Posted on 11/14/2018 7:44:01 AM PST by bananaman22
Crude oil prices crashed yesterday, losing 7 percent in just one day, which was the biggest daily loss in three years and today continued down in early trading as headwinds overwhelmed any bullish factors.
After a rather rocky start to Wednesday trading, oil prices managed to tick upward, with WTI trading at 2.32% by 10:14am EST. Brent had rallied 2.63% to trade at $67.19 at the time of writing, despite pressure by a vicious combination of demand outlook, oversupply concerns and a couple of other factors such as President Trump’s call on OPEC to keep production at current levels.
(Excerpt) Read more at oilprice.com ...
But gas jumped $.30 here in California because for sure it was going over $100. Oh well, surely with a 7% drop, I’m going to save a quarter a gallon starting today, since we’re all involuntary players in the oil futures market
I want $2/gal, alcohol free, 87 octane gas.
I am with you on the prices and quality. Here in Washington State, gas has been over $3.25 for months. Just two weeks ago I was riding the E mark on the gauge trying to find gas under $3.66. $3 is highway robbery, with the crude prices at current levels we should be in the $2.50 level in HIGH TAX Soviet WA.
I bought Superior Drilling Products (SDPI-NYSEAMERICAN) at $4.06 and it was 97% bullish. Then the prices start falling and now it is $1.90. Not sure whether to buy more. They just announced quarterly results and it was all positive.
Anyone from the finance world out there who can offer an opinion?
In San Antonio gas prices are now $2.15 for 87.
Trump’s manipulation of the oil market is going to bite him in the butt. A huge base of his support came from oil and gas producing states which will be dramatically hurt if this price dive continues. Also, his much touted goal of energy independence for the US will only happen if prices are high enough to incentivize shale production growth by domestic producers. If rates of return drop below the expectations of investors, the shale business will start shrinking very soon.
Unfortunately, capital budgets have already been set through the end of the year, which means that we will see growing production in a down price environment. That will drive the price down even further and wreak economic chaos on the shale oil producers next year.
Cut the twitter chatter on oil prices Trump and let the market dictate price.
That’s a Democrat run state for you.
That is what deep state control of a market does to you. A long time ago people in he oil patch were complaining as to what they could do with something that costs $0.02 a gallon. They figured that out.
Bought some in Central TX yesterday for $2.13/gal., and it really should be cheaper. CA really should start bringing its petroleum to market in order to get a price break.
??? Oil going into a bear market? I can only surmise the reason behind a bear in oil is due to a negative economic outlook for the globe. Where is China’s unofficial growth rate at I wonder?
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