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Spot oil price dropped over $5.00 today??

 
G. House
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User ID: 465034
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07/08/2008 07:08 PM

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Spot oil price dropped over $5.00 today??
Some of this stuff is rather confusing, but it looks like it ended up at $136.something.

Players of commodities as I understand it control large amounts of a commodity for a relatively small amount of money.

If the commodity goes up even a small amount large amounts of money can be made. On the other hand if the commodity goes down, not even a large amount you can lose much more than you originally invested.

The price changed down a little over $5.00 today. Were there some people that lost big time?

If people had put in "puts" would they have made money on the drop?

If that is the case, exactly how does that work?

If, say the price drops tomorrow the same amount or more could there be a panic making it drop even more? Especially given that it is hugely overpriced in the first place and that there are tankers that are full and aren't sold?

Any commodities experts here?

I'm not trying to make any point here, but am really asking how it works.

And another question, I think that the recent overspeculation in oil and other commodities is largely because other avenues such as real estate, mortgages, bonds, the stock market, etc. are not as profitable in the past. The larger players in these commodities are in some cases banks that control retirement assets. Are they setting everyone up for potential disaster if the bubble bursts?
"Everybody lies."
G. House (OP)

User ID: 465034
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07/08/2008 07:20 PM

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Re: Spot oil price dropped over $5.00 today??
Any thoughts?
"Everybody lies."
Anonymous Coward
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07/08/2008 07:37 PM
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Re: Spot oil price dropped over $5.00 today??
I think the general consensus had or has $150 a barrel as a trading benchmark.


The high gas prices are having ripple effects throughout the world economy.


$5 is a relatively small percentage of the current price.


Trapping the traders by pulling the rug out??

Quite likely.
Anonymous Coward
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07/08/2008 10:59 PM
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Re: Spot oil price dropped over $5.00 today??
its getting too costly to spray the skies
Daniel

User ID: 368082
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07/08/2008 11:14 PM
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Re: Spot oil price dropped over $5.00 today??
Commodity Market is Very similar to the Stock MArket -

Except your buying Contracts for Actual goods with a Predetermined delivery Date.

You buy a Contract as low as you can - if it goes up -

you sell - that is until the Contract Date expires - then your stuck.

Buy Puts - and the market goes up - you pay the Difference.

It's really very similare to Stockmarket - but Much, Much More Volatile.

The Mafia and The NSA,CIA ETC find it very easy to manipulate - just as in "The Sopranos."

Daniel


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