WTI Oil Price Hits 3-Year Low Ahead of Trump-Harris Showdown

oilprice.com ^ | 9/10/24 | Alex Kimani

[con-surf-ative]

Oil prices tumbled over 4% today, reaching a 3-year low as trader sentiment continued to sour ahead of tonight's highly anticipated U.S. Presidential debate between Donald Trump and Kamala Harris, with bearish sentiment sinking to multi-year lows as traders continue overreacting to any negative development and ignoring relatively healthy fundamentals.

[con-surf-ative]

The movers and shakers in the financial world are trying to buy Kamala's win with artificially low oil (and hence gasoline) prices leading up to the election. None of this has anything to do with market fundamentals. It's a bunch of traders who decide to move prices lower to help the incumbent, despite all they have done (and are going to do) to make energy and everything else more expensive.

[RWGinger]

Surprised Saudi Arabia and other oil producing countries would be happy with low oil prices

[MeanWestTexan]

No, it’s a bet that Trump will win.

Democrats are great for the price of oil.

To me, anyway. I vote against my own financial interests.

[patriot torch]

amazing coincidence! 😉

[SecondAmendment]

"Oilprice works with the largest names in financial news and provides news and analysis to sites such as: CNBC, Yahoo Finance, Nasdaq, Fortune, TIME Magazine, Huffington Post, USA Today, CNN Money, Business Insider and hundreds of others."

In other words, OilPrice.com is run by typical leftists who hate oil, just like most Energy CEOs.

[antidemoncrat]

Could it be people can’t afford to drive as much due to everything else going sky rocketing.

[clearcarbon]

"Oil prices tumbled over 4% today, reaching a 3-year low"

Then this would be a good time to accelerate refilling the SPR.

[MeanWestTexan]

Oil price just reports the price of oil.

It doesn’t control it.

Really no one controls it anymore. No supplier or consumer has enough market share to do anything and the supply has much more capacity that historically.

[bk1000]

I paid $4.33 for gas today.
$1.87 when Trump was in.
I don’t care what they say.

[The Old Hoosier]

I think you’re wrong. Trump is promising to halve oil prices. Prices are going down in expectation of a Trump win.

[montag813]

The movers and shakers in the financial world are trying to buy Kamala's win with artificially low oil

Correct. OPEC hiked production 2 weeks ago and today lowered their "demand forecast" causing a huge drop. They want Kamala more than anything.

[Vermont Lt]

Impending recessions will do that to oil.

[Thorium90]

Doesn’t it take several weeks or a couple of months for a change in crude oil to be reflected at the pump?

Seems to me if this does translate into lower gasoline prices it will be too little too late to help Heels.

[HenpeckedCon]

I paid $4.33 for gas today.
______________________________________________________________

Paid $2.89 in Connecticut yesterday.

[Robert DeLong]

Why would West Texas Intermediate want Harris for President? I think they are doing it for Trump expectations.

[Theoria]

That isn't how oil trades.

The US can produce so much that it helps restrict pricing.

Who wants to drill for oil when its $30? Nobody. If ya want real cheap oil, shutdown the world with a virus and restrict travel and everyday life.

Even with the Middle East violence and dangers, the ability for oil production helps to reduce those vulnerabilities, we see that in oil pricing.

[canuck_conservative]

Surprised Saudi Arabia and other oil producing countries would be happy with low oil prices

But, as a side benefit, it financially hurts Russia, which gets a lot of their revenues from oil & gas

Anything that weakens the Russian War Machine is good for Europe and the World

"Reagan's strategy"