Rita and Crude

#1
IPE and Nymex are open this weekend for traders to be able to gauge the effect of Rita.

IPE is open from 7:30 PM EDT (roughly 5:00 AM - Bombay time) on Sunday and will remain open till Monday evening with Sunday and Monday being treated as a single session.

Coming to the basic question of damage due to Rita, views from respected members would be appreciated.

As of this moment Brent Crude on NCDEX is trading at 2798 levels, very close to yesterday's closing. Brent Crude on IPE closed yesterday evening 2.2% ca down.

Good Luck and Happy Trading
 
A

amarnath

Guest
#2
comerciante_inde said:
IPE and Nymex are open this weekend for traders to be able to gauge the effect of Rita.

IPE is open from 7:30 PM EDT (roughly 5:00 AM - Bombay time) on Sunday and will remain open till Monday evening with Sunday and Monday being treated as a single session.

Coming to the basic question of damage due to Rita, views from respected members would be appreciated.

As of this moment Brent Crude on NCDEX is trading at 2798 levels, very close to yesterday's closing. Brent Crude on IPE closed yesterday evening 2.2% ca down.

Good Luck and Happy Trading

Initiallly damage by rita will drive price up as more and more damage to refinaries cause lower output so more demand but after few weeks price will pull back /reverse with fact that more damage to US will slow US economy further so lesser demand :D so price drops .

Up comming winter will drive possible demand to higher but slow US economy may mute demand to lesser extent possibly

But fundmenatally for time beging price range 58 to 75 $ as demand and supply balance in that range typically
 
#3
While I agree to a certain extent, the truth is that it has been the opposite actually.

Apparently the damage done by Katrina last time was less than anticipated and hence traders are not betting for Rita to drive the prices sharply up. In fact yesterday, Crude on both IPE and Nymex fell by over $2. 58 - 75 is a big range nevertheless.

Again with the Rita level being downgraded to 3 from 5, the fear isn't really transforming into panic. It remains without saying that the fear still looms large and everybody is looking to how it will finally unfold.

The good deal is that with unprecedented mass evacuations the damage to human life is going to be minimal. May god be with all the affected.
 
#7
Re: Crude Prices

niajtima said:
Any views wher crude is headed with fall of last 3 days.
My humble view - Largely rangebound with a downward bias.

I've personally waited for every rise in the past 2 - 3 days for quick short selling opportunities. Fortunately it worked. Going further I would prefer to watch it for a day or two before placing my bets.
 

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