Oil

[dumbass]

correcting in a 4 th wave before a run to higher levels

im picking a run higher very soon from current level then back down to complete correction

may get some assistance from 200 day ma

then a sustained move higher to complete 5 th wave

if price gets to 111 then this count is wrong

[dumbass]

thanks AA

can you tell me how to post it from a saved html file on desktop

ive been messing around and it still looks small

[dumbass]

thanks AA i will give it a bash

if your interested heres a little more substance

elliot wave 4 will typically complete around wave 4 of one lesser degree

ie black 4 will retrace to blue 4

there is a 38 .2 fib level of complete wave 1 - 3 (black) at this level

there is a 50 fib level at internal 1-5 (blue) the third wave at this level

rsi is heading to over sold levels and has rallied from around this level in prior rallies

so im watching closely

[dumbass]

correcting in a 4 th wave before a run to higher levels

im picking a run higher very soon from current level then back down to complete correction

may get some assistance from 200 day ma

then a sustained move higher to complete 5 th wave

if price gets to 111 then this count is wrong

sitting right on 200 day ma so lets see if anything happens , getting close to make or break

on a correction, possibly a new down trend ? still feel we are going higher though and soon

[arco]

Pure conjecture.........but just wonder if this might be Oils path.

..............only time will tell

[arco]

Iraq's oil is flowing a bit more freely


IRAQ'S oil production averaged over 2.4m barrels a day in the second quarter, the highest level since America invaded in 2003. This should boost the country's oil revenues to around $80 billion this year and production should keep on rising as security improves. Iraqi oil is cheap to extract and there are probably new fields to be found. But political uncertainty is hampering the investment needed to overhaul existing infrastructure and oilfields that might dramatically boost output in near future.



http://www.economist.com/daily/chart...50396&fsrc=RSS

[arco]

........................

The crude oil story is now changing, and changing fast. Demand for gasoline is falling. Motorists in the U.S. drove 12 billion fewer miles in June from the same month a year ago. This is the eighth straight month of declines and the worst drop since the oil shock of the 1970's.


Likewise, demand for crude oil is falling. On top of that, supplies of crude coming out of key OPEC countries are growing. And the downshift in oil prices is happening so quickly because few people expected this shift was even possible.

[arco]

.

Gulf storm shuts US oil and gas production

Published: August 28 2008 23:22


The US oil and gas industry began to shut down production in the Gulf of Mexico on Thursday after forecasters predicted that tropical storm Gustav would be a hurricane when it hit the region. The Gulf produces 20 per cent of US oil and gas supplies. Prices in New York topped $120 a barrel but fell after the International Energy Agency said strategic stocks would be released if disruptions were serious.


http://www.ft.com/cms/s/0/f55dab8e-7...0779fd18c.html

[Bilo]

.

Gulf storm shuts US oil and gas production

Published: August 28 2008 23:22


The US oil and gas industry began to shut down production in the Gulf of Mexico on Thursday after forecasters predicted that tropical storm Gustav would be a hurricane when it hit the region. The Gulf produces 20 per cent of US oil and gas supplies. Prices in New York topped $120 a barrel but fell after the International Energy Agency said strategic stocks would be released if disruptions were serious.

If Gustav does hit it is still going to take many millions of barrels per day out of circulation - not to be caught up quickly - and if rigs/refineries/coastline gets damaged then this can last for many weeks/months as per Katrina. The mere fact that the emergency stocks get tapped is only a short term measure - expect the POO to march upowards (but with continued interventions to dampen speculators ardour....

[arco]

Mexico Is the World's #6 Oil Producing Nation;
Cantarell Provides Nearly 60% of Mexican Crude Oil Output

In July, output at Mexico's largest oil field, Cantarell, was off 37% from the year earlier period, dropping to 974,000 barrels per day (bpd). What's more, Cantarell's production has already been cut by more than half from its 2004 peak of 2.113 million barrels per day


Full article



http://www.istockanalyst.com/article...d_2574857.html