Day Trading Brent Crude 29th May - 1st June

[ceydababy]

Hey ceydababy, I'm on WTI this side but took a look at CapitalSpreads there, might poke some fingers in there too with Brent. Yeah, a whipsaw day today, caught the end of day swing up, still open, 60+ points, a loss of 10 from this mornings heartbeat.

Hey Inggscap !!

I take it you are based in the States ?? Where abouts ??

I cannot get a WTI chart through Cap Spreads...I can trade US Crude and Brent Crude. How does WTI follow Brent ?? or does Brent follow WTI ?? Not too sure.

Anyways have a great weekend...starting the the thread again on Monday.

Thanks !!

 

[inggscap]

Nope, opposite land mass... Africa, South Africa.

There used to be a similarity between the two contracts but I heard lately that they "went their different ways". Not sure if they kissed and made up, I think they did... From what I saw on Friday, the two seemed to head in the same direction as usual. As for who follows who first, I think thats like asking the chicken or the egg question haha I think they pretty close other than the 2-3 dollar difference in price.

Anyone know what currency that new oil market in the middle east is trading oil in? I remember them talking about trading oil in Euros but that seemed to disappear in the media.

Keep well cedababy, chat soon.

 

[ceydababy]

Nope, opposite land mass... Africa, South Africa.

There used to be a similarity between the two contracts but I heard lately that they "went their different ways". Not sure if they kissed and made up, I think they did... From what I saw on Friday, the two seemed to head in the same direction as usual. As for who follows who first, I think thats like asking the chicken or the egg question haha I think they pretty close other than the 2-3 dollar difference in price.

Anyone know what currency that new oil market in the middle east is trading oil in? I remember them talking about trading oil in Euros but that seemed to disappear in the media.

Keep well cedababy, chat soon.

I read that Venezula and Iran were no longer accepting payment in $US for oil, they would only accept Euro. I am no economist or great watcher of the global oil market so I may well be wrong

 

[Crap Buddist]

http://www.globalresearch.ca/index.php?context=viewArticle&code=20070318&articleId=5092



March 2007

Iran's Oil Minister Kazem Vaziri Hamaneh has said that the Islamic Republic will sell its oil in all currencies.


"Our oil sales will be in every currency," Dow Jones reported Hamaneh as saying on the sidelines of an OPEC meeting in Vienna on Thursday.

Iran has already said it will carry out all its oil-industry related equipment purchases in euros instead of dollars and previously said it has informed its oil buyers that they should pay Iran in euros for the crude oil they purchase.

"We need oil currencies," Vaziri said.

Earlier on Wednesday, the media reported that Iran has started talks with a Japanese refiner to receive the payments in euro or yens instead of US Dollars.

This appears to be a new tactic to dodge recent US economic pressures against the Islamic Republic as Washington has been pressing overseas banks to stop dollar transactions with Iranian banks.

Japan is a major importer of Iranian crude and reportedly buys 486,000 barrels of oil per day out of Iran's production of about 3.8 million bpd.


**************************************************

Not had a big look, but pretty much what Iraq started to do..... wasnt it?

 

[inggscap]

Thanks CB, wow, all currencies!?! Ok...

 

[Atilla]

http://www.globalresearch.ca/index.php?context=viewArticle&code=20070318&articleId=5092



March 2007

Iran's Oil Minister Kazem Vaziri Hamaneh has said that the Islamic Republic will sell its oil in all currencies.


"Our oil sales will be in every currency," Dow Jones reported Hamaneh as saying on the sidelines of an OPEC meeting in Vienna on Thursday.

Iran has already said it will carry out all its oil-industry related equipment purchases in euros instead of dollars and previously said it has informed its oil buyers that they should pay Iran in euros for the crude oil they purchase.

"We need oil currencies," Vaziri said.

Earlier on Wednesday, the media reported that Iran has started talks with a Japanese refiner to receive the payments in euro or yens instead of US Dollars.

This appears to be a new tactic to dodge recent US economic pressures against the Islamic Republic as Washington has been pressing overseas banks to stop dollar transactions with Iranian banks.

Japan is a major importer of Iranian crude and reportedly buys 486,000 barrels of oil per day out of Iran's production of about 3.8 million bpd.


**************************************************

Not had a big look, but pretty much what Iraq started to do..... wasnt it?

These were the real theories behind war on Iraq and desire to attack Iran rather than the threat they caused.

I believe ECB would like to have raise the profile of the Euro too despite their neutral stance.

I have read some articles on Euro Dollar petro currency era but with the state of the Dollar wonder who will want to keep it soon.

Gold back up to 670.

imo Oil is heading down very soon along with the DOW. Wondering if I should short it now or wait for the DOW to touch 13700 first?

 

[Crap Buddist]

These were the real theories behind war on Iraq and desire to attack Iran rather than the threat they caused.

I believe ECB would like to have raise the profile of the Euro too despite their neutral stance.

I have read some articles on Euro Dollar petro currency era but with the state of the Dollar wonder who will want to keep it soon.

Gold back up to 670.

imo Oil is heading down very soon along with the DOW. Wondering if I should short it now or wait for the DOW to touch 13700 first?

With the oil I remember some report on bloomberg saying the refiners were playing up again a few weeks back, I.e need more repairs, but there was a glut of all or enough to meet demand. Now do those buggers just put out the refinery scares as and when to ramp up the price of oil to sell into ? sounds like it.

Bent game. Dont follow oil other than up the pumps 0.99 p a litre. !!!

Oh, why doesnt anyone build more refineries too, surely that would stabalize oil some. ? ohh I got it, they dont want it like that.... buggers.

hmm, now do global oil barons control the governments? who are they ? I dunno, but similar to the coffee barons in Brazil, who run the governments etc. and the gov. make sure the barons are sorted . Is it the same for the west but its not coffee beans, but oil ?

Just popped into my head, cant be like that can it ?

 

[inggscap]

Aaah crap and I closed my Gold position lastnight haha

Yeah, read up on the Iraq/Euro Oil currency last year, yeah uncle sam says it wasn't for that but ha! Yeah right. The new oil exchange was surposed to launch last year but kept getting delayed again and again until eventually now. But the war is possibly near and I wouldn't want to be near the bulding that houses the infrustructure for this exchange when the US strikes as I'm sure it's on the "wish" list of Bushes.

 

[Atilla]

Aaah crap and I closed my Gold position lastnight haha

Yeah, read up on the Iraq/Euro Oil currency last year, yeah uncle sam says it wasn't for that but ha! Yeah right. The new oil exchange was surposed to launch last year but kept getting delayed again and again until eventually now. But the war is possibly near and I wouldn't want to be near the bulding that houses the infrustructure for this exchange when the US strikes as I'm sure it's on the "wish" list of Bushes.

That's strange and I'm glad you raised it because I always wondered where the infrastructure building for the petro dollar exchange was?

On your gold position were you long or short?

 

[inggscap]

Yeah I'm sure it's Iran although I have read something about Dubai being involved? From the material I read last year, it seemed to be Iran as the main backer. I was long gold

 

[inggscap]

Today crude seemed like a carbon copy of yesterday lol my strategy spotted a 137 point profit but I wasn't in today so didn't catch it. 64.69 to 66.15 Long.