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21 June 2008

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Lysander

Speculators are not stupid. And they are not out to loose money. Most likely they figured Saudi can only increase difficult to refine heavy sulfur crude. If they thought that at any moment, Saudi could open the spigot and drown them in their speculative oil, they would not risk their cash bidding it up.

We heard this same, "its all speculation" back when oil was at $70.

It also begs the question why have gold and silver gone up so much? Copper? Soy beans?

I'm sure there is speculation in the oil market, but only because there is a real supply demand issue.

Duncan Kinder

Re: Nigeria

Although MEND has announced a unilateral ceasefire, developments there are far from settled. Nigerian oil workers now are going on strike.

LAGOS (Reuters) — Nigeria’s senior oil workers’ union began strike action at the energy giant Chevron on Monday but said it had not yet shut down any production, pending further talks with the government.
Duncan Kinder

Re: Nigeria

Although MEND has announced a unilateral ceasefire, developments there are far from settled. Nigerian oil workers now are going on strike.

LAGOS (Reuters) — Nigeria’s senior oil workers’ union began strike action at the energy giant Chevron on Monday but said it had not yet shut down any production, pending further talks with the government.

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