Gas has just hit $3.00 on the NYMEX, for August Delivery.

[Tandalayo_Scheisskopf]

CLU08.NYM Crude Oil Sep 08 121.60 10:27am ET Down 3.13 (2.51%)
HOQ08.NYM Heating Oil Aug 08 3.4699 10:26am ET Down 0.0921 (2.59%)
NGQ08.NYM Natural Gas Aug 08 8.95 10:43am ET Down 0.213 (2.32%)
PNQ08.NYM Propane Gas Aug 08 1.75 8:52am ET 0.00 (0.00%)
RBQ08.NYM RBOB Gasoline Aug 08 3.0086 10:24am ET Down 0.0614 (2.00%)

My guess? Goldman and other large institutional investors with problems are getting out. I also read that hedge funds are getting out as well.

[Warpy]

1. I think the big money started to get out in late June

which is why the prices have been volatile. As usual, it's the smaller fish that have propped the price up while they got out and it's the smaller fish who will go bust when the bubble does.

You bet the large institutional investors are getting out. Most of them have GOT. Desperate for cash to shore up shaky balance sheets infected with structured investment vehicles (laundered bad loans), they created the bubble and then got out before it popped.

[raccoon]

2. Sounds plausible. How do you know all this sort of thing? nt

[ProdigalJunkMail]

4. Warpy IS the reason speculation in the oil markets

have been so out of control...Warpy is big money...deep pockets... :-)

[Warpy]

5. Curses! I've been spotted!

[Tandalayo_Scheisskopf]

6. A picture of Warpy:

[Tandalayo_Scheisskopf]

3. I agree with your assessment.

They dove into commodities in the hope of making some quick cash, and ended up doing the same thing they did before, trashing the economy and the market.

If you have not read this, I suggest you do. Amazing that the solutions of a self-described conservative track so closely with solutions offered by liberals and progressives:

http://www.marketwatch.com/news/story/socialist-america-part-2-jokers/story.aspx?guid={E24AFF20-4EB1-43FE-86D3-F9788815A7F5}

Any way you slice it, I guess common sense and a recognition that things are broken knows no ideology.

I do know this, however: It is time for indictments of some of those Wall Street clowns. Prediction: if someone digs deep enough and long enough, bribery, corruption, fraud and manipulation of markets will be found at the highest levels of our political and financial systems.

[raccoon]

7. Seriously. I've noticed things you've posted before, regarding financial matters.

Is there a magazine/website you could recommend?

[Tandalayo_Scheisskopf]

8. Yeah.

Bloomberg and Marketwatch for news, Yahoo for the commodity markets(it's free and near realtime), Nouriel Roubini, Bonddad, and many other economy blogs out there.

[Warpy]

9. Not really

I just watch numbers and put two and two together to get the cube root of sixty four.

Please remember that economics is not my field.