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Before thinking oil is cheap again, don’t get too excited. In electronic trading there was a print showing Brent Sea Crude back under $100.00 per barrel. While it was for a full barrel rather than one missing several gallons, it was for a brief period as traders called it a quick screen trade. It is also being referred to as under the market at the time. NYMEX trading still has crude trading down $3.44 at $102.90. The good news is that there was no oil bubble because the speculators even said so. That’s what was hitting T. Boone Pickens’ returns (he’ll be speaking on CNBC later today too). In zero sum games the winners win at the expense of the losers. That’s why they call it speculation.
Jon C. Ogg
September 9, 2008
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