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Crude Slides After Saudis Suggest Oil Stabilizes Around $60
Just when industry experts were eying zee stabilittee in oil prices in the last 12 hours, this happens...
*SAUDI ARABIA SAID TO SEE OIL AROUND $60/BARREL: WSJ
And crude oil prices begin to dip once again.
As The Wall Street Journal reports,
Oil may stabilize around $60/barrel, WSJ reports, citing unidentified people familiar.
Suggests Saudis won’t push for supply cuts in near-term, even if oil prices fall further
* * *
And the reraction...
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It's just a friendly twist of the knife for Uncle Vladimir.
'ol Jed's a millionaire
Y'all come back now, hear?Crude will slide to "zero" because it is paid with Ctrl-P money. Plus price of printer and ink.
...how 'bout that USDJPY slowly creeping to 120?
And it's time again for the reruns of the old 70's game show, "Saudi Says"
Q: What was the last previous Saudi pronouncement?
tick tock dah dah da dah dad ahddah da dah dah
A: We'll cut production if you cut production, America!
Correct!
And for our next quesiotn: In order, name the better capitalized entities to withstand an oil price decline.
tick tock dah dah da dah dad ahddah da dah dah
Bzzzzzzt!
The correct answer is!; The Saudis, followed by Russia, followed by the Bakken Producers who are now shit out of luck loosing money on every barrel and lastly, the US's capital markets which are subject to great distortions and a whole buncha defaults in the high yield sector, the banks and a massive loss of future capital expenditures accompanied by job losses.
We're so sorry CNBS, but moar propaganda is not going to solve our "energy independence bullshit"
So it's off to the men's stall for you, Mr Liesman!
So you advance to the final round of Project Mayhem, Mr Durden.
But don't forget everybody, nobody can say they're shutting down Fight Club or it's snip snip snippty snip!
It's a dirty job offending the Propagandists, but somebody's gotta do it!
If we had any leadership we could make the house of Saud's life miserable but we've got president Zippy and that gaggle of beltway insiders running the circus.
So your money is Ctrl-P, right?
..and Texas, and anywhere else being fracked.
Uncle Vladimir is much better capitalized than Uncle Sam's heavily indebted Shale Oil Producers.
Maybe the USA should not have violated the Terms of the 1973 Agreement with Saudi Arabia. Maybe we should have not started using our domestically produced Oil. We agreed NOT to that. But what is our word worth? Obama's Administration is banking upon YOUR IGNORANCE about the Terms and Conditions about that Agreement.
Be careful when you wish harm upon others as the harm which you wish falls squarely back upon you. Saudi Arabia is NOT TARGETING Vladimir you idiot. The USA is the target.
And Venezuela is now burnt toast. Goldman Sachs will be loving it...picking up insolvent and bankrupt US Shale Oil Producers for pennies on the Dollar and raping Venezuela.
Who emerges victorious upon the destruction of others? SATAN?
And you back this as it somehow harms Vladimir?
It's my oil and I didn't agree to do shit with Saudi Arabia.
Didnt Barrys partner in crime Kerry visit a few months before this shit?
Maybe the USA should not have violated the Terms of the 1973 Agreement with Saudi Arabia. Maybe we should have not started using our domestically produced Oil. We agreed NOT to that. But what is our word worth? Obama's Administration is banking upon YOUR IGNORANCE about the Terms and Conditions about that Agreement.
Tall Tom, do you have a source for this element of the 1973 agreement? Links or book references please.
It's not just about Russia IMO. It's also an attempt to get the consumer to spend more. I predict that both strategies will fail.
That's a 15 SECOND bar chart, and it fell 40 cents. Oh noes!
I mean, comon Tyler, you gotta tell me you're looking at that with a microscope to think that's a big deal.
Let's see who Blinks 1st
Nukes may blink over Saudia Arabia if the SHTF.
"Sees"... LOL!!!
More like, "manipulates"...
So predictable, awesome.
It really is awesome. if you decouple yourself from most of the emotional churn it is something to watch. And despite the hardships that will most likely greet me in the future, I am glad my Creator has allowed me to witness this spectacle.
The lies get more spectacular and more in the open. I often wonder when the average man or woman is going to just say "enough!". That alone is worth the show.
Even better, these "unforeseen" events are getting easier to frontrun.
Okay, that makes me a little nervous...
ExxonMobil's CEO is fine with oil @ $40.
http://finance.yahoo.com/news/exxonmobil-ok-oil-40-ceo-121809238.html
Right.
Edit: BTW, where is this "slide"? I see oil back up over $68. ZH really is a contrarian indicator.
It slid over a buck after today's high. Rangey day...nothing out of the ordinary.
wow, if oil at $40 not enough body bags to be had.
might be some bargains in houston RE
tsar---- check cme real time quotes....or just follow USO real time
got usd/rub calls?
no-one is going to blink. good old fashioned shake out. most of middle east has 20-30 cost---the rest is used to finance their budget......so just run a deficit until the shakeout is complete.
obama will cry foul -- running a deficit is so un-american
A leaked report from an unconfirmed source said that somebody told him that a guy who knew somebody who knew a guy who was very close to the royal family but not in a "weird" way, more a a friendly business associate kind of way, said he overheard something from them about lower prices while they were out having drinks around the pool but it was sort of tough to hear because somebody was running a lawn mower next door at the time.
Seems legit.
At least more legit than US media:
The Biggest Scandal in America Is Its Controlled Presshttp://www.globalresearch.ca/the-biggest-scandal-in-america-is-its-contr...
The Biggest Scandal in America Is Its Controlled Press
According to this globalresearch "press release".
Hey, the US media work hard at cultivating an illusion of debate.
http://www.counterpunch.org/2014/12/02/the-illusion-of-debate/
Fuck, NoDebt, now that's funny.
That is a classic post NoDebt. Still laughing.
Oil to stabalizes around $60, world to destabalize (more) around $60.
We will stabilize us so we can destabilize you!
$60 is acceptable to the Saudis until its pipelines start geting blow up by Jihads.
I doubt that but it's probably what some snake in a suit on wall street needs and since the saudis are owned by wall street, $60 is now the new fair price for oil when $100 was just a few months back. Sure sounds like GS talk to me.
Yup. They'll cause panic and talk it down, while playing long
holders of shale companies debt feel free to crap in your pants
hello, defaults, slashed capex, layoffs
WTI rallying as far as I can see UP 40 on the day
Wake me up when the up is visible
http://finviz.com/futures_charts.ashx?t=CL&p=d1
20 bucks here we come. Ha ha!
So... hurt Russia, and target the US and Canadian competition (shale and tar sands): i.e. leave only the financially well-lubed players in US and Canada intact and in position to 'consolidate' (take over) the smaller and less connected players.
More power to the "Oiligarchs R US" then?
Whatever.
I'm still going to drive my heavily subsdized electric car.
Cool. Coal fired transportation!
So where the hell is the sub $2 gas at these levels?
Oh wait......nevermind
Yeah... The ridiculously high PROFITS (ARRRRGGGHHHH!!!) (taxes) that governments make on each gallon of gas can't possibly be cut to reasonable levels so gas won't be coming down too much any time soon.
I can see the first casualty of war will be Saudi Arabia.
A few very large bombs on some wells.
+
or maybe the shale oil industry and bond holders will be bailed out.. no one could have foreseen this happening.. we must save our energy producers blah blah. Why not it's all just printed money into existence anyway right? At least until we can slit Vlad's throat. Vlad can't play the fiat games that we can and is going to have to quit the game completely if he wants to survive.. He's going to have to go ahead and back his currency with gold and other natural resources.
No one ever bails the oil patch out and it never asks for it. This happens on a regular basis. Oil can be imported but banks are THE MOST IMPORTANT THING IN THE WORLD, can't live without them. Banks will always be bailed out at your expense but don't worry, the oil patch doesn't want your money and won't be asking for it. That's for snakes in suits. People in the oil patch do real work for a living and produce real goods.
Funny how they had to put this out right after the storage report showed inventories dropped 3.7mbbl/day when they were expected to rise 600kbbl. Got to have something to convince people to keep shorting oil based on lies.
http://ir.eia.gov/wpsr/wpsrsummary.pdf
Oh yeah, imports dropped by 170k bbl from last week. You would think all that cheap saudi oil would be flooding our markets and imports would be rising as shale oil production collapses in a heap. Apparently the real world doesn't work like wet dreams do.
Convenient that the price will stabilize at a level that drives the new U.S./Canada oil recovery technologies/methods out of business.
I am rarely for tariffs. In this case I might be in favor of fixing the floor for oil at $75/barrel.
Or we all simply fly around on our "green," wind powered, solar powered, magic carpets...
You must work for the Federal Reserve Petrodollar Recycling Unit. Figuring out how to repay 18 trillion in slave debt expansion based on raising the debt limit or shutting down services as a coercion to get your way? Fuck you scumbag!
LOL!!! Wow... that was stupid.
The cussing was your most cogent point. Now go pick up your new EBT card and go holiday shopping, sweetie.
Are you on posting from your company computer? Shame on you. I don't work. You'll never match my net worth in your lifetime. Now, get back to work before I decide to replace you with a illegal worker.
Edit: you sure aren't a rocket scientist.. However, we agree on getting the Government out of our business.
One creepy ass cracker. BSEE, MSEE, Rocket Scientist. Part-time real estate investor. Actually works for a living. Does not hate others who work for a living. Understands that people are very capable. Get the government the hell out of the way so that people can prosper.
Cheers!
Someone is going to receive a party favor in their lap. It won't be Janet Yellen giving you a blow job or motor boating a vertical smile.
Pakistan's ISI chief Rizwan Akhtar faces daunting challenges
http://www.bbc.com/news/world-asia-29903400
The new banking terrorist fall guy not protecting Saudi Arabia.
The Obama administration is having a circle jerk on oil going to $60.
A. It reduces the likelihood of US shale development pleasing the environmental nuts
B. It hurts "Big Oil - always a dem target.
C. It hurts Texas, Montana, and North Dakota - who never vote democrat anway.
D. It hurts Russia and Putin - the "enemy"
The administration couldn't be happier.
stateside
From tit to banana peel ObamaCare death panels. The Government is here to fleece you under Democratic Plantation productivity fields. Such irony.
I see them being torn. What you said is true.
But his biggest threat is a strong Middle Class. $60 oil doesn't punish them sufficiently like $100. It also encourages increases of their biggest boogeyman in "Greenhouse gasses", since more of those Middle Class citizens might do some "extra" driving/traveling
The hypocrisy on this site is sometimes shocking. We all expect the Fed to begin assest purchases again because the economy is addicted to it. What happens when they do that? The price of oil goes up due to dollar inflation. Once that happens fracking comes right back; maybe not with the same owners, but back nevertheless. Once a technology is established, all it needs is its price point to make a comeback, and that is only a matter of time. Then the downward pressure on prices and serious negative effects on middle east market share come back like a booger on your finger that you cant flick off. The Saudis can go fuck themselves. American technology put them in business and now it's gonna screw them. Boo hoo. Tough shit, hankyheads.
When treasury trench runs dry, they begin to utilize past policy blunders. In anticipations to rally new hopeless followers.
Does anyone of u know who launched this slide? And esp. how??
Who benefits? Even ZH has pointed out that it's China. China is most likely behind this oil price suppression and is only using the Saudi/US as their proxy.
And this will CRUSH the US shale gas industry.
Surprised it happened after saudi said something but nothing after ceo of second largest Russian oil producer, lukoil, stated they can profit under $20. No adjustments in price. As soon as saudis fart, it adjusts.
How contrived can this market be?
Dbl post.
"peak oil", bitches.
Then ISIL jumps in to intervene...
So what if the Saudis are playing a heavy hand in the trade wars? New technology has been supressed for years to gradually move the economy away from Oil by patents and pay offs. The West deserve what they fucking get by paper pushing rather than innovating the entire energy model of the World.
Its too fucking late now as well, a new energy boom should have started at peak oil. The winners will be the ones with the Oil, this is why the World is going to War.
The truth is that the oil industry has always been volatile and highly unpredictable because so many factors blend into the mix, including large participation by fickle speculators. Prices may stay low even if the Saudis start doing things to bring them up. However, it won't be long before they do try to bring them up. Particularly because they will soon have oil ministers begging at their feet to lead an action plan. However, the good advice is - choose only best payday lenders and other financial services.