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WTI Tumbles To $43 Handle As Iran 'Price Cut' Sparks Supply Surge
Having traded above $46 on Friday, WTI Crude is back to a $43 handle as it appears Iran's price cut, as we detailed here, sparked demand from China and India driving up Iran exports to 1 million barrels per day.
As Bloomberg reports, Iran is exporting 1m B/D of Crude Oil as China Leads Buyers
China buying 400k b/d, followed by India at 250k b/d, official Islamic Republic News Agency reports, citing Mohsen Ghamsari, dir. of intl affairs, National Iranian Oil Co.
S. Korea, Japan, Turkey also importing
On a side note, though not reflected in today's pricing, Bloomberg reports that OPEC trimmed estimates for supplies from outside the group in 2016 as the slump in prices takes its toll on the U.S. shale-oil industry.
The Organization of Petroleum Exporting Countries cut 2016 estimates for non-OPEC output by 110,000 barrels a day, its Vienna-based secretariat said Monday in its monthly market report. Still, the group sees non-OPEC supply expanding slightly next year, while the International Energy Agency on Friday predicted a contraction of 500,000 barrels a day, the biggest since 1992. Saudi Arabia told OPEC it curbed output in August to a six-month low.
“There are signs that U.S. production has started to respond to reduced investment and activity,” OPEC said in the report. “Indeed, all eyes are on how quickly U.S. production falls.”
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The fight between Saudi budgets and Fed cheap money continues... though the latter seems to be losing for now as defaults re-emerge and spreads re-peak.
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don't worry about the bank maggots. they got plenty.
Let's not forget the petrodollar Derivatives contract and the HEDGES MADE
the wall street banks are on the hook for
Great news ,keep it up baby ,this could well be what brings the system down
Bullish.
Buillish.
Pick one.
Crude is at $1 per gallon - far more expensive than bottled water that comes from a tap. Wake me when they pay you to take oil off their hands.
Nestle Pays Only $524 to Extract 27,000,000 Gallons of California Drinking WaterSoon the tax on gasoline .... in the socialist paradise of California .... will be higher than the retail (shouldn't that be RESALE) price of the gasoline !
Federal gasoline tax: 18.4 cents/gal (been at this number for a long time)
California adds this much in state taxes: 48.6 cents
That's a total of 67 cents/gal. for California.
Do you think that's the highest in the nation? You'd be wrong if you do. My home state of Pennsylvania holds that title at a whopping 70 cents/gal. Sorry if Californians feel put-upon, like they're the only ones in Tax Hell, but you don't get the spot as top-bitch on this one, even though we still pay about a buck less per gallon at the pump, despite the higher tax.
At least you have great roads.
That's surely sarcasm. I live in Pennsylvania, too. Horrible roads, at least in the western (hellish) part of the state.
Alberta has great roads. Thanks big oil! Bye now.
Yeah, the roads are so good I have a "new tire and bent wheel" line item in my monthly budget.
Wanna buy a bond (or an oil rig) from Petrobras?
Pimco/Fidelity Stung by Collapse of Petrobras's 100 Yesr Bond
http://www.bloomberg.com/news/articles/2015-09-14/pimco-fidelity-stung-b...
How long before a barrel of oil is the same price as a gram of gold?
How low can Iran go before Saudi Arabia calls for the USA to nuke them, oil price wars lol
Saudi has enough cash reserves to go 7 years and 11 months at these prices. We just have to wait and see when Putin will call Uncle.
A little gift for the Saudi budget?
The price seems to hover around $44 quite a bit lately. Who is profitable at $44?
goldman sachs
LOL! touche....