Posted on 01/11/2016 11:08:24 AM PST by Red Badger
A brutal new year selloff in oil markets deepened on Monday, with prices plunging more than 6 percent to new 12-year lows as further ructions in the Chinese stock market threatened to knock crude into the $20s.
On Monday, China's blue-chip stocks fell by another 5 percent and overnight interest rates for the yuan outside of China soared to nearly 40 percent, their highest since the launch of the offshore market.
Morgan Stanley warned that a further devaluation of the yuan could send oil prices spiraling lower still, extending the year's nearly 15 percent slide.
While China's ructions are spooking traders over the outlook for demand from the world's No. 2 consumer, drillers in the United States say they are focused are keeping their wells running as long as possible, despite the slump, executives told a Goldman Sachs conference last week.
(Excerpt) Read more at cnbc.com ...
Glory be. God Bless America. I hope it continues. We need 90’s numbers.....under a buck a gallon. Stupid state taxes will impede some of this but hopefully some states will be under a buck. Federal tax won’t stop it thankfully.
Ah lerned a new werd!
“ructions”
Yet the prices of gasoline keep rising here in California. Thanks to the Blue governance. No tax they don’t like.
When oil hits 25 it’ll be time to buy oil stocks.
It won’t be there for long.
Very Good!....................At least today wasn’t a total waste!................
Oil is once again “Cheaper” than milk. I like it.
Now, how can we drive down the price of milk?
Stop buying it....................
>> At least today wasn’t a total waste!................
It was certainly headed that way; thanks for pulling my chestnuts out of the fire! :-)
Use some discernment when you buy. A lot of the smaller guys and a few of the regional powers won’t make it.
>> A lot of the smaller guys and a few of the regional powers won’t make it.
I’m fairly certain COP, XOM, HAL and CAT will pull through. ;-)
Convince the dairy farmers to not let their cows starve and freeze.
You can thank those evil energy companies, and the men & women that get the oil out of the ground, to the refinery, to the pump.
Buying an energy index or mutual fund would cut the risk. I hope it stays as low as possible for as long as possible. There are some countries that I would like to see bankrupted.
Nonsense, it would take ten years to start getting money from a well. Obama said so.
This is a result of Obama’s War on Oil.
“Yet the prices of gasoline keep rising here in California.”
Sure isn’t the case here in the Bay Area. Costco Gas and Safeway have been as low as $2.02.9 and were $2.29.9 a couple of days ago. I am just surprised that “the majors” are getting any business in the $2.70 range they’re in right now. I guess the gullible sheep here actually believe that there’s something really better about the majors gasoline. As my dear old dad used to say: “there’s no difference between brands of gas and cigarettes, it’s ths same $hit in both cases!”
The downside is our own energy sector is getting killed too. This is nasty.
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