Oil just went through the basement set in Feb...

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Oil just went through the basement set in Feb...

Post by Baldrick on Sat Mar 14, 2015 6:35 am

Crude Oil
WTI (NYMEX) Price

$45.11
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Re: Oil just went through the basement set in Feb...

Post by Zero Point on Sat Mar 14, 2015 6:58 pm

Anyone who says they know what's going on, is a fuckin liar imo.
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Re: Oil just went through the basement set in Feb...

Post by Baldrick on Sun Mar 15, 2015 7:12 am

Zero Point wrote:Anyone who says they know what's going on, is a fuckin liar imo.

I know what is going on...

WW fucking 1, 2, 3 and supposedly 4...

Stockpile the cheap oil.....
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Re: Oil just went through the basement set in Feb...

Post by Zero Point on Sun Mar 15, 2015 8:48 am

I've been storing my used motor oil in milk bottles.
I'll be a zoillionaire I tells ye.



Seriously though, there's so many competing theories as to why oil prices have collapsed:
Lack of demand
Deflation
Saudis hate Russia
Saudis hate America
Etc etc.
Who fucking knows, but I'm sure that somewhere, an arms industry sales guy is salivating, for sure.
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Re: Oil just went through the basement set in Feb...

Post by Holly Golightly on Sun Mar 15, 2015 1:28 pm

There's over-supply in oil right now. And has been for a while.

As for the price, I think the options expire this week, so we'll see... There's been a speculative bubble thanks to cheap credit and it's pushed up the price of a lot of other things too.

The thing to really watch is the US dollar. Some analysts say there's been a rush into it lately because something's coming up. I can't see China going the way it has for much longer with all the over-building ghost cities, etc.
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Re: Oil just went through the basement set in Feb...

Post by Zero Point on Sun Mar 15, 2015 6:18 pm

I don't think I've ever seen a commodity get it's production doubled so quickly.
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Re: Oil just went through the basement set in Feb...

Post by hg nli on Mon Mar 16, 2015 9:17 am

Falling again tonight, so far. Down below $44.

hg nli
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Re: Oil just went through the basement set in Feb...

Post by Baldrick on Fri Mar 27, 2015 5:10 am

More wag the dog as oil price "surges"

http://www.zerohedge.com/news/2015-03-26/saudi-arabia-imposes-naval-blockade-red-sea-strait-deploys-150000-troops-iran-condem

Saudi Arabia Imposes Naval Blockade On Red Sea Strait, Deploys 150,000 Troops As Iran Condemns Military Action

Just as importantly, and since as we reported first yesterday the Yemen conflict is merely a proxy war between the Saudis and Iran, we also now have reports that Iran has condemned Saudi Arabia's intervention, is demanding an immediate halt to the military action, and has warned that a war on Yemen won't be contained in one area.

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Re: Oil just went through the basement set in Feb...

Post by Your Mom on Fri Mar 27, 2015 5:39 am

Zero Point wrote:I've been storing my used motor oil in milk bottles.
I'll be a zoillionaire I tells ye.



Seriously though, there's so many competing theories as to why oil prices have collapsed:
Lack of demand
Deflation
Saudis hate Russia
Saudis hate America
Etc etc.
Who fucking knows, but I'm sure that somewhere, an arms industry sales guy is salivating, for sure.

Lack of demand is definitely not one of the reasons; demand has seen exponential growth since the turn of the 20th century.

Until I had a student who was a petrochemical engineer, I didn't realise that there were different grades of oil with different hydrocarbon chain lengths with different uses. She explained that much of the crude oil is destined for the plastics sector and the longer the hydrocarbon chains the better.

Although Brasil has massive oil reserves and is now really starting to exploit them (the latest field was auctioned off to the highest bidders to exploit last year), the oil is of a relatively low grade with relatively short hydrocarbon chains.
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Re: Oil just went through the basement set in Feb...

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