Oil Supply Glut Leads To Massive Tanker Traffic Jam: “Would Stretch For 25 Miles” Rea

[strapdrager]

Oil Supply Glut Leads To Massive Tanker Traffic Jam: “Would Stretch For 25 Miles”

Attachment 885

While we struggle to figure out why the price of oil has sky rocketed, one can’t help but think there must be some level of manipulation involved.
In a separate report Zero Hedge revealed that the Federal Reserve met with banks who are holding tons of energy related toxic assets on their books and basically told them to hide the losses for as long as they can. Wells Fargo, in particular, reported today that they are on the hook for some $32 billion in exposure to junk rated oil and gas companies.

[fxstc07]

Skyrocketed ?
You mean WTI at $40 per barrel compared to $100 ...

[strapdrager]

OPEC LOSES CONTROL...

SINGAPORE (Reuters) - Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel.
Tensions between Saudi Arabia and Iran were blamed for the failure, which revived industry fears that major government-controlled producers will increase their battle for market share by offering ever-steeper discounts.

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todays oil prices. If a collapse in price talks then why the stock price recovery? US Government intervention?
Attachment 889

[fxstc07]

Stock price ? You mean oil barrel price as traded on the open market ?
From a high price of over $145 in July of 2008 to just $41 today ...
Your clueless.