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WTI Nears $41 Handle After Saudi Comments
WTI is now down over $2 from the massive API inventory build last nihgt and is testing down to a $41 handle. The latest leg is not halped by Saudi officials' comments that it "will not interfere with the oil market," and that "the oil market will fix itself," as they continue the line taken at the last OPEC meeting and pressure US Shale even further.
- *SAUDI ARABIA WON'T SOON INTERFERE IN OIL MARKET: PRINCE TURKI
- *OIL MARKET WILL FIX ITSELF: SAUDI ARABIA'S PRINCE TURKI
- *SAUDIS WILL CONTINUE LINE TAKEN AT OPEC MEETING: PRINCE TURKI
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and the price of gas holds steady...
not true [in my area]... I noticed the first downtick yesterday [7c a gallon less]...
For reference... In the past month it got as low as $1.88, then jumped back incrementally to $2.34... Now back to $2.27 [although one could argue that the last time CRUDE was here, gaso was $1.88, so the rest is yet to be seen]...
Rock solid locally at $2.34, has been for weeks, even with a $10 fall in oil.
I live in Romania and the price of gas is 1.7 times it was in july 2007 when the barrel was 140$ and 1.8 times more than it was in 2009 when the price was around the 40$ as it is now.
Also Lukoil has their own stations here and in Europe so Russia is not as much affected by the crude price drop since they refine the crude
Welcome to the world ! Your gas price has very little to do with the price of Brent, and very much to do with the desperate need for revenues (read taxes) of a bankrupt government. Like pretty much the rest of EU...
Gas prices jumped 20 cents in my area overnight. Wholesale prices have beem dropping. Makes no sense
You're being Jewed .
Don't forget to vote!
Vote Jew!
Same here, 23 cents
Yeah, I did the math before comparing oil and what I pay at the pump and while the increase seemed wrong when oil bounced up to the 50s the math said it was proportional.
Edit: Guess it might just be in my area.
Revised Saudi Comment:
"We will not interfere with the destruction of the Shale oil industry."
hahahahaha
Why would they ? The Americans are doing a stellar job self-destructing their own oil industry...
Exactly. Every imbecile in my neighborhood recently bought the biggest SUV they could find. In 2 years they'll be parking it permanently, because oil will be back to $100 and gas to $5.
Maybe goldman is right after all. Why give muppets a break. Someone else will just take it from them the very next day.
Off with its head... Oh wait!
DIVE, DIVE, DIVE.....
Oil...come on, baby! Crash you like you mean it! No more fucking around. Take the dirt nap.
Someone got the EIA inventory numbers early...
...and Cushing is damn near full now.
Hey, this is a golden opportunity to Jack Up the BDI! Oil will have to be stored on ships as land-based tanks run out.
BDI is dry goods...HARPEX is oil. Already blown through 5 yr average due to tanker rentals ($45k a day).
http://www.harperpetersen.com/harpex/harpexVP.do
I hear Lake Meade is empty.
Everything that the Saudis say is a lie dictated by their masters in Washington and Tel Aviv.
Locally, low point for gas was $1.78...oil rose to $53 and gas went to $2.34...oil now at $42 and gas is still at $2.34...hmmm
and? what's wrong?
WTI and brent feel oversold. To much negative talk..about to rip...Pro's love to scare weak handed shorts..
hardly
crude going lower
Betcha Al Gore never thought cheap oil would save the environment.
"We give thanks to Saudi Arabia, which allowed for the price of a barrel of oil to fall to the point of significantly affecting the Russian President, Vladimir Putin, the economy." - John McCain
Now we can scratch that explanation off the list of possible causes. Nothing but distilled misdirection from that piece of dog shit.
Looks like Martin Armstrong has taken over editing ZH posts lately.
Eventually, when the future contracts roll around, I can't see oil companies being all that willing to enter into any long term contracts at this price level. I'm having a hard time comprehending the storage situation to be perfectly honest.
Gas prices *should* go down as the refineries will be done soon with the yearly change over/maintenance & repairs. It'll be interesting to see if gas will reach parity with CNG and what that implies.
EIA crude inventory out
+9.6 million barrels
holy mother of ...
Dear God oil at a dollar!
How will we ever survive?
Quick! Have an election!
2.16 in trigger happy NM. What ever happened to Lt. Brachle who shot his own officer in a $60.00 meth buy?
State cop who shot at van, with children in it, was hired by Taos police. Naturally. Other new hire is guy fired from Espanola police. Naturally.
Want to see stupidity in action? See our fine officers shoot Mr. Boyd.
NM has good weather though...generally.
How's buying the dip going, boys?
You guys are lucky..im still around 2.50 a gal..for the 'cheap stuff'.
(CT)
CT is ridiculous. I'm at $2.75 for low grade. They've jacked so many taxes in, WTI could go to $10 and it will still be above $2. Wait until the Feds use it as an opportunity to jack taxes, too.
$3.50/gal. - more or less in San Fran area.
So what? You guys are used to taking it up the ass.
<$10/barrel in <20 years before restoring oil prices back to historic norms before commodity bubble mania prices. Have to hand it to the ruling elite. They sure know how to work their propaganda -- very long term in scope. Many intelligent people (those that memorized their lessons instead of critically evaluating them) religiously followed their K thru university indocrination of limited "fossil fuel" supply because of pseudo-science belief system of fermenting dino graveyard juices trickling improbably many miles into the earth's crust. Even actively proselytizing (how many eco-douches do you know) that people are bad for their desire to consume energry and that we deserve to have sky rocketing oil & gas prices. The truth shall set us free even if it impovrishes us as this first of many asset bubbles deflates -- spectacularly.
Do you remember California proposing the ban of all black cars? Just after kneegrow in chief was pitching tire pressure, and Solyndra DOE scam.
Grandpa (RIP) took me to the Shell gas station to fill up his gas guzzling car. The clerk would ask me, what matchbox car do you want young man. I had so many, the excitement of traveling down the brick roads in Chargin Falls Ohio. And get a new matchbox car. Oh, the joy of getting free shit at $0.50/gallon.
Henry Kissenger fixed those glorious days for you. It is called Petrodollar Recycling.
Athene cunicularia
DOE/EA-1638 - U.S. Department of Energy
Never a mention windmill bird deaths. Pure comedy. The two eco wack jobs were sabotaging each other to receive further taxpayer funding. Our technology is betterthan yours. Infamous VHS vs. Beta struggles.