Monday, June 9, 2008

Take Note Chaps!!! GS have spoken

Oil seen hitting $150 this summer: Goldman analyst

Oil prices are likely to hit $150 a barrel this summer season, the global head of commodities research at Goldman Sachs said on Monday, as tighter supplies outweigh weakening demand.

Posted by stevie dee @ 02:31 PM (543 views)
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5 thoughts on “Take Note Chaps!!! GS have spoken

  • I’ve heard peak oil being mentioned as the reason an increase in prices but what I really do not understand is why the sudden and rapid increase in prices? It’s funny that the sudden and very rapid increase in prices coincided with the end of the property boom and large loses in the financial sector in both the US and UK. To me the whole thing stinks of speculation.
    Can anybody explain why the increases have been so dramatic and so sudden and completely disproportional?

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  • Stevie Dee says:

    I daren’t, just incase I get labelled a conspiracist.. but you are right it stinks.. like the whole shooting match.

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  • denzil

    Their are many things pumping the price of oil. First look at the £ and $ currencies. These are falling significantly. The central banks are trying to inflate away the debts (ie devalue them). The £ has more or less pegged the $ and just before he retired Tony B said he thought it should really be about 10% lower. The $ was the world’s reserve currency but holding $s or £s is like throwing money away now. Against the Euro we’ve lost maybe 12% this year. The second thing is that historically demand for oil increases even in recessions and depressions. I believe the only time it dropped was by 0.04% yes 0.04% after the seventies oil shock. The price of oil quoted is for futures and the cheap, easy to get, easy to process oil has peaked and getting new plant together to process the heavier oils and tars will take years if not longer. Oh and yes there is speculation. Do you think oil is going to get cheaper or more expensive in the coming years? Well take a bet sir.. I can offer you some today for a bargain… that’ll be $150 to you sir.

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  • After it became evident Barack Obama was to win the democratic nomination he made a speech saying he would do all within his power to defend Israel – this pretty much coincided with Israel being linked to the destruction of Iran’s nuclear sites as sanctions against Iran are deemed inefective – this would definitely have an impact on oil prices and when you add in the speculators a spike occurs.

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  • @jack c, I saw that too.. I daren’t say anymore just in case I am labelled a conspiracist. But what else could create a spike of this magnitude? couple of years ago, GS predicted the $100 barrel, it happened, and a couple of months ago $200, now $150 during Summer. Well, if you connect the dots on this one, all roads point to Tehran.. and when it happens, the shock could be more than $200, maybe even £300/$400 pb a la 1973 crisis. And if this happens, the house price crash, will be the least of everyones concern.

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