There is no manipulation here.......nothing to see........just move along..................

jmski52

The IEA (?) releases 60mm barrells of oil (30mm barrells of it from US Strategic Reserve), and it's immediate crashing of every market (including gold) isn't manipulation. There was no forwarning of any sort from any of the usual market participants.

If any oil trader had done this, you can be 100% positive that they would be sought as an international criminal.

Someone profited from this. The question that remains to be answered is - who? An international agency is now telling the US when to release its strategic reserve of oil?

Gold down $30 now.................this is another stab at controlling inflation and economic stimulus just after Bernanke's statement that he expected the downturn to remain persistant.

There is a cost to this, of course. The stated reason was to make up for the shortfall because of curtailed Libyan production. Why have gasoline prices been falling then, and why release a big glob of oil onto the markets when gas prices are already falling?

CNBC reports the dollar index up 1.25% and they call it "risk off". Yup, a run is being made to the "safe" dollar that yields zip. Interesting stuff.

Then it hits me. They don't care about gold. All they care about is the Bond Market. It's the biggie. Gotta keep remembering who are the players.

OPA

28 countries to release 60 million barrels of oil from strategic reserves.
The 28 members of the IEA — mainly oil-importing countries in Europe — will make 2 million barrels a day available from their emergency stocks over an initial period of 30 days.

$3.00 gas just around the corner...may even drop lower.
I did not see a reference to the 30 million barrels from the US S.R.

roadrunner

Similar methods were used in summer 2008 to drop oil prices but it was basically kept under cover. The US conducted swaps on its strategic oil reserves to flood the market with
WTIC while accepting raw crude in return. This current move is much more out in the open though. With economies sputtering and Greece ready to blow, and the FED out of bullets
for now, another impetus was needed to keep stocks and commodities falling through summer so that they can come to the rescue with QE a month or more down the road with inflation
now "contained."

roadrunner

OPA

The 28 member countries of the IEA are: Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Korea, Luxembourg, The Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States. All these countries are members of the OECD as the IEA is part of the OECD family. The European Commission also participates in the work of the IEA.

cohodk

Maybe everything was manipulated to the upside to create the illusion of inflation? Just sayin'.

Gravity may be the weakest force, but it is omnipresent. It can be resisted but for so long.

Markets are bigger than any governments. Markets always win.

CaptHenway

IEA Press Release:
.
linky

CaptHenway

Question: how many people had ever heard of the International Energy Agency before today?

TheBigB

Is today's bombing attack over? I want to go outside.

DrBuster

So who all put the shorts on yesterday to make the billions on this action? Somebody is making money in the power class.

CaptHenway

Would make an interesting insider trading investigation.....

cohodk

<< <i>Question: how many people had ever heard of the International Energy Agency before today? >>



http://www.iea.org/about/index.asp

mhammerman

Yepper...actually it is kind of infuriating to watch knowing that there is a glut of oil in the market here. So, when there really is a situation we should be safely SOL. Hey, the voters get $3 gas for a month or so and life is good but keeping this ball in the air until 2012 is going to be quite a good trick. Man, have you seen how much MRE's are a case...strong!

cohodk

<< <i>So who all put the shorts on yesterday to make the billions on this action? Somebody is making money in the power class. >>




I shorted yesterday and wrote so much. No reason to investigate though as the charts were indicating a big move was to come. I am certainly not part of any power class. The stock and metals markets turned decidedly lower after Bernanke began his conference. Market players could hear the bewilderment in his speek. Bewilderment is not a sign of confidence.

mrmojorisin

if you look at the oil graph for the last month or so, you will see the market knew about this a month ago. hell obama/administration talked about it at a press conference/daily briefing on may 25/26, about 5 days later oil goes from $115-ish and heads downward. i think we're just reading about it now, but the market knew...

yellowkid

Yes, short term manipulation, like PM's the trend is up.

57loaded

this has all been spoken of weeks ago, why the faces?

iMHO Obama had little to say to boost any confidence in the recession/depression. what he said and the oil dump is a cooler before the bernanke starts another round of QE.

DrBuster

Forgive my ignorance on my insider short comment. I'm not a trader.

dbcoin

I think this move is brilliant. 60M brls is less than the world uses in 1 day yet it has the affect of putting the long speculators on edge. This is the same as raising metals margin requirements. They want oil lower. This does that. $3 gas will go a long way towards getting the economy back on track and making people feel better.

gsa1fan

$3 dollar a gallon still to high! $2.50 might grease the wheels some.

Every one still driving 10 mile per gallon SUV's, 3/4, & 1 ton trucks around here.

BigRick

What's that? About 9 hours of world consumption?

FistFullOfDollars

Lower gas prices will help J6P pay for a summer vacation,

hopefully it will push PM prices down more so I can continue to accumulate cheaper.

Bear

The mind boggles at the scale of Governmental manipulation in concert with the big

financial institutions. The average J6P must remain ever vigilant and alert so as not

to be crushed in the stampede.

CaptHenway

Everybody read the WE'RE SAVED! thread.