Revolutions in the Middle East and now the Libyan crisis has caused the price of crude oil to run straight up from below $90 to now over $113 per barrel. This is a real concern for all of us as we stare at gas prices over $4 at least here in L.A. As Barron's editor Steven Sears tweeted: "every $10 increase in price of oil = 25 cent increase in price of gas." Or worse, David Buffalo added "That is true on average, but if a crude slate, upon splitting the components in the distillation tower, is skewed toward kerosene as opposed to diesel and reformer stock (cracking gas), that value for the increase in gas can be higher than just 25 cents."
So would any changes in Libya's oil supply really cause a big oil shortage and justify the rise in oil prices over $113? Hamzei Analytics has invited special guest Dr. Joel Fingerman to Hamzei Analytics' CME Educational Videos to share the real oil and gasoline data critical to understanding Libya's affect. Also, Dr. Fingerman explains the NYMEX non-commercial oil contracts data pointing to the rise of oil due to speculation and fear instead of real supply problems.
In an email to his mailing list, Fari Hamzei introduced Dr. Fingerman by saying:
"It is with great honor and distinct privilege that I present to you, Dr. Joel Fingerman, founder of http://www.fundamentalanalytics.com/ Dr. Fingerman, a seasoned pioneer in the field of commodity futures research since 1985, has consulted for many major energy and agriculture firms worldwide.
Dr. Fingerman will provide us with his views as market conditions warrant. Here is his first video on Libyan Turmoil and Oil"
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