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Crude Oil Pump'n'Dump Ends At Lowest Close Since March 2009
For the first time since March 2009, WTI Crude closed with a $41 handle. After an all-day levitation (along with stocks), it appears the world and their pet rabbit is now aware of the pre-NYMEX close ramp and thus outspoofed themselves and so WTI fell through a bidless vacuum to the lows of the day...
Low volume steps up.. and high volume elevator down...
Charts: Bloomberg
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Excellent! We can expect gas prices to shoot up at least a buck soon.
well someone has to pay the difference.
Can we now haz 1.25 gas again, please?
We will NEVER EVER see low gas prices again. Why? Because you fuckers keep filling up at $3/gallon and our paid4politicians are looking the other way. I'm driving a moto these days over here in Spain which uses a gallon per month.
Drive as little as possible. Reduce consumption as much as possible. Don't buy that new iPhone/Android device - keep yours until it falls apart. Starve the fucking beast.
The only beast you will starve is yourself.
Although I do pile up assets ahead of ugliness I am sure will come.
Trump was right about oil at $25.
https://twitter.com/realdonaldtrump/status/329700217513451522
"We will NEVER EVER see low gas prices again."
True.
"Because you fuckers keep filling up at $3/gallon and our paid4politicians are looking the other way."
False. Drivers, the marginal petroleum consumer, set the price of money, not the price of energy. The price of energy determines the value of everything else.
We used to stop at Major Brands on Rt. 46 in NJ. $0.59 a gallon. Hey, it's still cheap. Wait until we catch up with Scotland: one village has some pretty high price, over $13.00 a US gallon. That might make soccer moms pick a different SUV.
Unlikely...on this morning's commute I was sandwiched between a Yukon and a Hummer[might be a joke in there somewhere, but I'm too tired to figure it out] and both only had single occupants.
Yep...here in bizarro world...
Cool....I like cheap oil and if it brings down the world economy that's fine too
Everything is fine. Just normal market action....
Caitlyn Jenner will be doing another courageous interview so fuckin sleep.
Did you see her last interview? She got so excited you could see the chubby through her hideous suit thing.
I would love to interview her though:
pods
What he/she has is a mental illness. It's should be treated not promulgated.
Maybe we can give him some SSRIs in time for an end of season shootout?
If there was no TV people would not give a shit about these people.
Take away TV, and you take away the attention whores, which is what Bruce is.
BTW, mental illness is a common way to remove dissidents.
https://en.wikipedia.org/wiki/Ezra_Pound
pods
Vaporized in seconds! Just like the S&P will someday when it returns to S&P 666.
+1 though I am seriously doubting that this will ever occur in my lifetime.
So why am I paying $3 a fucking gallon???
Crooks...
All of a sudden oil globally is worth billions less than it was a few seconds before? I dont get it
Yes, that's how it works. Same thing happens to gold periodically.
Poor banks need the spread to cover the storage fees on those futures contracts as they skim more profits over time....nothing like financial engineering in the corrupt US markets....wont be long and producers will open up the market to the Euro, Yuan, or just about any other currency....Petro dollar bye bye...
$10 oil = $3 gas, face it!
I hear those bidless vacuums are quite good at sucking crumbs off the floor...
Cool, even closer to the warning "everythings fucked if oil goes to $40".
Cool, even closer to the warning "everythings fucked if oil goes to $40".
Two great minds on the same track ;-)
For the first time since March 2009, WTI Crude closed with a $41 handle.
The fun really starts when WTI/Brent goes below $40/bl . . . . mark my words.
if oil is so low....why is las vegas gas price still 3.27 ???
www.ViewLasVegasRealEstate.com
Europe is undergoing an energy revolution of its own. Biogas plants, solar panels and wind energy parks everywhere. Siemens investing 200 mill Euro in more wind parks in Northern Germany.
Iran just coming back online adding to the glut of oil and natural gas.
Low prices will persist for a long time. Countries with economies largely driven by resource exports such as Brazil, Canada, Australia and so on are fucked beyond redemption. Maxx pain ahead for those folks.
Don't forget Japans plans to turn the nukes back on.
Canada and Australia will be fine.....
Realestate bubbles yes,
Collapsing commodity prices, yes,
HUGE unfunded liability problmes.....no,
HUGE foegn debt problems (high debt to GDP ratios) no...
Brazil on the other hand? Yah, it could get interesting there.
But you spit the dummy when you suggested solar....LOL!
Solar was BARELY economical when oil was at US$120....at US$40, solar is done.
Squid
Has anyone considered that the drop in oil prices, instead of being promulgated by the Saudis as is commonly suspected, may be being done by the big oil companies in the US? Why, you ask? So they can go in and scoop up the mineral rights/drilling operations for pennies on the dollar from all of the small timers being forced into bankruptcy by the low price of oil!
The American oil majors are about 5% of the global oil market. They are the only ones cutting production while the smaller and medium sized E&P are increasing production along with OPEC
Exxon and Chevron produce a combined 6.5mbpd while Saudi Aramco produces 10.3mbpd and Gazprom produces 9.7mbpd. Who controls the oil market?
Just close a couple more refineries and presto chango $40 oil becomes $4.50 a gallon gas. Should do wonders for the economy.
Frackers are in deep shit right now. At the end of this year we just have to see a wave of BK's hit home.
Bakken ND spot price for light sweet crude was $28.50 last Friday. Should be about $28 today
And Western Canada Select is even lower and that doesn't even include the railcar costs. Can anybody say North American shale and oil sands are done for? It was good while it lasted.