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Oil Tumbles Under $43, Approaches Goldman's "Last Ditch" Support Level
WTI Crude just broke to a $42 handle - which would be the lowest closing price on a continuous adjusted future contract since March 2009.
Based on the front-month contract, Goldman Sachs warns that there is "last ditch" support between $43.24 and $42.44 - a break below there could lead to serious capitulation...
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holy le fuk
"Oil God" Andy Hall just bought a staple gun.
$1.50 gas is death knell for Tesla, Prius, Chevy Volt, Nissan Leaf, Ford hybrids...
$1.50 gas and I will water my lawn with it.
Oh, and buy a full sized pickup for fishing the surf.
pods
Make Oil Expensive Again
The death knell was already in for those pieces of crap long before the drop in gas. The only people buying them were people who have no sense about economics that found value in paying moar for a car to save a few pennies at the pump, and self-righteous greenies who wanted to feel good about themselves as they drove around in a car that said "look at me, I'm making a difference" even though they were actually leaving a bigger carbon footprint than your average gas guzzling prole.
Really? Are you that stupid? It was all about economics for my decision to go electric. I lease my Leaf for $200 mth, and no gas necessary. If I were to lease a gas car for $200 mth, I still have to pay about $200 gas a month. So there is $2400 gas savings right there. Then there is ongoing maintenance of which I only had to add windshield wiper fluid during the entire year. Could never do that with a gas car: oil change, oil filter change, air filter change, brakes, emission testing, and a host of other maintenance and/or repairs. But keep clinging to opinion and not facts.
My electricity comes from 100% wind energy because in PHiladelphia our rates are low and we can choose any supplier. Where we are, wind, solar, natural gas are aplenty. You are thoroughly debunked.
Lol.... you lease a car and you call me stupid. That's precious. Maybe you out to read a little bit about the mining proccess for the lithium in you car's batteries.
Here's some pretty pictures for you to look at:
https://goo.gl/uynXmK
Not only that, you still have to pay property tax on the "leased" property.
Graphene based Ultra/Mega/super capacitors are going to change that equation. Look up Robert Murray Smith on Youtube, he just got put on the board of directors for SunVault energy. They are developing the tech but its already working in proto types. Graphene is made from graphite (very cheap and clean) The Batteries/Capacitors can charge in minutes and the power density is close to Lithium ion batteries. Energy storage is going through a revolution right now. It is being completely ignored in the media. This type of tech makes going off the grid very affordable for everyone.
He's already disavowed the "self-righteous greenie" label you tried to apply, so why would he care about metal mining for his electric car any more than you care about oil mining for your gasoline car?
If a person has decided to drive a new car for whatever (lifestyle?) reasons, then leasing a vehicle is going to cost in the same ballpark as eating the depreciation on a new vehicle.
Niether of arguments are going to convince an electric car purchaser they are losing money when their own calculations have convinced them they are saving money.
Yeah, oil spills have never happened. Takes oil to take out oil, takes oil to transport oil, takes oil to refine oil, takes oil to re-distribute that oil and then your gas car burns oil. Hmmmm, carbon footprint my ass.
duplicate post
Your numbers don't add up. With a Leaf's real world effective range of 50 miles, any econobox compact getting 33 mpg would only use $5/day of fuel. At 22 workdays a month, that's only $110, not $200 in fuel cost. Plus, subtract the cost of charging the battery overnight at $4 so the net gain is only $1/day, or $22 per month. And what if you have to drive farther than 50 miles -- rent a gas powered car?
Your lard ass is telling me that a Leaf's effective range is 50 miles when I drive it everyday? I get 84 miles $4 for charging that battery overnight? What! You have no concept of math. I drive 22 miles a day, 1/4 of my battery. 1/4 of my battery is 6 kilowatts. Electricity is 9 cents a kilowatt. It costs me 54 cents to charge overnight. What a turd. For $5 bucks a day I could drive 194 miles. No econobox can get close to that and my instant torque beats out any mid-class sedan off the gate.
Hmm, so there's NO brakes in a 'lectric car? Who knew?
I've got a 12 year old Civic Hybid, and I love pointing out to fanbois how pro mining the thing is.
"I've got sixty pounds of batteries that I carry everywhere I go!"
"I've got a 12 year old Civic Hybid".
That's smart... Oh no, wait, I meant the other word beginning with S.... Stupid. Yeah - that's stupid.
Who the hell wants to drive around in a 12 year old anything!?
There's a different between being alive and living, my friend. I'm OK ballin' and spending the money to enjoy new things - it expands my mind, plus the chicks dig the convertible and I get laid. Priceless!
Besides, it's only money - which the government will print into infinity and devalue, so may as well get rid of it. No point in saving it and hoarding it.
Peeps on here be broke - I guess that's why they're so full of hate for those that ain't.
Nope, for my Leaf, gas would have to go below 50 cents. At 9 cents a kilowatt, I'm in no danger.
Isn't a gallon of gasoline the equivalent of about 33 kWh? So .09 x 33 = $2.97 per gallon-equivalent of energy, doesn't it?
And the average price of gasoline today is in the mid-$2 range in most states.
The efficiency of an electric motor is much higher, but 50 cents still seems a bit low.
Interesting math. My car is 24 kw total. 9 cents/kw times 24 kw = $2.16 for a full charge. A full charge is 84 miles. For $1, I can go 38.88 miles. For $3, I go 117 miles. A typical gas car gets 25 miles per gallon. Lets say its $3 a gallon, well 117 miles is a lot more than 25 miles in distance. 25 miles costs me 64 cents. 64 cents electricity versus $3 gas.
Gasoline is about $1:50/gallon.
Tax cost added ....is added on top of the actual cost.
Gasoline could be cheeper stil with forced/addec/taved ethanol removed. Also milage would increase.
Gut estimate gas could be $1/gallon in a free market.
BTW im not aware of any electric/hybrid car that isnt either subsidized or a money loser or both.
Also not kicking in to fedgov highway costs.
But hey anyone who leaves cheaper gas for me is fine.
'Also not kicking in to fedgov highway costs.'
An NC politician proposed a flat tax of over $200 per car last spring. An 'Infrastucture Access Fee' to replace the gas tax. http://www.charlotteobserver.com/news/politics-government/article1561772...Yeah, try real world cost of gas. $2.45 in Philly: http://www.phillygasprices.com/
I don't work in hypotheticals that wil never happen.
I am in the oil patch. The next round of layoffs are going to be BRUTAL. Keep your eye on the bakken. I've heard it is taking a month to process unemployment claims in ND.
there's unemployement in ND? i didn't realize anyone still lived there.
I'm in the Bakken - and we are hiring.
THat is great. However, it misses the point of my post.
My brother-in-law was recently hired in the Alberta oil patch -- to go around and close the work camps. Their team of 10 shuts down a work camp for 1200 every month. So yeah, in a sense, they're still hiring...
I'm in it too. It's going to be a blood bath at these prices.
This collapse in commodity prices will force the central banks hands. Print trillions and trillions or go belly up.
WTI < $45 is a nuclear bomb going off on the balance sheets of this whole business model. And no one is slowing down producing oil or whatever else that no one has any money to buy.
Keynesian genius.
Why is all of this bad news not good for the stock market? For six years they've partied on bad news. Why more devaluation of CNY, postponed FED rate hikes, etc. not be seen as positive for US stock prices? Or is this just a temp dip?
The FED's waiting for the next market crash to justify more counterfeiting/bailouts. There has to be a taxpayer/slave-funded bailout with US Treasuries(Hank Paulson style). You can bet Boehner will go along. This gives the FED something to buy in QE4. The banks are cushioned($2.4Trillion) and can weather the first wave;
http://cfa.wpengine.netdna-cdn.com/marketintegrity/files/2014/02/Reserve...
http://www.federalreserve.gov/releases/h3/current/
wi tu lo
Yet gas is still $2.60 a gallon. Hmm. By my math it should be no more than about $1.85 right now so that 75c a gallon is going into someone's pocket...
Not in California, somehow I think the price of gas will shoot up.
Well as Jerry Brown would tell you "It's for your own good...prole'....
Oil Companies in California and all over the USA...
Shut down the refineries and push the price of Gas to the Moon. You can realize stellar profits without the associated labor costs. Decreased raw material prices combined with elevated prices for finished product due to lack of supply serves to make that profit margin oh so fat.
Price Gouge your customer base. Crater this economy.
You have fucked up the Derivatives Markets.
Come on. Put the knife in through the heart of the vestiges of what used to be known as the Middle Class. YOU CAN DO IT.
Come on...A few more "accidental" fires...give us some more of that unscheduled maintenance.
Maybe some other people will help you guys out in that cause. ("It was arson. It was not our fault" "I we cannot refine it then we cannot sell it at all.")
Hire the Mexican Mafia. They are good at doing shit like that. I am certain that they will be all too willing to help you out...especially after I tell them how you guys are out to starve their families...which you are. I already have seen it. And their soldiers are in close geographical proximity to me. It is no more than a Quarter Mile away.
Crater this economy. You can do it.
Paint Obama black. Destroy any vestige of any "respectability" which he supposedly has...whiich I think is an impossibility at this point...but...what can I write about Obma's respectability? Nothing? You are quite right about that.
Gouge the end user of the product. You will be able to maintain fat profit margins for decades if you play this right. Of course I know that you will. You have already been doing that, quite successfully for many decades, for well over a century.
California feels like $100 oil.
Capitulation already in place.
the 2009 lows should be the target once 42.44 is taken out.
ZH (via Goldman), just called the bottom. Go long UWTI hand over fist.
Don't think so.
exactly, mother fucker above is losing his ass off right now. There has been no strong indication for a reversal yet. Although I am watching for one as Nut sachs said they see oil lower so we should be looking for a bottom.
yeah - that motherfucker would be me I suppose, and I should have put the sarc tag on. See note above. I thought it was obvious - my bad.
Do not worry about including SATIRE tags.
They'll figure it out...or not.
Then you get a good laugh when they do not.
Rest assured in your own well grounded beliefs.
You need not concern yourself with validation from others...EVER...unless you are a WOMAN...which I do not believe that you are.
hey good to see you TT. Been a while. crazy times these are. not so much market. not so much .......just trying to keep up. Fucking August. Its always so busy - packed - like you're racing. all the while you're trying to sort out the 2nd order shit going on here. keep well friend and don't go changin.
Mother fucker is you. I am a mother fucker too and so what. Dont give a shit.
I am sorry but I did not pick up sarcasm in your comment. There are a few who roam these boards in deep shit with oil dropping. They even have multiple alias to try and convince others oil is going to explode higher. They are close to being homeless so its desperation time.
You'd be better off shorting DWTI than going long UWTI.
I won't take the time to explain to you why. But, if that's the bet you want to make, just trust me on this.
no for sure man. I do trust you on this. it was the first thing that popped into my head - only to amplify the uncanny ability of ZH to contrarily signal a bottom. UWTI is a terrible position to take - time erosion on front month plus contango issues and so on. I would never long this pig. Its like a suckers bet at the carninval.
The best cure for low commodity prices is WAR in the Middle East....
Agreed, too much supply out there, Saudi, Frackers, Russia and now Iran coming out of the cold.
They will cook up a war somewhere, probably somewhere not currently on the radar, coup in Nigeria in 3...2..1..
Saudi Arabia here we come, for you.
The ragheads need to finish picking sides first.....
it's a bitch when you have to wage 1200 different wars, each with their own group of 30 guys in 5 Toyota's all wearing different head bands, shooting at each other, and all praising Allah for their own group's victory.
The only thing they all have in common is the US military gear the US sent to them, I mean left for them, I mean supplied, oh hell we all know the US military is so bored they are buying the other guys a ticket to the game. They tell them it's just a paint ball challenge, no harm no foul. Here we'll even pay your room and board and supply the weapons. The only thing you need to do is try your best to make it look real.
The big players have American stuff. The bit players go Russian since it's cheap and idiot simple, though China has got into the game in the last few years....
you forget about the "trickle down" supply theory. Even bit players get the good stuff eventually. of course, they have to kill someone first and then kill a few more to get the ammo.
Oh no, prices are falling! Horrors! Mr. Yellen, launch the helicopters.
BTFD
sitting here musing, I just noticed a minor typo, BFTD, would change it from
buy the fucking dip, to, butt fuck the dog.
either way your bound to get a reaction, woof
I would rather butt fuck the dog, atleast I know there will be an easy exit when the panic sets in.
I need to register that acronym, I think it will be widely used in the upcoming crash.
dad, "Grampa went broke in the market crash of 2015,"
son, "oh he BTFD,"
dad, "yah it was a real BFTD experience"
Not too low for a nice SP 500 ramp over the next two hours.
"a break below there could lead to serious shitnation..."
i aggree
good thing gas prices are staying at $2.40 + here in the east, wouldnt want those refiner margins to suffer. There isnt any collusion really. Meanwhile Milk is at $5 a gallon regular, and Eggs $2.99 a dozen.... there is no inflation, really... honest.
My mom and dad just bought 40 lbs of boneless, skinless chicken breast for $1.29 a pound.
I don't care if its laced with estrogen, I can use the money I save to buy a manzier for my bitch tits and still be ahead.
pods
HAHAHAHA fuck you pods you made my day!!!!!
Caitlyn appeared and that dam just broke, didn't it?
It's a BRO!
why on a good day the dow never goes up over 300...and on a bad day it never goes down over 300....I mean really, if everything is so great, why wouldnt the dow go up 1000? And if the economy sucks, why wouldnt it go down 1000? why did the dow stop at 200+ yesterday, and stop at 200- today? Make up your fucking minds!!!
Oil will be back up tomorrow or soon....Its a friggin see saw the banker driven algos play to keep us all in a friggin state of horror :-) Its obvious that the game means giving the .01% all of the money and resources, and they are patient.
CNBC is shilling oil like rabid dogs. They just had some assclown talking about increased China demand and he called for $70.00bbl by year end.
I had to change the channel before I threw a brick at my TV.
Why didn't you? Then you'd have the opportunity to buy a new TV, and if you're a solid pitcher - a new brick. Break windows to prosperity!
"Goldman warns".... let that sink in for a second or two.
When the bounce comes it will be a big one. I am only about 50% sure it will start in the next hour.
"$ 60 is the right price for oil"
James G. Ricktards, October 2014
The same month QE purchases ended.
Energy entrepreneur T. Boone Pickens predicted Tuesday that Brent crude oil will be at $90 to $100 barrel in 12 to 18 months. "The world got along fine with $100 oil," he said on CNBC. 23 Dec 2014
But what about Peak Oil??
This is about peak profits at nosebleed heights.
Lowest oil prices in years..
.....and they keep the gasoline prices as high as they ever were (and use propagandists to make excuses as to why they must stay that way)
Banksters could do the same thing by hiking rates, if the slaves don't revolt.
"$43.24 and $42.44"
Now lets watch it hit 42.43 and shoot back up
Looks quite like SUNE.
did you hear the one about the dumb pollock that leased a "leaf"?
Watch as the BIG OIL fraud is maximized when gasoline prices will never be lowered to the proportionate level that they were before.
FraudOil will have the best of both, low oil prices and propaganda lies to keep the price of gasoline high to maximize their profits to nosebleed levels.
Stop the fraud, start pounding on politicians ears every single day.
Dear Poland Spring:
You make me sad for the once great USA. It's complete pussys like you that don't understand a fucking thing about the real world. I have a farm where we feed somethng like 20 of you granola eating, soon to be extinct 3rd world munchkins. Sit down with your 3 line paper and some crayons tonight and ask yourself "which of the products you can see" would be available if the whole world was using electric vehicles to raise your food and get them to you in any fashion. Oh that's right, you can just get it all from Amazon over your ipad.
The only comfort I have reading your posts is that your gene pool will soon be extinguished by your own doing.
It must surely mean that fake "leather"/plastic merchandise found in tourist stands is cheaper than ever.