#1
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Qantas sheds 2000 positions
From news.com.au
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#2
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Gotta feel sorry for them.
Someone really has to re-invent the way oil is priced. The speculative way with which traders currently bargain needs to be shed. After all, why should an argument between the US/Israel and Iran be reason to up the prices. (This was one of the latest reasons for the price going up). Nothing has even happened yet! Unless something physical happens to actually affect prices I can't see any reason why they should continue to rise. I understand some nations are unable or unwilling to increase output but that makes sense at least. People are willing to understand that. But not speculation from traders as to what MAY happen. |
#3
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Nick, unfortunately the producers of oil can do whatever they please with the price of oil. It is, after all, their product.
Chris |
#4
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Quote:
It's not the producers who are setting the price but the market. Supply currently exceeds demand and the price shouldn't be anywhere near the $140+ that it currently is. OPEC feel its price is more likely in the $70 a barrel range. It is speculators who are driving the market price on a possible/maybe event like an US/Iran war. |
#5
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Exactly my point. Speculation is hurting the oil price and those responsible for the practice are doing nobody any favours! The prices should be tied to real events and tangible happenings not some traders idea of what may or may not eventuate.
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#6
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Reality check, Nick ... that ain't how the market works.
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#7
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I understand thats now how it works but the way it works now doesn't seem to be helping anybody.
What would you do if groceries were traded the same way as oil, and someone popped up one day and started screaming a plague of locusts might be coming and groceries went up to double the price when no locusts had even been spotted? |
#8
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Maybe you should become a market analyst then Nick. We'll see how long you last,
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#9
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If you look at commodity markets people are doing just as crazy things with orange juice, sugar, soy beans, wheat, and you name it. The locust plague 'scare' could well drive up the price of farm produce and encourage people to start buying it even though they didn't need it, in the hope they could resell it at a profit. There are policy considerations about free markets etc that are worth discussing although YSSY is probably not the ideal 'venue'.
__________________
Philip |
#10
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I see oil prices are in freefall at the moment, I suspect they will be back down to around $100 by the end of the year as more and more people start to look elsewhere for fuel.
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