Letter Re: An Oil Trader’s Observations on the Market Implications of War with Iraq
Jim, I’ve been trading crude oil for a few decades now, and in the last two sessions I’ve seen trading like I haven’t seen since Desert Storm, large unexplained up moves, $5.50 yesterday (6/5) and as I type this the market opened $6.00 higher. For a huge liquid market such as Crude Oil, these are large moves. I went to the Jerusalem Post to search out any open source tidbits/indicators and I stumbled upon this article. To buttress this, Gold is up $22 and Silver up 35 cents. The first piece of Israeli ordnance to hit Iranian soil could cause …