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Crude oil prices dive 7%
September 1, 2015
| Matt Egan and Chris Isidore
Posted on 09/01/2015 10:16:59 AM PDT by thackney
A 7% dive to $45 a barrel comes after prices soared higher to close Monday above $49 a barrel -- a nearly 30% rise in three days.
Just a week ago, oil plummeted below $38 a barrel for the first time since 2009.
The drop in prices Tuesday following the Chinese factory report seemed to make more sense than the rapid rebound. Concerns about a slowdown in Chinese economic growth has been one of the factors driving prices lower.
Concerns in markets about a supply glut may have been eased a bit on Monday with a new government report that downgraded its estimate for U.S. oil output so far this year.
But that report hardly appeared to justify the surge in oil prices that followed. And U.S. oil production is still up from a year ago.
Oil prices were also boosted by hope that OPEC may finally be willing to cut back on output in an effort to balance the market. It was fueled by an OPEC publication released Monday that reiterated that the oil cartel "stands ready to talk to all other producers."
Emotionally, in the short term, a lot seems to have changed in the oil market. That can happen when a turbulent commodity mixes with outsized bets by large investors like hedge funds.
"It's really being driven by the speculators. That's why we're seeing such wild swings," said Anthony Starkey, energy analysis manager for Bentek Energy, an analytics and forecasting unit of Platts.
The big volatile swings in oil markets over the past year has made it a sexy area for investors to gamble by making bets on prices. But when bets go the wrong way, it leads to panic trading.
TOPICS: News/Current Events
KEYWORDS: antifracking; energy; epa; fracking; globalwarminghoax; methane; oil; oilprice; opec; petroleum; popefrancis; putinsbuttboys; romancatholicism; russianstooges
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1
posted on
09/01/2015 10:16:59 AM PDT
by
thackney
To: thackney
Everything is just pure plain nuts!
It is not worth the ride.
2
posted on
09/01/2015 10:24:18 AM PDT
by
Sequoyah101
(It feels like we have exchaned our dreams for survival. We just have a few days that don't suck.)
To: Sequoyah101
After a 30 percent Rise? Not a big deal.
3
posted on
09/01/2015 10:32:00 AM PDT
by
CPT Clay
To: thackney
Still well above what they were a few days ago.
4
posted on
09/01/2015 10:39:20 AM PDT
by
arthurus
(It's true.Still quite above what they were just a few days ago.)
To: thackney
A 7% dive to $45 a barrel comes after prices soared higher to close Monday above $49 a barrel -- a nearly 30% rise in three days.So, if my math is close, the price of oil has risen 23% in 36 hours.
5
posted on
09/01/2015 10:46:59 AM PDT
by
Obadiah
(Mr. Obama, the time for honoring yourself will soon be at an end.)
To: thackney
Just wait until we switch to the less expensive winter blend gasoline in October. We could see gasoline dropping possibly well under US$1.99/US gallon for 87 pump octane unleaded--even in California!
6
posted on
09/01/2015 10:50:23 AM PDT
by
RayChuang88
(FairTax: America's economic cure)
To: RayChuang88
Interesting.
The BP Whiting problem must be fixed, I bought gas for $2.09/gal here in Indiana this weekend.
7
posted on
09/01/2015 10:53:30 AM PDT
by
nascarnation
(Impeach, convict, deport)
To: Obadiah
A wild ride for sure. Fortunes made and lost.
8
posted on
09/01/2015 10:54:16 AM PDT
by
nascarnation
(Impeach, convict, deport)
To: nascarnation
The Repo business in South Texas is doing very well.
9
posted on
09/01/2015 10:56:35 AM PDT
by
Theoria
(I should never have surrendered. I should have fought until I was the last man alive)
To: Sequoyah101
Certain mega-rich are manipulating world markets in order to get richer...
10
posted on
09/01/2015 11:01:38 AM PDT
by
ThomasMore
(Islam is the Whore of Babylon!)
To: Obadiah
3 days is 72 hours...
Do I misunderstand your statement?
11
posted on
09/01/2015 11:03:00 AM PDT
by
thackney
(life is fragile, handle with prayer)
To: Theoria
I could use a F250 crew cab 4x4...
12
posted on
09/01/2015 11:03:48 AM PDT
by
thackney
(life is fragile, handle with prayer)
To: RayChuang88
13
posted on
09/01/2015 11:04:58 AM PDT
by
thackney
(life is fragile, handle with prayer)
To: nascarnation
14
posted on
09/01/2015 11:06:44 AM PDT
by
thackney
(life is fragile, handle with prayer)
To: nascarnation
Hasn’t crossed the river yet. $2.59 in L-ville and $2.29 out here in the country.
15
posted on
09/01/2015 11:19:39 AM PDT
by
ChildOfThe60s
(If you can remember the 60s, you weren't really there....)
To: thackney
Thanks for noticing. Yeah, 72 hours.
16
posted on
09/01/2015 11:20:27 AM PDT
by
Obadiah
(Mr. Obama, the time for honoring yourself will soon be at an end.)
To: nascarnation
17
posted on
09/01/2015 11:21:21 AM PDT
by
Obadiah
(Mr. Obama, the time for honoring yourself will soon be at an end.)
To: ThomasMore
Clearly an episode about the trinity.
18
posted on
09/01/2015 11:22:53 AM PDT
by
DungeonMaster
(Of those born of women there is not risen one greater than John The Baptist.)
To: thackney
You might want to look at what is really happening:
http://www.oil-price.net/
This play can’t go on for ever - the real cost of production is much higher.
19
posted on
09/01/2015 11:24:00 AM PDT
by
paulk
( If one fails to learn self discipline, Don't worry; there will be others to boss you around. -kps)
To: ThomasMore
So the answer is to do what? Nothing?
20
posted on
09/01/2015 11:29:04 AM PDT
by
Sequoyah101
(It feels like we have exchaned our dreams for survival. We just have a few days that don't suck.)
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