Jul. 22nd, 2008
An idle thought: coal futures are sharply down. Oil futures are down sharply again too. Supply has not really increased, and while there's some funny business with speculation and market interference against speculation going on in oil, and futures contracts are already entering the weak-demand autumn season for oil, I don't know that any of that is going on in coal.
So ticking off the various possibilities, I'm starting to wonder whether there's been a quiet cancellation of a lot of industrial projects out there in the background. (The manufacturing survey was not good, but I'm wondering whether the cancellations hit a critical mass.)
No actual data for this. Just a thought.
So ticking off the various possibilities, I'm starting to wonder whether there's been a quiet cancellation of a lot of industrial projects out there in the background. (The manufacturing survey was not good, but I'm wondering whether the cancellations hit a critical mass.)
No actual data for this. Just a thought.