Crude Oil - Interesting Spread Betting Fluctuation
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Geo-political tensions and oil movement creates a spread bettors rollercoaster
International oil prices have been fluctuating for the past number of days as worries over oil supply hit the headlines. Attacks on oil refineries by militants in the Nigerian Delta region have pushed up the cost to over $60.57* per barrel. Another geo-political issue causing the price of crude oil to rise is the gathering signs of a possible recovery of the US economy. Some retailers and other key companies in the US, posted better than expected results which has stimulated belief in the recession coming to an end. Meanwhile, there has also been movement by JP Morgan Bank among others to repay the TARP government loans given to them earlier this year. A recovery would certainly stimulate demand for energy and commodities such as oil.
The rise in oil price has led to an increase of spread betting activity in Ireland according to Paddy Power’s new financial spread betting venture, paddypowertrader. The company has seen Irish spread bettors keenly follow the sharp rise and fall in the price of crude oil over the past two days. Oil prices have been pressured by speculation violence in Nigeria may slow production.
Crude prices have fluctuated widely since they hit a low of $31 in January 2009. It is still a long way off the all time high of $147 dollars per barrel that was reached in late July 2008. Analysts call oil's current wavering "range-trading," as traders await direction from a significant move in the dollar or change in supply-and-demand fundamentals. The announcement by Iran, that it has tested a long range missile is not likely to reassure the market and could send oil prices even higher. Geo-political tension between Iran and the US is another key factor in understanding oil price.
“Paddypowertrader has been watching the numbers of spread bettors starting to move into oil, multiply in the last two days. Oil touching almost $60 per barrel this week already has certainly attracted plenty of bets for savvy spread bettors going long,” said Davin McAnaney, Commercial Manager of paddypowertrader.
“Paddypowertrader is eager to enable retail investors to get involved in the market through the medium of financial spread betting. This week we have seen slick spread bettors moving into oil positions. As the oil price has been rising and falling our clients have been placing both long and short bets,” added McAnaney.
Also see:
paddypowertrader
paddypowertrader launched in the summer of 2007 enabling clients to take advantage of the many benefits of financial spread betting, including being a tax–free alternative to trading shares and financial markets. The product continues to grow in popularity in the UK and Ireland, amongst not only financial industry professionals, but also amongst those with an interest in the stock market.
* Prices at 12 noon Nymex Crude, 20 May 2009.
"Crude Oil - Interesting Spread Betting Fluctuation" last update by paddypowertrader, 22-May-2009
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