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Oil Prices Defy Correction

Posted June 27, 2008

“Oil prices have barely budged based on the Saudi Summit. There has been no summer sell-off, and I’d be surprised to see a significant pullback as the summer driving season kicks into gear.” — Byron King

by Byron King

Baltimore — (TFN): The returns are coming in from the distant precincts of the oil patch, and the winner is……… Oil!

Oil prices have barely budged based on the Saudi Summit. There has been no summer sell-off, and I’d be surprised to see a significant pullback as the summer driving season kicks into gear. (Followed by hurricane season, and then the buildup for winter heating stocks, followed by winter.)

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What’s going on? Well, what the Saudis give — in proposed, future increased production…the Nigerians take away — with ongoing oil patch carnage that forces the likes of Royal Dutch Shell (RDSA:London) & Chevron (CVX:NYSE) to close vast pipeline systems. Apparently the present trumps the future, even in the futures markets. Everything is connected to everything else, isn’t it?

Here is my take on the exit polls from the Saudi Summit… Read on to learn more.

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Posted by Byron King · Filed Under Oil and Energy 

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