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Incidentally, I have a question to you as a professional trader.

In what way do you think crude prices would have been different in 1980, had there been a futures market?

My hunch is that with the much faster market response to news, there would have been panic peaks followed by declines, while on the spot market back then, 'panic peaks' were conserved for weeks to months, and thus just added up. In other words, maybe prices wouldn't even have climed as high as they did on the spot market back then.

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Fri Mar 14th, 2008 at 06:29:41 AM EST
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bit before my time, but IIRC WTI made its appearance about 1982 and has always been pretty volatile.

My gut says the volatility occurred in 1980.  It just took place in the cash market out of sight of the average consumer and the media.  

Perhaps it was less then just because the 7 sisters had a much bigger piece of the pie and the producing nations were still under their thumbs.

by HiD on Wed Mar 26th, 2008 at 07:17:34 AM EST
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