Oilympics

There are increasing signs that China is hoarding oil/petrol in preparation for the Olympics. They do not want anything to spoil their moment in the sun, and long lines at the gas station are one cloud they can avoid.

I suspect that the completion of the Olympics, as well as the end of the Summer driving season will equate to falling oil and gas prices.

What you don't want to hear from me is that falling prices might only mean falling back to what the prices currently stand. The reduction of hording by China and the end of Summer driving will cut demand, but will not help increase supply. Cantarell and North Sea will continue to decline and I remain skeptical that Saudi Arabia can really do much of anything