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Oil Weakness Accelerates, Slams OPEC Export Price Below $40 For First Time Since Feb 2009
Overnight saw a significant ramp higher in crude prices as, presumably, the Paris attacks sparked further Mid-East tension fears and increased the war premium (as Japanese economic growth raises more demand conccerns). But that has all gone now as WTI Crude nears a $39 handle once again...
And, for the first time since February 2009, OPEC Oil Basket price has traded with a $39 handle.
As Bloomberg notes, the daily OPEC Basket Price fell to $39.21 a barrel on Nov. 13, according to an e-mail on Monday from the organization’s secretariat in Vienna. The basket, an average of export grades from each of the group’s 12 members, typically trades below international oil futures as some OPEC nations pump denser or higher-sulfur crude that’s less profitable to refine.
Charts: bloomberg
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Unless Andy "the Oil God" Hall got a margin call, this move makes absolutely no fucking sense.
The Cabal has become very desperate; to the point of self-annihilation.
Prepare accordingly.
Too much oil. Not enough demand. Makes perfect sense to me.
Has Obama told everybody to go out shopping and flying yet? Maybe that's the problem.
drive drive DRIVE peasants. Drive us into prosperity.
"Now...what you need to do...is...go...shopping." - TiC
(little known fact: if you run Perot through a de-twanger, you get Obama's voice signature)
Commodities are going to get real scary, so buckle up. End of the $9+ trillion dollar carry-trade, plus the utter cluelessness of all political leaders. Neptune in Pisces = Oil found everywhere by everybody. Pluto in Capricorn = anything found in the earth is far less valuable. Uranus in Aries = war by "insult & offense" far more likely (crazy, in-bred Muslims).
also means: collapse of Democrat Party, renewal of American 'manliness'
whats the rent on one of those tankers chilling on the coast?
When is my USD 20 oil coming??
Coming to a gas station near you soon.
They don't sell oil in barrels at a gas station, or do they? ;)
if oil closes this year below 35.00 , it will touch 25 next year.
So you will see 1.20 gas if lingers long enough at 35 and lower
i know a guy that knows a guy in the permian that will sell to you for less. Small-batch craftsman crude for $10, or so I'm told http://www.bloomberg.com/news/articles/2015-11-16/oil-theft-soars-as-dow...
Oil is never going below $100 is still ringing in my ears
$100 oil tinnitus
Is this where we get Peak Oil? I mean they said it was a sure thing.......ahh what happened?
Another Chis Martenson fail?
We had peak oil at $148. It has just a different meaning now.
Free money is what happened. Just another bought of kicking the can.
Regards,
Cooter
Just because noone can afford to pay for it at the moment doesn't mean it's any easier to find dimwit.
Way to burn future plastic and fertilizer because you're too dumb to see more than 2 years ahead of you.
LOL, oil is everywhere. Another lie to keep the price floating. When that well in the Gulf blew, they seismically traced the field and it extended 100 miles into Alabama. Wells in CA that should be done keep giving it up, at about $2 a barrel.
Oil comes from the mantle, not the dinosaurs.
edit, just like gold
This might shake things up a bit
http://www.nytimes.com/2015/11/17/world/middleeast/us-strikes-syria-oil....
What a basket case.
How about saving some for the grandchildren? What a generation of mealworms Amerikans have turned out to be. A curse to the surface of the planet. To any American with a conscience and the fortitude to carry it out - step quietly and quickly away, leave no footprint. Get small while there is time. Sanity will be a valuable commodity. Lest ye participate in their EAT/24 sins, and receive of their plagues.
I've gotten as small as i'm willing to get, and it still sucks cock. The move to total liquidation and living in my van is a last resort.
Our forefathers didn't save us much whale oil but we're doing okay
This move makes perfect sense, STRONG DOLLAR! This is why the middle east will continue to deteroriate, when your economy depends on oil and slowly oil is worth less and less, you are earning less and less and your subsidy to keep the people subdude is gone. Russia and China are prepared to sneak in and gain authority, the US, well I am not so sure Obama has the guts to actually go thru with the MIComplex plan. I am just waiting for someone important to go down or a mistake to be made and then the path of no return is crossed.
If you're talking about the decline in oil from mid 2014 through today, here are oil price declines:
-61% priced in USD
-69% priced in foreign currencies (DX)
-53% priced in gold
If you're talking about the decline in oil over the last week, here are oil price declines:
-16% priced in USD
-14% priced in foreign currencies (DX)
-18% priced in gold
Seems to me like oil is declining in value compared to other monies as well, not just the US dollar. This suggests it's not dollar strength but oil weakness that's responsible for these declines.
Payback for $5+ and all the fucking lies about some bullshit recovery. Fucking crap should've never gotten so expensive to begin with. We might actually be able to compete on this so-called global playing feild if the FED didn't have inflation as priority #1. By the time you pay for rent and food you're reduced to the credit card and now suddenly cheap gas is bad for you.
There is a reason empires collapse. It is often due to the fact the empire is inherited by lazy douchebag grandchildren who can't do anything buy maximize their own wealth/power/status.
The Fed is simply in their employ. They are quite literally burning their/our house down, but they can't give up a lick of anything they already got - and this is the result.
Regards,
Cooter
And it's gone. Melted up already. No idea why.