10/04/2005


IT COULD BE EVICTION OR FORECLOSURE TIME IN THE EAST

What do the charts tell us about crude prices? Not a FT, but if it falls below the low of a few days back (barely over $62) it's a free fall. Nobody actually knows anything, but from my years of trading experience I can tell you that supply and demand are always in precarious balance and that new supply suddenly appearing will slam the price, and Bush releasing strategic reserves at the price originally paid ($27 per bbl) will nail this market. Now the real test will be these greedy fucking oil company owned refineries refusing to refine crude to a heating oil bias. Heating oil prices are the BIG dog in this deal, and if you live in the East you may be facing eviction or foreclosure. Heating oil, even at last winter's prices ($1.20) is very high by the historical standards of around seventy cents at the highs and fifty cents at the lows---I used to go long at $.49 and short over $.70---just to give you an idea.