Oil

[arco]

WASHINGTON (Thomson Financial) - Hurricane Ike appears to have damaged about 10 oil platforms in the Gulf of Mexico, U.S. officials said on Sunday, raising concerns the storm could hurt oil production and lead to a spike in prices at U.S. gas stations.
Eileen Angelico, a spokeswoman with the U.S. Mineral Management Service (MMS), told Agence France-Presse that officials were only able to make a rough estimate of the number of damaged platforms based on 'flyovers' of the area, which has some 3,800 oil platforms. 'We expect (the number of) damaged platforms to be around 10,' she said, adding the reports of damage at this point are 'preliminary'. 'We don't know yet the extent of this damage,' she said. The MMS said Hurricane Katrina in 2005 ravaged 44 platforms, while Hurricane Rita, which struck the Gulf Coast oil installations later that year, damaged 64 platforms. Ike hammered the oil hub early Saturday, apparently impairing U.S. oil production as it stranded thousands of people and caused billions of dollars in damage.

[arco]

http://houston.bizjournals.com/houst...5/daily56.html

[peat]

yeh i think a recent email from EWI commented that from an oil perspective what had just happened was much worse than Katrina....
and with US$ set for a fall again as indicated by gold and silver then oil could be setting up for a long I spose......

[dumbass]

following NZO with a nice elliot count.

5 waves up then looks like a zig zag 5-3-5 correction which looks like its pretty close to completing.

135 looks about the level to look for confirmation but possibilty 5th wave will extend to 120 area printing a gartley.

so a possible long shaping up.

[Mick100]

What are your thoughts on the USD (index) and crude oil dumbass?

TIA
,

[dumbass]

mick, not a clear picture at the moment as some serious event risk in play.

have looked at dollar index big picture and posted chart on dow thread then i'll

post a chart on oil

[dumbass]

still counting as a fourth wave correction but admittedly running pretty deep.

if correct will see a new high in oil .

some signs to suggest oil may have bottomed

hammer on the weekly.

4h channel line broken.

price has bounced off 61.8 retracement

200 ema providing resistance, if broken another bullish sign .

[Hoop]

following NZO with a nice elliot count.

5 waves up then looks like a zig zag 5-3-5 correction which looks like its pretty close to completing.

135 looks about the level to look for confirmation but possibilty 5th wave will extend to 120 area printing a gartley.

so a possible long shaping up.

Dumbass have a look at my post #5543 written 22 July 2008 Its rather long but everything in it is still relevant. At that time NZO posters were optimistic and looking at $2.00, so obviously my post got no mention apart from Oiler #5547

MY QUOTE IN THAT #5543 POST ..
"...If it breaks 153 support it has a more than 50% chance of testing the next 132/5 support and some chance again reaching the 120c TA target..."

It seems we have a couple of ducks lining up in a row...interesting

[Mick100]

awesome charts dumbass

thanks

[dumbass]

hi hoop , nice work , different technique same conclusions.
good confirmation.

hey mick , no problem.

do you or anyone else have any thoughts on what aus oilers to look at.

its not yet confirmed but i have a hunch the equity markets and oil are about to run higher.