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Originally posted by zeeblebotUS consumption is down about 4%.
U.S demand vs. GLOBAL demand. doesn't matter if U.S. demand is declining if global demand is increasing.
Oil production is up 3%.
World use of oil is up only 2.5%.
The price of oil has risen over 500%.
This obviously isn't from a 500% increase in demand because demand simply hasn't increased that much.
Oil Futures went from about 9 Billion/year being invested on speculation to almost 300 Billion per year.
The only real demand that has increased is the demand for oil FUTURES not the oil itself.
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Originally posted by PalynkaQuite the turnaround from your original statement that said
All I'm saying is that the thread is upwards and demand is increasing. What I mean by 'demand is increasing' is that for a given price demand is now higher. This is different from comparing consumption at different prices.
Demand for oil in the US has not fallen considerably. Consumption might fall if the price increases are high, but this is not equivale oil prices trend upwards. Technology and habits do not change at very short frequencies.
"Since it's a demand shock this behaviour would lead to higher current profits and not just some "speculator" bogeyman story."
Seems you've retracted from calling Speculation "the bogeyman" as the primary reason for oil prices increases.
Victory! (Private forum comments nothwithstanding.)
Originally posted by uzlessThe "voice of reason" comes from "wackoland"?
Quite the turnaround from your original statement that said
"Since it's a demand shock this behaviour would lead to higher current profits and not just some "speculator" bogeyman story."
Seems you've retracted from calling Speculation "the bogeyman" as the primary reason for oil prices increases.
Victory! (Private forum comments nothwithstanding.)
and has a suicide for an avatar?
Originally posted by uzlessthe world is HUGE!
US consumption is down about 4%.
Oil production is up 3%.
World use of oil is up only 2.5%.
The price of oil has risen over 500%.
This obviously isn't from a 500% increase in demand because demand simply hasn't increased that much.
Oil Futures went from about 9 Billion/year being invested on speculation to almost 300 Billion per year.
The only real demand that has increased is the demand for oil FUTURES not the oil itself.
Originally posted by uzlessWhat turnaround?
Quite the turnaround from your original statement that said
"Since it's a demand shock this behaviour would lead to higher current profits and not just some "speculator" bogeyman story."
Seems you've retracted from calling Speculation "the bogeyman" as the primary reason for oil prices increases.
Victory! (Private forum comments nothwithstanding.)
No, I still think there is a real demand increase and speculation is not the main cause of this. That's different from saying that speculation isn't there.
The 'bogeyman' story is the one that says that this increase in prices is purely speculative and there is no international demand increase. That's a ridiculous statement, only comparable to your pathetic 'victory' claims.
Originally posted by uzlessPrice of oil goes up immensely and world oil USE still goes up.
US consumption is down about 4%.
Oil production is up 3%.
World use of oil is up only 2.5%.
The price of oil has risen over 500%.
This obviously isn't from a 500% increase in demand because demand simply hasn't increased that much.
Oil Futures went from about 9 Billion/year being invested on speculation to almost 300 Billion per year.
The only real demand that has increased is the demand for oil FUTURES not the oil itself.
How can both price and consumption of oil go up if there's no demand increase?
Originally posted by PalynkaLike I said...consumption is up slightly in some parts of the world and down slightly in other parts of the world.
Price of oil goes up immensely and world oil USE still goes up.
How can both price and consumption of oil go up if there's no demand increase?
Price is up due to oil futures investments that totalled 9 billion a few years ago to 250 Billion this year.
The demand for oil isn't up, the demand for oil futures is up...which accounts for the vast majority of oil price increases and is exactly what the CEO for Exxon says.
Originally posted by PalynkaALL HAIL PALYNKA..he's the true oil industry expert. All his hours of responding to posts has made him the god of oil market analysis. Who cares if he directly contradicts what the actual experts in the oil industry have said...he knows best! he is smarter than they are!!!
What turnaround?
No, I still think there is a real demand increase and speculation is not the main cause of this. That's different from saying that speculation isn't there.
What does EXXON know about oil anyway????
The CEO Of Exxon was quoted by Marketwatch as saying, "The record run in oil prices is related more to speculation and a weakening dollar than supply and demand in the market"
That Exxon dude shoulda talked to Palynka before he said that.
🙄
Originally posted by uzlessZero substance. Ad hominem, appeal to authority. Got any arguments?
ALL HAIL PALYNKA..he's the true oil industry expert. All his hours of responding to posts has made him the god of oil market analysis. Who cares if he directly contradicts what the actual experts in the oil industry have said...he knows best! he is smarter than they are!!!
What does EXXON know about oil anyway????
The CEO Of Exxon was quoted by Ma ...[text shortened]... nd in the market"
That Exxon dude shoulda talked to Palynka before he said that.
🙄
Perhaps you should think about the fact that the CEO of Exxon would like the expectations about future price of crude to go down...
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Originally posted by uzlessSlightly? Learn how to read.
Like I said...consumption is up slightly in some parts of the world and down slightly in other parts of the world.
Price is up due to oil futures investments that totalled 9 billion a few years ago to 250 Billion this year.
The demand for oil isn't up, the demand for oil futures is up...which accounts for the vast majority of oil price increases and is exactly what the CEO for Exxon says.