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Originally Posted by OzJavelin
.. also, am I the only person who thinks a lot of this is the problem of sleazy stock market traders; i.e. the people who don't produce/manufacture anything, but appear to be "experts" in understanding future impacts of world events on oil? At least oil companies, resellers, govts, etc actually DO SOMETHING for the money get from us at the pump ..
Again .. too simplistic?
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Not at all.
They do have a slight impact on the price... more a result of the futures trading on NYMEX (new york mercantile exchange... i.e. commodities market)... futures contracts tend to lead the spot price to a self-fulfilled prophecy.
More to do with small, short term volatility tho... they have little to do with the overall trends of the price...
I saw one of the traders on the news last night saying that "$75 sounds like a nice, round number"... so if that's his trading strategy then let's see what happens to the spot price.... they were claiming the rest of april and first few days of may will see little/no relief at the pump as the refineries change their process around this time - something to do with different processes between winter and summer in the northern hemi...