Monday, February 12, 2007
What a Mother (Nature)
Those who reveled in the warm winter and what it was doing for oil prices are getting a rude reminder about what winter is all about. But while oil prices are going up, they aren't going as high as you'd expect, even though Saudi Arabia and other OPEC members are muttering about keeping current production levels capped. Why not? I suspect there is not as much hot speculation money rolling into the market. Makes sense when you think about all the once-burned speculators in the fall. And with the weather as wacky as it is, by the time you establish a promising long position in oil, springtime could be here. Better to look at ethanol and hope for a strong driving season peppered with political "alternative energy" rhetoric.
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