Posted on 12/17/2014 10:05:19 AM PST by blam
Sam Ro
December 17, 2014
Oil prices are surging.
The price of West Texas Intermediate crude oil on Tuesday rose to $58.98 from $54.20. Brent crude rose to $63.50 from about $58.70.
At this point, there seems to be no obvious explanation for the move.
On Tuesday, oil prices tumbled to five-year lows. WTI touched $53.60 and Brent sank to $59.86, both were the lowest levels since May 2009.
(snip)
(Excerpt) Read more at businessinsider.com ...
Since they are producing less than last year, and we are importing less from them, exactly how is that dumping?
Dumping has nothing to do with volume and everything to do with selling below market.
It’s obvious you are thick.
Again with the personal attack. sigh....
Dumping has nothing to do with volume and everything to do with selling below market.
You should try to learn more about commodity markets and how the supply and demand curves work.
Individual selling below the price intersection only effects others if you move the curves. If there is no additional product available at the lower price, you don't move the curves.
You may be right my FRiend. Perhaps letting the free market sort this out is the right way to go. I just can’t help but get excited over the prospect of not sending gazillions of dollars to our enemies. And although many don’t consider the Saudi’s our enemy, I sure don’t consider them a friend. For starters, I can’t be friends with people who treat women the way they do.
You clearly know more about these energy issues than I do, and I truly appreciate the stimulating conversation.
But for now, I best get back to work.
Cheers!
Saudi’s are hurting Russia, Venezuela and Nigeria the worst. Some countrys will collapse before Fracking is stopped here.
2.15 lowest i have seen here in DFW
Iran is in a big hurt as well.
I read today that while the low prices will hurt ISIS, they are going to hurt Iraq’s ability to pay for fighting ISIS.
Seems we have here a classic game of chicken.
Yep
Break my Heart, ISIS will be hurt.
I don’t know if it’s the answer, but the asshats in New York State announced an end to all fracking in their fair state this morning. That could have caused the day traders to jump in. Billy Joel may have thought he was on solid ground when he wrote, “New York State of Mind”. Lately that particular state of mind seems pretty twisted IMHO.
Essentially all of the gains from earlier in the day are now gone.
http://online.wsj.com/mdc/public/page/2_3028.html?category=Energy&subcategory=Petroleum
Is the semi-privatization of PEMEX considered a big deal?
I see China and India have been looking to get in on it.
Could hardly have picked a worse market to do it in.
It has long term potential but it will be years before any possible market impact.
Thanks. Seems it’s a fire sale in the world oil industry for those with money.
Think i’ll go fill up and pick up a Whataburger for supper.
Back later for $500 gold. ;o)
I am a journeyman electrician in the oil field, and while I make a good living, I am not overpaid. That is simply your opinion. We deal with a dangerous environment, dangerous roads, and very complex automation and programming.
I am sorry if you have experienced hardship, but there are many jobs available. This downturn has not affected me at all, nor will it, still hiring like mad.
An even easier, and more conservative response would be to let the market control the price of commodities.
The market is largely controlled by OPEC led by the Saudis. They have declared a price war on US oil to demolish as much as they can of the US emerging oil production.
So you would let the Saudis do that? Because if they win, prices will ratchet right back up. Is that your idea of ‘market’?
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