Posted on 04/02/2020 12:12:35 AM PDT by lasereye
Crude futures surged on Thursday, after President Donald Trump expressed optimism that a damaging price war between Saudi Arabia and Russia can be resolved.
West Texas Intermediate crude for May delivery CL.1, 10.290% surged nearly $2, or 9.6%, to $22.80 a barrel, after slipping 0.8% to settle at $20.31 on Wednesday. June Brent crude BRNM20, 12.369% climbed $2.57, or 10%, to $27.30 a barrel, a day after the contract plunged 6.1% to $24.74 a barrel on ICE Futures Europe.
“President Trump’s acknowledging of the problems in the oil patch is critical, and he also revealed he had spoken with the feuding Vladimir Putin and Mohammed bin Salman on the subject. However, there is, as of yet, no obvious move or reconciliation between the producers,” said Stephen Innes, chief global markets strategist at AxiCorp.
“But the threat of intervention or some type of coordinated global compliance agreement put a plank under prices as opposed to what many oil traders had expected this week, which was for oil prices to walk the plank,” Innes said in a note to clients.
(Excerpt) Read more at marketwatch.com ...
and instead of giving money to a struggling oil patch our government bails out the actors and }BS organizations.
The struggling oil patch is struggling because American refiners are buying cheap foreign oil to refine instead of our own oil. What happened to energy independence? It appears that just as our manufacturers sold us out to the Chinese our refiners are selling us out to the Arabs and Russians. Why waste government money on even more traitors?
more coking involved but these refineries have work arounds to keep running while decoking takes place in part of the facility.
sorry for the no caps and punctuation but got coffee down keyboard on laptop and cannot get it fixed until this hoaxdemic is over and done
Thank you, Donald Trump, for your efforts to save us from those evil, racist, misogynist low gas prices.
FReep the oil companies. I’ve lived through at least eight petroleum boom/bust cycles. Each time, they carry on as if it’s never happened before. (Ditto the housing industry.) If they can’t deal with it by now, freep ‘em.
Gas where I live in MI is $1.29 gal.
I wish I had a 500 gal tank to store it.
I paid $1.75 a few days ago. I’ll see the current price when I go to Walmart later this morning. I wish we could buy gas coupons at this price, like Forever Stamps!
Just go to the link and put in your zip code. It will give the current prices.
Wow. THis like 2000 prices before 911 what not
Yup, the cheapest gas in MI now is...99 cents a gal!
In all due respect, a movement of oil to $22.80 a barrel is not a surge when one considers it has fallen from the mid-$50’s in 2 months.
The President knows what’s happening. You don’t
Your post is unwarranted
and who really cares what you think is warranted
Apparently the builder from Queens is a better diplomat
than the entire striped pants crowd in Foggy Bottom.
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