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Crude Crashes To Cycle Lows After Oil Rig Count Surges
WTI crude has collapsed to cycle lows after the US oil rig count surged by 17, the largest jump in 5 months. The total rig count was unchanged as the surge in oil rigs was perfectly countered by the collapse in natural gas rigs.
- *U.S. GAS RIG COUNT DOWN 17 TO 168 , BAKER HUGHES SAYS
- *U.S. OIL RIG COUNT UP 17 TO 541 , BAKER HUGHES SAYS
The oil rig count continues to track the lagged oil price...
And that has sent Jan WTI (expires Monday) to fresh cycle lows...
Charts: Bloomberg
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January contract expiring Monday is likely adding roll pressure. http://hedgeaccordingly.com/2015/08/causeway-capital-the-balance-between...
There’s a simple way to increase the oil demand.
Just like with ObamaCare, everybody could be forced to buy a certain number of barrels of Crude.
All dodgers could be heavily penalized.
The new program can be called ObamaOil. ;-)
Looney
P.S. Where can I buy a keyboard with the “/sarc” key? ;-)
That is a silly notion when way more people would find a home more useful; therefore, they should all be "taxed" with mortages for all and call it ObamaHomes.
Hey I was at the car dealership yesterday. some of the folks were looking at a 2005 H2 Hummer. Now that's what Obama should be mandating we all drive. I looked at the gauge - 7.1MPG. Imagine 100,000,000 Hummers on roads. Talk about an energy stimulant.
As for me, I bought a low mileage, heavily subsidized $45,000 car for $15,000. Needless to say, the electric vehicle market is not in vogue anymore. I would like to thank the American tax payer for the multiple Obama subsidies. My car looks fantastic!
logged in just to aks what kind of car did you buy ?
2013 Nissan Leaf SL $13,123 out the door (with Extended Certified Warranty). Original buyer paid $41,000 2 years ago. This is a joke of a market. No gas, no maintenance, charge during off peak hours for pennies, work 5 minutes away, government subsidy on top of government subsidy driving down the price, ridiculously low oil prices, a delearship that's sick of holding the car, and a general public gobbling up pickup trucks and SUVs at an alarming rate lead to me getting this ridiculous deal. Adios gas stations!
At current prices we should be paying about $1.20/gal at the pump. Sadly, no. Good thing we outsourced all our refining operations (like everything else) so we only get a fraction of that creamy, nougaty low gas price goodness that's going to save the economy.
Hey, if we didn't outsource everything we would actually have to work and we couldn't sit around quoting movie lines on Zero Hedge.
"Nooooooooo..."
https://youtu.be/WWaLxFIVX1s
JPM would be glad to handle all the transactions...
Crude is down, gasoline futures are up - again. Groundhog day.
Good, gas prices will probably go up this weekend. We need to pay moar to save the planet.
AND FOR THE CHILDREN
I am willing to pay $20.00 per barrel and take delivery!
Thanks!
that would be better them holding fiat i guess... unless their is a fire..then it would suck. Maybe that's why the 6000 year old bubble has some value.. cant be destroyed by water, fire, earth, wind, wood or other metals
ten
How hard could it be to build a backyard refinery?
"How hard could it be to build a backyard refinery?"
1. Technical read-up to find out a refinery operates - 1 week, to be generous;
2. Locate equipment necessary - 1 month;
3. Arrange financing - 1 week;
4. Get equipment delivered - 1 week;
5. Assemble equipment - 1 week;
6. Get local government approval - from years to forever;
7. Get EPA approval - Fugeddabout it.
At this pace it won't be long before the banks are giving out free barrels of oils instead of spider-man towels when you open a new passbook savings account.
They switched from Spidey to Darth-Vader towels last month Doc... Instead of toaster you can have plastic light saber. ;-)
I'm not giving the bank any fiat unil they're passing out real light sabers. I don't want that plastic fake stuff for my hard earned phony fiat. ;->
True that Doc.
Anyhow, how you doing mate, haven't seen you post for a while? Hope lifes treating you alrite fella.
;-)
Doing good my friend. Life's been busy so it's hit and miss for the Hedge. Hope you're doing well, if I ever make it across the pond I hope to enjoy a beer with you some day.
Pleased you're OK mate, I don't think I will ever make it state side mind, I don't like being off the ground.
If you ever be over here, I would like nowt better than a few beers and a chat, click on me name and send me a mates request and I will get back to you.
And if I dont see you before Christmas posting here, I wish you and yours nothing but the very best over the holidays, I honestly hope you have the time of your lives, and a prosperous new year Doc my friend.
You take care mate, you good eggs are increasingly on Mixys mind in these fucked up times. As well as me own mind.
:-)
Barrels of oil for EVERYBODY!
Channeling my inner Oprah: YOU get a barrel of oil! YOU get a barrel of oil! YOU get a barrel of oil! EVERYONE gets a barrel of oil!!!!
The missing line on the top chart is the "consumption" line. Supply and demand won't be denied. I think they need to bring back 7 litre displacement V8's. That'll do it.
I know we have fun with all this crap on oil. But to me, this planet is entering a major recession, if not depression. Oil, gas, copper, steel. This is going to get very ugly.
And I will go long Spoos somewhere around 700 or so. Tick Tock.
We need a Depression. It's good for my children and the children's chidren.
Africa's population will double by 2050 and double again by 2100. Not good for my children and their children.
The US MiC won't let things get too out of hand; if there are any serious threats to domestic oil production (price or otherwise) they'll nationalize the effort and pump at a loss.
That might already be going on. The lowering of export controls could be nothing more than an excuse to store oil in even more places for later need during war.
Drill baby drill!