Ping.
Crude Oil Jan 15 (CLF15.NYM)
-NY Mercantile
59.89 Down 1.05(1.72%) 3:32PM EST
Open Interest: N/A
Session:
Exp. Date: N/A
Quotes delayed, except where indicated otherwise. Currency in USD.
(MarketWatch) — Oil’s stunning price collapse is undoubtedly one of 2014’s top stories and will remain a major theme for investors in 2015.
Indeed, oil futures have plunged 39% from the beginning of the year, including carnage in Thursday trading that saw oil settle below $60, at $59.95, marking its lowest settlement price since July 14, 2009, while Brent is down about 42% for the year
$59.88/bbl for WTI 1/15/15 delivery at 3:29 pm EST today.
RBOB gas at refinery is $1.63/gallon at 3:29 pm EST today.
http://www.bloomberg.com/markets/commodities/futures/
With several new cars getting 35 mpg, the consumption of gasoline is heading down and so is the price of oil. If you’re invested in solar or wind power, you are toast.
This is ALL about the Saudi’s trying to bankrupt ISIS...
How many BILLION$$$ have the Saudi’s made by SHORTING Oil Prices???
Norway is already in a panic over the price of oil.
The entire Welfare state is financed by oil revenues.
They just cut their interest rate by a quarter, to 1.25%.
Norway’s Shock Rate Cut Drives Krone to Lowest Since 2009
http://www.bloomberg.com/news/2014-12-11/norway-surprises-with-rate-cut-as-oil-slump-weighs-correct-.html
If the strategic petroleum reserve isn’t full we should be buying oil for storage. We can also buy oil and store it in rail tankers.
The WTI crude price is less than $60 at the time of this comment. I don’t see a whole lot of bluffing coming from the producers with high costs now, but the price may go quite a bit lower anyway.
BFL
Liberals are grieving.
Masses of peons are out spewing evil carbon due to $2 gas.
SUVs and Pickups are selling like hotcakes.
Makes you wonder if somebody is going to try to make some trouble to get oil prices back up?
Obama does not intend to take credit, he intends to nationalize the oil industry.
When US supplies, which he has tried to limit or reduce, caused the world market prices, by way of futures, to be stable in a downward trend, because of a seemingly stable source (US sources) not affected by mid east turmoil, he visited Saudi. The only way to destabilize the price of oil is to affect the supply. Saudi intends to maintain an over abundant world supply, depressing prices, in order to destroy the economic calculus that makes fracking profitable. Obama wants to drive these companies out of business. Then he will offer a bailout as long as they develop public land. He will then demand that the US will get a large percentage of everything produced. Between Saudi now again in the the price control business, US, Russia, Venezuela, and every other country that depends on nationalized oil revenue will rejoice.
Can you not see how Obama despises that he does not profit from oil production directly but Putin does?
Gee, where are all those “speculators” who always “drive the price up”? Are they on vacation?
/sarcasm
Freeper’s are buying huge suv’s and pu trucks. The way of the world.
So how long till the community organizer in lieu of a President takes credit for this?
...
If this drop is due to bad economic policy I think he can take a lot of credit for it.