whatelseisnew: blog 
whatelseisnew's blog
barrel price for oil feel 16 this week
Published Jul. 18, 2008Okay, you have been speculating on oil and now you sit there with a margin purchase on a boatload of futures contracts for oil at 145 a barrel. It just closed on the New York Mercantile at $128.88. So what are you going to do. You never intended to actually exercise the contract. You were just rolling the dice, betting it would go higher, say 150 and then you would dump with a decent profit.
You wonder, gee what are the other speculators going to do, will they dump to minimize their losses and if they do the price goes lower. Do I hang on and hope it goes back up? And so goes the speculation game. As with all spec there are winners and losers.
A while ago, I thought that oil would fall back to the sub-100 range. I still believe that. I don't know if that will happen this time. So keep your fingers crossed, if the downward pressure continues hard next week, the dam will really break and people will dump these contracts just to get out while they still have some skin.
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