ENI`s CEO Says Demand Is Not Behind This Rally

Tuesday, October 13, 2009

The rise in oil prices this year has not been caused by a rise in demand, the head of Italian energy firm ENI said on Wednesday. "I don't see the consumption, I don't see the reason why oil prices should move up again," ENI Chief Executive Paolo Scaroni told reporters during a presentation about mechanisms to reduce volatility in the oil market.

I am still short Nymex Crude Oil Futures but I was able to reduce some positions when oil traded down to below 69 dollars moments after the Oil Inventories data release. As I said eralier today I had some buy orders around the 69 dollars level, to close those added shorts. I may put those added short lines tomorrow.

I could only trade for the first hour of the US trading session and I did 2 Guerrilla Trades in the banking sector. They both went OK.

Petroleum Oil Gas info Blog is a website for active online futures and stock traders. I will provide my real time trading decisions and my market thoughts on this webpage. Trading is not as hard as some think and definitely not as easy as some wanted it to be.

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