher oil (oh and thanks EIA for raising price estimates and demand estimates too)...
When the dollar gets cheaper (as it did today with .25bp drop by fed), Oil gets higher. It is physics. Look for oil to go even higher. Oh, and then there is demand and tightness in supply. Most wall street investment banks have oil at a $60-$65 price in 2008. Only Goldman has it up at $80. Well the leading independent analyst of this, the EIA today went up to $80. That now puts the big banks on the low end of government estimates. Do not expect this to last.
From Lehman today:
·
Market Settle: The front
month NYMEX WTI futures contract closed up $2.16 to $90.02. The 48-month NYMEX
WTI futures contract closed up $0.71 to $85.24. The front month ICE Brent
futures contract closed up $1.95 to $89.99. The 48-month ICE Brent futures
contract closed up $0.56 to $84.99. The front month DME Oman futures contract
closed up $1.65 to $85.45.
·
DOE Stats Preview – Crude to draw, gasoline to build, distillate to
stay flat
·
EIA revises monthly estimate for global oil demand by 1.4m b/d;
U.S. and China by 30k b/d each
·
Oklahoma oil pipelines resume operations after power failure
·
Darfur rebels halt 35k b/d of Chinese production
Houston Ship Channel
reopens to tanker traffic, ending two-day closure
Posted by Martin at December 11, 2007 6:54 PM
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