oil

Discussion in 'Stock Market' started by wimpy77, May 7, 2009.

  1. wimpy77
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    wimpy77 Member

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    well it looks like oil is at this point is going to be $70 bucks a barrell by june. woot will see $3.00 gas before august. this is one thing i don't agree with obama or the dems. they are going to have a field day with this one. gas prices was on the biggest plays last year that helped bring down the economy. yes the housing bubble was the major factor but $4.00 gas prices didn't help either.
     
  2. Paulie
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    Paulie Platinum Member

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    $70/bbl oil doesn't equate to $3 gasoline. What I've noticed though, is that RBOB gasoline seems to be outpacing oil.

    I think oil will fall back to the $50 support one more time, I dumped my oil ETN yesterday and missed a little more profit today but I'm ok with it. I put an order in for a price that should match up with $50 NYMEX oil. After that I'll sit on it for the long haul and watch my gains grow as oil increases, which will offset the increases in gasoline at the pump.
     
  3. wimpy77
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    wimpy77 Member

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    true, its just that oil is currently at about $56 a barrell and gas where i live is almost $2.11 a gallon.
     
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  4. DavidS
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    DavidS Anti-Tea Party Member

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    $58 as of today.
     
  5. Paulie
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    Paulie Platinum Member

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    I think it has a little less to do with the price of oil, and more to do with refined gasoline futures moving much higher, probably due to speculation.
     

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