May 27th

Every now and then I will do a sort of news round up from the different sources I scan around the web. I wont have the time to do this every day, but hopefully I will connect it back to the last time I did a summary.

Apart from the 27th being the date of my Sisters Birthday, we didn't have a very eventful day.

Probably the biggest movement of the day was the price of oil. I guess my prediction of falling prices doesn't look quite so startling following a day like today. WTI went from around $133 to 128. A $5 drop is a big movement - around 4% in one day.

I don't have anything solid to go on here, but I imagine the reports that came out showing significant demand destruction have something to do with this movement, we might see more of that. Also I wonder if Wednesdays inventory report has something interesting in it. Rumors have a way of getting out on Tuesdays and whispers tend to cause a good bit of movement at the moment. We shall see, tomorrow may bring some higher than expected inventory numbers.

Edit: as it turns out this weeks "wednesday report" is coming out on Thursday. The report I refer to is the EIA report (US government report from the Energy Information Administration)

However on Tuesday a report did come out from the IEA (internation energy agency based in Paris) which highlighted some of the demand destruction above

My favorite article of the day is:
http://www.independent.co.uk/news/world/americas/black-gold-rush-834598.html

I'm not sure how long the Independent will keep these files up, so I am saving my favorite articles for future reference.

Speaking of future reference. My prized possession is a 2004 copy of national geographic. The "end of cheap oil" issue.

Here is that article online, again I don't know how long it will last but I bet this will stay a while since it appears to be a pretty well written article that is slowly being proved to be prescient.
http://ngm.nationalgeographic.com/ngm/0406/feature5/fulltext.html