Thursday, June 08, 2006

Oil Verbs


Love these screaming headlines. Oil Verbs like; slip, plunge, fall, tumbles, slumps. Really? Which is it? Seems like it moved a little. I like slips, it actually is accurate. Oil slipped a little from $71 to be still above $70 per barrel yesterday. Hardly a drop in the bucket, nor a market plunge. Just a slip. Oil. Slip. Get it.

Oil slips towards $70 after US inventory builds

Oil prices plunge below 71 dollars

Oil slumps on rising US fuel inventory

Oil tumbles on rising US fuel inventory


But wait it gets better what is the actual price it supposedly fell to?

Oil prices fall to $70.40 a barrel

Oil Prices Fall to $70.53 a Barrel

U.S. crude oil traded 21 cents down at $70.61 a barrel

Crude oil for July delivery fell $1.68, or 2.3 percent, to close at $70.82 a barrel

What the hell price is being set here. Its all the same futures market. So why the 39 cent gap in all these prices. That gap is huge when it comes to stock investing.

Prices are still UP from last year. Prices are up 32 percent from a year ago.

So all this clamour and sturm and drang is for naught. A blip. Away to give a false image of the market falling. Chicken little headlines.

The real headline is:
Oil Still ABOVE $70 regardless of US reserves and Iran

But wait it gets better this headline runs counter to all the rest.

Oil eases towards $72 after positive Iran signal


If dropping a few cents leads to verbs like plunge, tumble, fall, drops, etc. why not replace eases with rockets, surges, leaps.

And which oil price are we talking about for our headlines, Brent Oil or Light Sweet Crude? Cause the latter is ABOVE $72.

Light sweet crude for July delivery fell 25 cents to $72.25 a barrel in electronic trading on the New York Mercantile Exchange, midmorning in Singapore.

Opps and here we go again what did light sweet crude actually drop to?

Light sweet crude for July delivery fell 35 cents to US$72.15 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

Wait now I am really confused.

Oil Prices Continue to Fall
Light sweet crude for July delivery fell $1.68 to settle at $70.82 a barrel on the New York Mercantile Exchange, where gasoline futures slid by more than 5 cents to settle at $2.124 per gallon. July Brent crude futures on London's ICE Futures exchange fell $1.62 to finish at $69.19 a barrel.

Yep let the market decide our futures say the right wing neo liberals. Decide what? They can't even settle on the prices of Oil, whether it is above or below, up or down. Ain't capitalism grand. And this is the market that the right wing wants to dominate our society.


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