Oil Plunges To $28 Cycle Lows As Iran Supply Looms, Stocks Slide
February WTI Crude futures have plunged to new cycle lows at $28.60 (down 2.7%) as Iran supply looms over an already over-glutted global crude market. Brent is down even more (-3.7%). Dow futures are down 60 points at the open.
- *WTI OIL FALLS AS MUCH AS 2.7%, BRENT CRUDE DROPS 3.7%
Feb futures (which have just rolled) are under $29...
And the new on the run March contract is trading $29.60, down 2.6%...
It seems Nomura may be right:
“Iran’s additional crude shipments have the potential to further depress prices, perhaps to as low as $25 a barrel,” Gordon Kwan, Hong Kong-based analyst at Nomura Holdings Inc., says by e-mail Sunday.
And crude weakness (and fears over US banks) are weighing on US equities... Dow futures down 65 points
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Well you see the EU douchebags already trying to push for a fuel tax to, ahem, pay for the migrants.... I'd sooner fuking walk everywhere....
Also just in......gas taxes going up.
Thanks for paying.
the economy may be tanking but government is bullish. Think of the apparatchicks children
Washington suburbia housing not in a bubble Its beautiful
Well it's for the envirnment don't you know.
Doesn't matter what the price is. The banks can use $100 per barrel. So says the Dallas FED.
Bring on that Iranian oil, The more the cheaper.
ot --but it came to my attention today that FEMA is having an ongoing tift with the lending banks over "flood insurance" coverage---seems that billions in comercial loans will not be rolled over because FEMA ( the back stop for flood insurance) is broke will not back stop insurers that are underfunded and the insurers won't cover comercial without huge increases in payents---BOA has been ontop of this for a year it seems and my be able to work it out--however many of the other lenders are unable (or unwilling) to comply with the FEMA regs on flood insurance---the federal guys are at the banks starting this month and a lot of fraud is going on with the insurance coverage--- looks like 100 billion in loans? are not in complance---just a heads up tyler---
Stupid gov for backing flood insurance for vacation homes on flood plains.
the info I got says its commercial loans---businesses--
I got a CFM (Certified Floodplain Manager) cert in 2013 through FEMA. At the time, they mentioned that homes in the 100-year floodplain that weren't grandfathered in, would see their flood insurance rates go up by 25% a year until they reach acturarial rates. If your home is in a floodplain, and you improve your house, you'll have to be in compliance with the latest FEMA regulations (be above base flood elevation)---often cost prohibitive to the owner. Pray for a structure fire and move on.
The dirty fix for this is in. I can tell you from personal experience and I hope ohers here can back me up?
Some of my rural propertities are now, (dispite no canal improvements or god raising the level of the land a few feet), are now magically no-longer declared to be in "flood zones" and I was able to drop the expensive flood insurance.
I thought this was weird, I see now from your post that the dropping the amount of flood zones is going to fix that insurance problem for the bankers.
PPT in early here as Dow bounce 80 already
The great and mighty Obama, not only does he lower sea levels, he also lowers gas prices. Thanks oh great one.
What's that sound? It's a big ass truck backing up.
With everything that's gonna start happening, we're gonna need a few more Tyler's.
And gasoline near me is still $2 a gallon. Hmmmm, $70 oil was $2 a gallon and $30 oil is $2.00 a gallon. Somethin ain't right here.
The last time oil was $30 gas was under $1.25. I also love the $.60 spread for premium gas. I'm still seeing premium selling for $2.65.
I guess $50 oil will bring us $4.00 gas when Goldman starts pumping RBOB
Well $0.70 is the bottom as that is the cost of taxes and transport. That assumes the refiners, retail, and E&P all work for free. RBOB is $1.02 now. Add another 70 cents and that is $1.72
Nasdaq green!
Maybe this is the end of the oil based economy. We are moving on. We have 1,000 HP electric cars now.
One has to wonder how long it will be before Saudi Arabia agrees to a production cut... 1 month? 3 months? Never?
The declining price pushes Saudi Arabia to "max pain" quicker and quicker.
Allah can not save them much longer.
Saudi can't cut. If they cut, it doesn't benefit them, the slightly increased price doesn't make up for the revenue loss, but it does benefit everyone else. Everyone else will pump even more as the price rises, depressing the price again.
If it was beneficial to Saudi to cut their production, they would have done so already.
If OPEC cut by 2 millions barrels, let me know what the price would be...
Iran would be grateful!
Iran is part of OPEC.
They will cut and opec will follow. They need bread and circuses to keep the goat fuckers in check via paid off mullahs. Gotta start refilling the coffers or the House of Saud can count it's future in days not years.
U.S. gas prices will be back up by summer driving season.
Please BTFD.
The Fed is doing so, in infinite size, with your tax dollars.
They are cooking the books of the banks.
No Jew loses a sheckel. No asset bought by a Jew will be marked down. If needed, the taxpayers (read, pension funds) will take it off the Jew's hands for more than he paid for it.
You can't change it. You can only BTFD.
Yeah funny how the States see gas tax revenue falling and have to bump it up, but they never take it off when gas prices raise. nothing like a little deflation to make the parasites panic
All US futures now Green you just can't make this shit up
13 Iranian oil tankers setting sail: 14 handle INDU, $25 crude, and world indices down 5% more by Friday Jan. 22:
http://finviz.com/futures_charts.ashx?t=INDICES&p=m1
...and here comes Iranian production. Better build some more tankers to fill so we can set them adrift.
The "price" of oil is going to make $28 look expensive some day, save for "major conflict".
Brent low 27.72: The wells have to go lower, and so does the price:
http://m.investing.com/commodities/brent-oil
If you still have money in the stock market you better get it out as soon as possible.
This market is going to go down and you're going to lose a lot of money.
And get it out before the markets, and the banks, are CLOSED.
Shhhhhhhh! Some of us have been waiting a long fucking time to see widespread panic...
This week we will see the Federal Reserve's Plunge Protection Team go far outside their legal authority and buying more stocks to try to prop up the market.
They have to make Obama look good so that Hillary can get elected.
Anyone else sick and tired of being lied to and sick and tired of political correctness?
Vote Trump 2016 !!!
"Markets can overrun plunge protection teams." - Jim Sinclair
The big picture is that the CIA and the dark state want Iran to own the middle east. In their view, a few generations down the road, there will be a mcdonalds on every corner in Tehran, and the youth there are just chomping at the bit to be free.
The oil cycle will work its way out very quickly, and you can expect more sanity in the market, with prices in the $50-60 range.
The real problem is that Obama is doing incredible damage to the USA as geopolitical alignments are changing fast Russia and Japan? South Korea and China? The US has no friends left in the world, only countries that want to take advantage of us by taking our jobs, property and by flat out dumping product making it impossible to compete.
I am not in love with disaster but I hope Whiting and Continental eat shit and die. This should have happened a long time ago it was a sham to begin with. The Hedge provided information about this at least two summers ago.
Where is Harold Hamm and T Boone Pickens those lying sacks of shit!? There will be blood alright lets hope for once that it's theirs rather than the taxpayer.
I'm calling the bottom. Won't go a dollar lower. Tptb will throw the last of what they got to push this past 30 by Thursday. Watch and see.
If all this oil carnage was to incubate civil war in SA, I for one would be happy to fly over there and watch as all the Religious Police are beheaded in "Chop Chop Square"
I'll bet you 59 cents that oil goes to 20 by spring.
hmmm low oil - the novice i am ,seems to remember going long when oil was $10/b..I am going long now..however I am missing the big short: Tesla, and all those solar co's, low oil means the alt energy boys are sweating ..money to made here depending on your time frame. those short for a while on oil good job..but oil is always a boom bust biz..remember that.