Posted on 09/17/2019 6:56:48 PM PDT by Innovative
Oil prices dropped sharply Tuesday, following Monday's surge that sent shock waves around the world.
US oil futures settled down 5.7% at $59.24 a barrel. It was the worst one-day drop for US oil since August 1, according to Refinitiv. Oil prices initially fell after Reuters reported Saudi Arabian oil production would return to normal within two to three weeks. Tuesday afternoon, Saudi Energy Minister Abdulaziz bin Salman said the country's oil exports would not fall in September, as the kingdom will rely on reserves to keep exports stable.
Investors took that as a positive sign about the impact of the weekend's attacks on global oil supply.
Brent crude, the international benchmark, settled down 6.5% at $64.55. On Monday, oil prices shot up more than 14%.
(Excerpt) Read more at cnn.com ...
Better news: The speculators are getting a gas pump hosing.
MAGA.
The only good news would be missiles landing on populated targets in SA.
Preferably where the royalty is.
That would drive oil prices through the roof, unfortunately.
Speculators make a market for companies that want to lock in prices.
Maybe you should read up on futures and how they work.
They’re actually pretty important.
I don’t get it here. We get mad if the private sector doesn’t get to dictate the price of something and we get mad if it does :)
ciao
Someone realized Americans aren’t interested.
That being said, if Hillary were if office, she would have put draconian energy policies in place, and then when this attack occurred, she would have gotten drunk and gone back to bed. Why would she care if gas prices spiked to 20 dollars a gallon?
ROFL.
Some people did something.
It's all way too convenient and some analyst deep in the bowels of, probably, the DIA has let Trump know it's all a half bubble off plumb which is why he's been more restrained than the Usual Suspects.
Your point is valid.
Personally, I was hoping that prices could be nudged up enough to make fracking genuinely profitable. If that doesn’t happen, we are liable to experience serious declines in domestic production. Which would be a disaster in multiple ways.
Obviously the attack didn’t have the desired effect on many levels. It’s still a serious threat. Especially if whoever did it tries to attack our forces over there. These drones are a crude but effective method to wreck havoc. I hope the Air Force has AWACS working overtime.
Commodities speculators bargain on—and often create—human misery.
I call them EVIL.
I would disagree. Speculators buy into the stock EXPECTING the price to CLIMB MUCH HIGHER.
If it doesn't , they eventually end up having to sell, and at a loss.
Sure, they planned on making a ton of money, but ... will they ?
You are so right.
I do so enjoy when the chicken little speculators get their wings clipped.
I have watched fear mongering drive oil prices and cripple a long term industry by a thousand cuts and destroy jobs since the first trial contracts of heating oil futures on nymex in the early 80s. Painful. I’ve also enjoyed a few good years as petroleum prices skyrocketed and we had to recover to keep oil and gas flowing. Unfortunately they were downright wasteful years and the spending sprees could have made drunken sailors blush and look like pikers. I made as much hay as I could when the sun was shining because I knew what would be coming next.
nymex and futures trading turned a steady business into a free-for-all roller coaster ride of inefficiency and waste.
What you did yesterday, what you may do tomorrow don’t matter one whit. It is all about what you are doing today. Sustainable “business partner relationships” lose all their meaning when the good times go bad.
The oil embargos were just the beginning of unstable petroleum prices. nymex and futures trading were the icing on the cake and have done no favors for the consumer.
Oil refineries are remarkably tough. the Polanski refineries were heavily bombed but kept production going until ground troops rver ran them.
Ploesti refineries?
Watch out below. Oil price is going to find a new bottom.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.