Oil Sharply Higher

June 4th, 2009

WARNING: This is not a recommendation to buy, sell or hold any financial instrument.

I’m still letting my long USO position ride. I’m feeling a lot less comfortable with it now that GS is shilling oil higher.

Via: Reuters:

U.S. crude futures were up nearly 5 percent in late trading Thursday, rallying on news that the number of U.S. workers filing new jobless benefits fell for the third straight week, which reinforced hopes that the recession was easing.

Gains were also built on a higher end-of-2009 price forecast from Goldman Sachs.

Crude futures bounced back after slumping more than 3 percent Wednesday on data from the U.S. Energy Information Administration showing a surprise 2.9-million-barrel increase in domestic crude supplies last week.

Posted in Economy | Top Of Page

2 Responses to “Oil Sharply Higher”

  1. bloodnok says:
    June 5, 2009 at 2:21 am

    Dont worry Kevin, I’ve got a method for predicting oil price movements that’s 100% no-risk infallible!

    Basically whenever my “driving season” starts (ie: start of ski season), oil will gap up or the NZD will crash. Base all your trading decisions off Ruapehu snow depth and you cant go wrong.

  2. Kevin says:
    June 5, 2009 at 3:11 am

    Much more convenient than splattering chicken entrails against a wall.

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