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Crude passed $50.00 and closed there today. $50.36.
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Gas and oil back closer to $40 than $50 as world economy still weak from all the socialism and over regulations and zero interest rates. Gas has been dropping a lot and near $2 a gallon in some locations here in Northern VA. Happened kinda quietly.
CL1:COM WTI Crude Oil (Nymex) USD/bbl. 42.00 +0.08 +0.19% Sep 2016 7:41 AM http://www.bloomberg.com/energy |
Yeah. It's been under $2 a gallon for a while around here. I paid $1.73 the other day.
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$1.78
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$1.99 here.
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$2.37 at Costco Burbank.
$3.49 at the nearest 76 station in Hollywood. Totally fair. |
1.99-2.03
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Oil! Massive shale discovery in Texas
:) http://money.cnn.com/2016/09/08/inve...ery/index.html An overlooked corner of West Texas is believed to contain billions of barrels of newly-discovered shale oil. Apache (APA) revealed the huge find this week after more than two years of stealthily buying up land, extensive geological research and rigorous testing. The Houston company estimates the discovery, dubbed "Alpine High," could be worth at least $8 billion. Apache believes the new shale play spans at least five formations, contains over three billion barrels of oil and 75 trillion cubic feet of rich natural gas. |
Oil is under severe pressure once again
WTI Crude Oil (Nymex) USD/bbl. 43.92 -0.98 -2.18% Oct 2016 1:23 PM |
Gonna get this monthly bitch sesh out of my system:
**** VW for lying about how efficient and clean their diesels were. |
Great article on the oil glut-recent surge over $50 may collapse just as fast as supply still way too high. Looks like the extremists and Islamic Radicals are flooding the market with stolen oil and many countries are cheating on their quotas.
I see $40 oil soon. ---------------------------- The Billion Barrel Oil Swindle: 80% Of U.S. Oil Reserves Are Unaccounted-For http://finance.yahoo.com/news/billio...230000526.html U.S. crude oil storage is filling up with unaccounted-for oil. There is a lot more oil in storage than the amount that can be accounted for by domestic production and imports. That’s a big problem since oil prices move up or down based on the U.S. crude oil storage report. Oil stocks in inventory represent surplus supply. Increasing or decreasing inventory levels generally push prices lower or higher because they indicate trends toward longer term over-supply or under-supply. Why Inventories Matter Inventory levels have reached record highs since the oil-price collapse in 2014. This surplus supply is a major factor keeping oil prices low. Current inventories are 45 million barrels higher than 2015 levels, which were more than 100 million barrels higher than the average from 2010 through 2014 (Figure 1). Until the present surplus is reduced by almost 150 million barrels down to the 2010-2014 average, there is little technical possibility of a sustained oil-price recovery. http://l2.yimg.com/ny/api/res/1.2/QD...026699ccabd700 (Click to enlarge) Figure 1. U.S. Crude Inventories Are ~150 Million Barrels Above Average Levels. Source: EIA, Crude Oil Peak and Labyrinth Consulting Services, Inc. U.S. inventories are critical because stock levels are published every week by the U.S. EIA (Energy Information Administration). The IEA (International Energy Agency) publishes OECD inventories, but that data is only published monthly and it measures liquids but not crude oil. It also largely parallels U.S. stock levels that account for almost half of its volume. Inventories for the rest of the world are more speculative. Understanding U.S. Stock Levels Understanding U.S. stock levels should be straight-forward. Every Wednesday, EIA publishes the Weekly Petroleum Status Report which includes a table similar to Figure 2. http://l3.yimg.com/ny/api/res/1.2/C1...b081c0abb20f39 Figure 2. EIA publishes adjustments and defines them as “Unaccounted-for Oil.” Source: EIA U.S. Petroleum Status Weekly (Week Ending September 16, 2016), Crude Oil Peak and Labyrinth Consulting Services, Inc. The calculation to determine the expected weekly stock change is fairly simple: Stock Change = Domestic Production + Net Imports – Crude Oil Input to Refineries Domestic production and net imports account for crude oil supply, and refinery inputs account for the volume of oil that is refined into petroleum products. If there is a surplus, it should show up as an addition to inventory and a deficit, as a withdrawal from inventory. But that’s not how it works because EIA uses an adjustment in order to balance the books (Table 1). http://l3.yimg.com/ny/api/res/1.2/u5...920ebefc108288 Table 1. Calculation of Crude Oil Stock Change. Source: EIA Petroleum Status Weekly, Crude Oil Peak and Labyrinth Consulting Services, Inc. The logic is that estimated stock levels in tank farms and underground storage are relatively dependable and that any imbalance must be from less reliable production, net import or refinery intake data. Related: Nigerian Oil Anxieties Mount, Even With OPEC Exemption There is nothing wrong with adjustment factors if they are small in comparison to what is to be balanced. In the Table 1 example from September 2016, however, the adjustment is 60 percent of the stock change–a bit too much. A one-off perhaps? No, it’s a permanent problem that has gotten worse during the last several years. Figure 3 shows that crude oil supply and refinery intake of oil vary considerably on a weekly basis. The balance is cumulatively negative over time beginning with a zero balance in January 1983. That suggests that crude oil stocks should be falling over time but instead, they have been rising. |
Oh no! Not cheap petrol ruining the economy again!!'
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Quote:
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**** it, it's time to buy a truck with a V8 in it.
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Crude hit $61 today, the highest sine 2015.
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