Spooky Oil. Who dares enter the long side of the energy complex? Boooo...
It's close to midnight and something’s selling oil in the dark.
Under the moonlight, you see a drop that almost stops your stop.
You try to scream, but the market takes the trade before you make it.
You start to freeze, as losses looks you right between the eyes,
You hear Europe's been slammed, and realize there's no money left for fun.
You hope the cold holds, and pray that oil will start to run.
You close your eyes, and hope that this is just a bad tick or quote, girl
But all the while, you hear the margin man creepin' up behind
You're out of time!!!!!!!
They're out to get you, there's oil bears closing in on every side.
They will possess you, unless you change your perma-bull trading style.
Now is the time for you and I to start selling short my dear.
All thru the night, I'll save you from the terror on the screen,
I'll make you see
Markets fall across the land, the trading hour is close at hand.
Creatures crawl in search of stops to terrorize your trading hood
And whosoever shall be found without the soul for betting down
Must stand and face the hounds of sell, and rot inside a traders hell.
The foulest stench is in the air, the funk of those faulty credit years
And grizzly ghouls from every tomb are closing in to seal your doom
And though you fight to stay alive your body starts to shiver
For no mere mortal can resist trading this oil thriller
'Cause this is thriller, sell her night
And no one’s gonna save you from the trade about to strike.
You know its thriller, seller night.
You're fighting for your life inside a seller, thriller.
Thriller, seller night.
'Cause oil can thrill you more than any ghoul could ever dare try.
Thriller, seller night
So let us sell and hold on tight and share a killer short sell chiller,
Thriller trade tonight. 'cause this is thriller seller night
Girl I can thrill you more than any ghoul could ever dare try
Any ghoul could ever dare try
(Thriller, Seller Night) So let me hold you tight and share a killer thriller!
Back by popular demand and there is no doubt that the global economy is spooky. Zombie banks and the lack of details from the European bailout. The Japanese made good on their threat to intervene in the Yen! I guess it is up to them if they want to blow 63 or 73 billion or whatever it was. German retail sales failed to beat expectations. Raising more fears about the viability of a Euro-bailout.
Dow Jones reports that the International Energy Agency called for oil producers to raise output by 500,000 barrels a day till the year-end, for easing tight supply and helping reduce the risk of another global recession. “The market is not loosening...it [actually] needs more OPEC oil," IEA Deputy Executive Director Richard Jones told Dow Jones Newswires in an interview.
Well Bloomberg News reports that the Organization of Petroleum Exporting Countries will bolster crude exports by the most since June as refiners in the U.S. and Europe prepare to meet winter demand for heating fuels, tanker-tracker Oil Movements said.
OPEC will ship 22.8 million barrels a day in the four weeks to Nov. 12, a 2 percent increase from the 22.36 million exported in the month to Oct. 15, the Halifax, England-based company said today in a report. The figures exclude Ecuador and Angola.
Yet Iran is happy with the state of the global oil market. Reuters says that, "Current OPEC President Iran does not envisage holding an emergency meeting of the oil producers' group ahead of a scheduled one in December, Iran's OPEC Governor Mohammad Ali Khatibi was quoted as saying by the student news agency ISNA on Sunday. "I find it improbable to have an OPEC emergency meeting because there is no emergency matter and the market is balanced," he was quoted as saying. Price hawk Iran along with African countries and Venezuela, blocked a Saudi-led proposal to increase output targets at OPEC's last meeting on June 8, but Saudi Arabia, Kuwait and the United Arab Emirates boosted output unilaterally afterwards -- a move Tehran criticized. "Libya is getting back to the oil market and it is predicted that by next year its production will return to normal," Khatibi said.Libya is currently pumping around 500,000 barrels per day (bpd), but industry sources doubt it can quickly reach pre-war levels, which represented about 2 percent of the global demand.
Phil Flynn is senior energy analyst for PFGBest Research and a Fox Business Network contributor. He can be reached at (800) 935-6487 or at firstname.lastname@example.org.