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Oil and the economy

Discussion in 'Sports and News' started by Vombatus, Jan 6, 2015.

Page 14 of 14
  1. old_tony

    old_tony Well-Known Member

    Was up to 2.17 here, 29 cents higher than the low of 1.88.
     
    old_tony, Feb 3, 2015
    #157
  2. Boom_70

    Boom_70 Well-Known Member

    Ridiculous. Obama needs to do something ;)
     
    Last edited: Feb 3, 2015
    Boom_70, Feb 3, 2015
    #158
  3. Rusty Shackleford

    Rusty Shackleford Active Member

    Finally a good few days to own USO, which i stupidly bought back in November when gas was around $2.60 here on the thinking, "No way it can go lower." Meanwhile, it's inverse DNO made a lot of $$.
     
    Rusty Shackleford, Feb 3, 2015
    #159
  4. The Big Ragu

    The Big Ragu Moderator Staff Member

    After that insane run up yesterday and the two days before, WTI Crude got absolutely killed today. About 9 percent down at one point, settling in the 48s.

    Last Friday, the short squeeze was started by a data report that showed that the number of leased rigs had dropped off a cliff. Less rigs = less drilling forward = less supply.

    At 10:30 am today, though, the DOE put out its inventory report, which showed that crude stocks rose again last week (four weeks in a row now) -- to the highest levels since they began tracking them in the 1980s. And the rout was on.

    The lesson: There will be a lag between when the decrease in drilling filters through to the market. We are swimming in oil right now--much of it produced pretty expensively. Also, all the evidence is that the economic activity worldwide is slowing down again, which will mean less demand.
     
    The Big Ragu, Feb 4, 2015
    #160
  5. Twirling Time

    Twirling Time Well-Known Member

    There may also be a lag between crude and pump prices when they're dropping. But when prices rise, it's instantaneous.
     
    Twirling Time, Feb 4, 2015
    #161
  6. Vombatus

    Vombatus Well-Known Member

    Communists. Fucking Communists.
     
    Vombatus, Feb 4, 2015
    #162
  7. YankeeFan

    YankeeFan Well-Known Member

    Four Pinocchios for the President when he says the Keystone XL oil "bypasses" the US:

    The Facts
    As we have noted before, when the president says “it bypasses the United States,” he leaves out a very important step. The crude oil would travel to the Gulf Coast, where it would be refined into products such as motor gasoline and diesel fuel (known as a distillate fuel in the trade). Current trends suggest that only about half of that refined product would be exported, and it could easily be lower.

    A report released in February by IHS Energy, which consults for energy companies, concluded that “Canadian crude making its way to the USGC [Gulf Coast] will likely be refined there, and most of the refined products are likely to be consumed in the United States.” It added that “for Gulf refineries, heavy bitumen blends from the oil sands are an attractive substitute for declining offshore heavy crude supply from Latin America.” It concluded that 70 percent of the refined product would be consumed in the United States.

    Obama’s claim that Keystone XL oil ‘bypasses the U.S.’ earns Four Pinocchios - The Washington Post
     
    YankeeFan, Mar 2, 2015
    #163
  8. Boom_70

    Boom_70 Well-Known Member

    I guess ending foreign dependance on oil includes Canada :confused:
     
    Boom_70, Mar 2, 2015
    #164
  9. Twirling Time

    Twirling Time Well-Known Member

    When do we invade?
     
    Twirling Time, Mar 2, 2015
    #165
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