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WTI Crude Tumbles Back To $42 Handle
With Chinese growth still in question and IEA glut concerns weighing heavily, yesterday's bounce in crude (on lower US production) has been erased as it tests back to a $42 handle - at 6-year lows...
Charts: Bloomberg
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Oh, so that's how it is supposed to work. banks print more, governments devalue currencies, and all real assets and commodities get cheaper...
good luck with that.
Agree 100%.
next resistance is $42.25 (could be hit today). Then likely sub-$40's after that.
Nova
I said it a few months ago --- $35 oil here we come.
yup ya did, brudda
Going to the 2008 low of $38 .......
entirely possible. I think after other events occur similar to 2008 circumstances - blood in the streets kindof stuff.
Execpt that low happened in 09.
And in Indiana gas went from $2.35 yesterday morning to $3 a gallon by the evening. Plenty of crude...no refining.
In Iowa, last night the gap from 87 with 10% ethanol compared to regular 87 hit 51 cents.
2.49 versus $3/gallon. Never would I have thought it would be that high of a margin.
What complete and utter crap.
And as of this morning, a gallon of 10% ethanol, (you can't buy ethanol-free gas in California), regular gas was....
$3.49 at the local indian reservation pumps.
Fuck you, democrats of California.
Actually, no. In 2008 the price of oil hit a low of $30.28 when it closed on December 23rd.
I dunno, I downloaded NYMEX pricing for peak to trough trough to peak analysis. Call me anal.
Lower... Neptune in Pisces until 2026 = oil found everywhere by everybody
Yet the price of gas goes up;
http://www.nbcchicago.com/traffic/transit/Gas-Prices-Could-Rise-Across-M...
Yes, soon enough the "official" prices on many things will be very low.
Soviet Union 2.0...
In the case of all the products from oil...
Governments are broke, so don't expect any discounts there. The taxes on these products will go up in proportion to the decrease in the oil input price.
"The taxes on these products will go up"
That is a 100% sure bet!
You can see the drool forming in the corners of the taxers mouths!
And what goes up, must also come down, that is certain too.
Transitory
Ok yeller
yap QE my ass and the price will drop further.
Until it doesnt.
next step in the currency war:
helicopter dropping billions of freshly minted USD in ferguson
go long MD 20/20, Thunderbird, and their ilk. (where's that "Haitian Flu" when its needed?)
Shit, better blow up some moar factories..
Then why did gas jump from 2.20 to 3.00???? In Michigan.....
Con job, prices don't matter, we do what we want, who are you going to complain to?
Exxon management
Actual demand for product is not the same as demand for speculation. Speculation drives the price of crude as there is no real demand for it right now as it is floating in tankers around the world waiting for orders from refineries. Gas stations are on every corner selling gas as they always have. I doubt few have seen any decline in demand for their product, therefore feel perfectly comfortable selling at whatever price you are willing to pay. On my 17 mile trek to work I pass many stations, price for diesel varying from 2.99 to 2.31, and obviously they are all selling all they want to sell at their price. Speculator's customers are only other speculators who have zero, or infinite demand, depending only on the next bet. I'm surprised that gas has gotten even this low. Crude can go to zero in the short run and do nothing to gas prices.
see my link above. They're officially blaming it on a refinery but its just a way of gouging while prices are low
Commodities get cheaper due to too much supply or too little demand....or both......
And when people have to spend all their money on debt....no money for commodities.....lessened demand.....
No? Yes???
Unfortunately, with 7+ billion people all competing for a high standard of living, there is still great demand for consumable calories and reduced hydrocarbons, oil has them both. Fine by me, we produce real products so cheaper inputs is always better. Now, show me the cheap diesel motherfucker.
Population growth curve does not correlate with crude oil price bubble.
<$10 per barrel in <20 years before starting a new cycle
Supposedly we have refinery issues! !
Supposedly we have refinery issues! !
Supposedly we have refinery issues! !
Crude theatrics are getting to be as good as any other theatrics!
I'm still waiting for the $20 mark by summer as promised.
Canadian Western Select heavy oil now with a 19 handle on its way to sub 10.
It'd be cool if the price went all the way down to $12/bbl, which was the price in 1973 when the petro dollar was born after the Arab oil embargo. The carnage that's happened in the region since is largely due to the high price of this liquid shit. If the price drops low enough, maybe west asia can return to being a part of the world the U.S. doesn't care about and leave them be . . . oh yeah, I forgot that Israel is over there, too. Never mind.
Indiana BP refinery reduced to half capacity due to equipment problem. Result: lower demand for crude, lower supply of gasoline to Midwest. Gas prices spike 80 cents overnight and refinery profits spike!
Nice but prices in Ohio just jumped from $2.32 to $2.89 and projected to go over $3.00 because of a midwest BP refinery issue (I think in Indiana) that could last for a month. Just as gas was starting to go down, the midwest is getting fucked!
So why the hell does CNBC keep saying that these new 5 month lows for oil?....
I got rid of my car at the beginning of summer and have been walking, biking and taking public transport to work and back, consequently my body has been growing these big ugly bumpy things called quadraceps and calfs. My goal is to get a new vehicle soon, just for show, something big and ostentatious that I will park in the driveway as a status symbol.
News from Aug, 11
Goldman Sachs warns that there is "last ditch" support between $43.24 and $42.44 - a break below there could lead to serious capitulation.
We touched almost $42.00,
$10 oil is coming.
Last time we were here we had volume. Am I missing something? Where's the volume? For there to be resistance someone has to step up and buy.