Buzz On The Oil Trading Desks

Tuesday, October 13, 2009

Oil trading desks are a busy place. Today the talk was about economic news, Iran, stock market and hope:

"Any shred of decent economic news gives bulls a positive reinforcement while bears continue to shake their heads. Hope has been a big factor in the oil market in the past two months." Andy Lebow, senior vice president for energy at brokerage MF Global

"The market got a little support from the stock market and consolidated its recent gains," Peter Donovan, vice president at Vantage Trading.

"The market is stubbornly holding up. Prices are up on expectations that the economy is recovering and demand will strengthen.” Peter Beutel, president of Cameron Hanover Inc., an energy consulting company

“Down the road, it is likely that we see a sharp downward correction in the market because recent rallies look very fragile. If we don’t get some clear and concrete visible signs that the economy is recovering, we might see some profit-taking in the market by some funds in the next two or three months.” Frederic Lasserre, Societe Generale SA’s Paris-based head of commodities research

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