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Oil Plunges As Venezuela Hints No Output Reduction
Following the four-way pre-OPEC meeting between Russia, Mexico, Venezuela, and Saudi Arabia, Venezuela's foreign minister warned:
- *NO AGREEMENT ON OUTPUT REDUCTION AT 4-WAY MEETING: RAMIREZ
And oil prices slipped notably. "The most important thing is we are talking," Ramirez noted... but markets are not waiting.
Russia, Saudi Arabia, Venezuela, Mexico end 4-country talks on oil in Vienna, saying they agreed to monitor oil price for a year and possibly meet quarterly. However, the group does not agree any output reduction.
Nearing 2014 lows...
Furthermore, Rosneft's Sechin warns "Oil market is oversupplied but not critically," which seems to fit with the collapse of demand perspective...
Charts: bloomberg
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I think I am going to get the '57 out of the garage and cruise a malt shop tonight.
I feel better about buying that 4.2 liter S4 last year.
I might break 4,000 rpm on the way home tonight.
maybe pull a ferris bueller, put the car up on blocks with a cinder block on the gas just to let it run!
Or maybe learn how to build a chicken coop.
Demand destruction, Greater-Depression, reduced CO2 output.
Let's not do WW-3, OK?
Sorry...They've already scheduled that band for the Cotillion.
Commodities in the dumpster. Check.
Rise of Protectionism. Check.
War Machine ramped up. Check.
"If we don't do something, the people will riot...".
"'N the Band played on..."
CW
We are entering the era of abundance as we head into World War 3.
Betcha we can get a helluva deal on a new Volt soon.
And VW just started selling all electric Golfs in a few states.
Perfect timing huh..
US frackers and their junk bond funding are in for a real treat if this continues.
Large users of fuel like, I dunno, delivery services, have huge futures contracts for fuel. Someone is making a killing on those right now.
Natural gas prices have more than doubled. Oil is a meaningless product...like salt. Sure it costs money...about ten cents.
Why the frackers are waiting for OPEC? They created all teh oversupply, it's their turn.
Funny how the price of oil has flattened out right around the marginal cost of production for North American shale oil.
Just a step. There will be more steps.
I'm going to buy a 1K put, might work out well if it drops to 30 bucks
Some members of OPEC have an interest in lower oil prices, but this is getting ridiculous. Shale oil will retreat at $60 or at $70, couldn't they work towards the latter?
can that oil chart be zoomed IN anymore?!
it dropped from $76.3 to $75.3 and ZH is making it look like the crash of 1929
Been going on here for quite some time. Anything can be made to look extreme by adjusting the scale.
I know its been happening for a long time here.
And we should call out sensationalism every time we see it.
As Beckwith called it, sequence-gazing.
At least it isn't another Goldcore/Marketwatch headline: "GOLD rockets upward $2.00!!!:
A cluster of small, red laser dots just intantly appeared on Maduro's brow.
Some poor Saudi prince may be forced into non diamond encrusted hubcaps on his new Mercedes! OH the HUMANITY!!
I had a Venezuelan working for me. They are without a doubt, the owest class scum of the earth. That whole country needs to be nuked.
I had an American working for me. They are without a doubt, the owest (sic) class scum of the earth. That whole country needs to be nuked.
In the future, anyone can follow this simple, failed-logic template:
"I once had a (fill in the blank with a nationality) working for me... and (fill in the blank with your personalized, anecdotal negative characterization). That whole country needs to be nuked."
Optional- explicitly admit you are an ignorant, xenophobic, racist, or bigoted imbecile.
As in -the lower it goes the more they have to sell to stay even.
Spot on. They are fucked.
double post
Shoot, I gotta go drive around aimlessly today to run down my tank so I can take advantage of these low prices when I fill up.
No wonder my CITGO gas was so cheap this morning. $2.33
It's pretty crazy considering just last month I was paying $3.85
I'll go with this chart saying oil is going to $60:
http://finviz.com/futures_charts.ashx?t=CL&p=w1
Well, with a temporary stop at $70/bbl, then on down to the 2010 breakout at $60.
Great excuse for the airlines to raise ticket prices! No seriously!
WTF?!
It's called padding the nest. The airlines, like the banks did with with QE and TARP, are taking advantage of low fuel to pad their nest with cash for the shit storm that's coming. Plus...they are also buying a lot of new planes to modernize their fleets and make them more fuel efficient. That takes lots if capital. But make no mistake.....they are collecting cash for the slow down and upcoming collapse and for further consolidation through mergers and acquisitions.
this should help the px of oil:
Moody's lowers price assumption for benchmark crude oil
Im enjoying these prices...plunge all the way to 45 motherfuckers!
More like four dollars and five cents.
Few heat with oil anymore...if at all. Coal is far better for heating anyways.
I can tell you one thing..Venezuela was not going to cut any production....they want the other guys to do it...they would have cheated...
And we read that SUV sales are at a yearly high due to low oil prices. How short sighted are these idiots. They just live for today and have no idea what turbulence is ahead of them. It is beyond my comprehension that so many know so little about the true state of the global economy and how much we owe and how much we have printed.
And few even seem to care.
All the govt. wants us to do is spend, create more debt and not save. Amerika!
Look around you and see how less people now drive. In the UK driving to work is almost unheard of. In the US cars are financially incentivised to car pool.
Its only a matter of time before gas usage declines sharply and electric cars take dominance
I remember when Paul Tudor Jones was shorting the hell outta crude in the 80's with the claim that getting OPEC meberms to unanimously agree to anything is rediculously improbable. Same trade, different decade.
When push comes to shove, the Saudis will keep on pumping at everyone elses expense, including their partners.
If they cared, they would have shipped them some TP.