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Keepitsimple, thanks for your reply. Following your post I have been doing some more investigating. Regarding the currency in which oil is traded Cronus posted something similar for gold. On the surface commodities seemed easier to follow and understand but I see now that is not at all the case. The more I learn the less I know. Thanks again.

Following on from Wednesday's FT article Bloomberg has said (this morning)that oil prices staged a modest rebound on Thursday but the spread between the market's main US and European benchmarks remained at record levels posing problems for many investors in commodity markets. I guess the storing of oil, large reserves in the U.S., problems in European energy supplies (gas via Ukraine) are currently creating two distinct markets.

I was a bit confused re oil prices yesterday and didn't like to ask yet another question as to why there was such a big variance. Today the FT provided the answer! www.ft.com/cms/s/0/fafaba66-e231-11dd-b1dd-0000779fd2ac.html

Hi Mark, article in FT: Golman Sachs say the inventory of oil stocks in the developed world will continue to rise reaching their highest levels for a decade in the next two months pushing prices towards the investment bank's target of $30 per barrel for the first quarter of 2009. Goldman reiterated it's forecast for oil to reach $65 by the end of 2009.

I agree with pretty much most of your post and indeed nearly posted the same re supply/demand (I type a lot but don't actually post..a good tool I learned some time ago with company EMail). I heard the word depression re the car industry used for the first time today (radio4) and they emphasised they meant a depressed industry not a recessed one. (They said that Britain is ill equipped to deal with a depression which could hit Britain far harder than it did in the 30s). In the real world, people I know are finding it very hard indeed and those that have companies are relying on their cash to get through. If PB's wheelbarrow scenario plays out then it will be dire indeed. Re oil/gas they are a finite resource and I agree with you regarding manipulation re supply/demand...there is so much manipulation these days. I like CT7's approach on oil; it made sense to a numptie like me! (By the way I'm a numptie and proud of it! I was once married to someone with a mensa IQ -enough said). If the next few months throw us into a deeper recession/depression then everything will freefall again (stating the obvious and being proud of it). I see posts saying this is more or less the bottom but I believe there is more to come yet(fjp73's opinions would be good here as he saw it coming and it nearly cost him his job..he reminds me of a younger PB..and would be another good source/analyser as to when the upside is due). Re alternative energy sources if there are any scientists on here please explain why we are still running cars on technonolgy that is over 100 years old. Surely the time for hydrogen cars is now. I'm an avid New Scientist reader and await the restart of the LHC at Cern. Bring it on; lets find some alternatives. Re gas reserves I think I saw the UK relies on 5% of it's energy resources from Russia and as such does not have weeks of reserves..rather days. Germany etc have weeks of reserves but I think they are more dependent on the Ukraine pipeline. I post on SSE sometimes but not many frequent those boards much! Would you be interested in opening a discussion on another board re alternative energy, viability of wind farms, green power etc? I know CT7 thinks that's the future..any takers? Anyone know for example who is looking to develop hydrogen outlets? I know Mercedes are launching their hydrogen cars in the next few years so they must be sourcing/developing outlet/ suppliers. One thing's for sure for the conspiracy theorists this current situation is certainly weening us off oil isn't it? Global warmimg could be behind us or at least deflected for now. On another off-topic note have you heard of Moore's Law? It says that by 2017 microprocessor circuits cannot get any smaller without burning out and that unless we switch to carbon/gas/liquid circuits there will be another economic slow down! (Just to cheer you up!!)

Gas price hit a recent high(Tues) and then "softened" due to milder weather on Wednesday(reuters). Now that supply via Ukraine cut-off by Russia will prices go up again?

Hi Mark, Happy New Year. Not for some though eh? See gas supply problems from Russia via Ukraine continue (another cold winter for them). As you posted gas prices will rise. Did you see CT7's post re oil on his board? Good post I thought..what's your view? Same principle applies to gas ie. finite resource needed by all which even if it does drop in price has to rise ultimately.

Hi Mark. No doubt you picked up on Russia's threat to cut off gas supplies to Ukraine and therefore Europe this winter which may cause a hike on gas prices. Thanks for your interesting posts. Best wishes to you and yours for Christmas and the New Year *<(:o)}.

I guess this is directed mainly at Chart Trader 7 or Mark Expat but any one else's input would be appreciated. Following OPEC meetings and Russia's comments that it has reduced production (before OPEC mtg)and the lack of impact their reduction has had on the price of oil do you think that oil will drop to $25-$30 per barrel (re Bloomberg report). I noted that the price of oil was mooted as one of the reasons the economy in UK may pick up Q3 next year(Newsnight) when the impact of the lower price has filtered through to the economy ie. retail prices, fuel, energy costs etc. Any views?

Hello Admin. I should be grateful if you would consider a request to put in a new heading on the front of your General Chat. There seems to be a real demand for people to discuss different methods of trading both from a "newbie" point of view and even those who are very experienced. I notice that two of the headings "Telephone" and "Utilities" are not being used much and wondered if you could perhaps amalgamate them thereby creating a space for a new subject heading "Trading techniques for inexperienced and experienced traders". By putting it on the front page of general I think it would be more obvious, particularly to newcomers, and would encourage quality postings from the experienced traders (as their posts can be difficult to find at the moment). Many thanks for your consideration.

Hello Admin. I should be grateful if you would consider a request to put in a new heading on the front of your General Chat. There seems to be a real demand for people to discuss different methods of trading both from a "newbie" point of view and even those who are very experienced. I notice that two of the headings "Telephone" and "Utilities" are not being used much and wondered if you could perhaps amalgamate them thereby creating a space for a new subject heading "Trading techniques for inexperienced and experienced traders". By putting it on the front page of general I think it would be more obvious, particularly to newcomers, and would encourage quality postings from the experienced traders (as their posts can be difficult to find at the moment). Many thanks for your consideration.