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Brent prices fell and U.S. oil made only marginal gains on Thursday despite a government report showing big declines in some U.S. stockpiles and signs of strong demand, "the strongest single week's data for several years," according to Standard Chartered PLC.
U.S. oil stockpile decline reverses nine weeks of builds: EIA
The nuke deal may get shredded at this rate, and there goes a chunk of Iran oil onto the open market in all likelihood
OIL UPDATE - HAS THE ADVANCE FINALLY RUN OUT OF STEAM?...
originally published May 30th, 2016 in the Various Reports Sector
http://www.clivemaund.com/article.php?art_id=3819
The trend is becoming our FRIEND!
Looking at june options...
AGREED. Energy is making moves...
NYMEX crude gains strongly in Asia on production deal focus http://m.investing.com/news/commodities-news/nymex-crude-gains-strongly-in-asia-on-production-deal-focus-388279
(OIL)a little bounce ...But i believe $3.30 is the actual bottom area, and $4.90 top for now! all In my Opinion.
Seems logical, however , alt energy has actually grown with oil decline. Many say the industries are so disconnected that the normal inverse relationship one would expect is , as of now, not so. Oil will be back, as it always has been, and always will be. Cyclical
Agreed. On top of everything, the incentive for alternative energies becomes weak.
Never thought I would say this but imo I think oil is trash now there's just to much of it to be worth anything
Is Something Blowing Up In OIL?
Submitted by Tyler Durden on 01/21/2016 14:13 -0500
http://www.zerohedge.com/news/2016-01-21/something-blowing-oil
Yep. Completely agree! Drop some serious cash and watch your money grow when OIL rebounds
Don't know about you but can see price per barrel dropping to $25 or less and the PPS here on OIL dropping to or below $4
That to me would be a great spot to go long on
Current PPS now at $5.32
OIL - sorry longs ; really enjoying the lower prices @ the pumps ...... current 5.88
Ha! " I think I want my money back" , lol, you seem to be doing fine today, it's roaring.
looking good people........LOL current 6.71
People at the pumps are not complaining . Where I live regular is down to $1.93 a gallon
Again. Why are option premiums so freaking cheap on OIL. Can someone explain. Thanks in advance.
$OIL I think the fact that we have to perform a series of stress test on oil shows a lack of certainty in our current state.
Why are the option premiums on OIL so freaking cheap. Can anyone explain that. Thanks in advance
Interesting. Does this have any life left. I'm considering go long on this. What's your take on OIL. Thanks in advance.
Any credibility to this?
http://venezuelanalysis.com/news/11522
Santa Elena, September 23rd, 2015. (venezuelanalysis.com) –Venezuelan Foreign Minister Delcy Rodriguez said Saturday evening that Saudi King Salman and President Nicolas Maduro had spoken on the phone and reached an understanding concerning oil cooperation.
"Both heads of state agreed to deploy joint efforts to recover the stability of the oil market and strengthen OPEC," Rodriguez said on Twitter.
Maduro has lobbied for months for an emergency meeting of the Organization of Petroleum Exporting Countries (OPEC) and coordination with non-OPEC oil producers to cut production in order to stem the downward trend in oil prices, which last month reached a six-year low.
Venezuelan crude now hovers just above $40 a barrel which, in stark contrast to last year’s $100 barrel, has played a major role in the country’s current economic strife.
The South American nation relies on oil for 97 percent of its foreign income.
Despite Rodriguez’s affirmations, Saudi Arabian representatives have previously said they see no need to interfere in the oil market, or call an emergency summit.
Indeed, analysts have pointed to the Gulf nation, the largest oil exporter in the world, as a key player in a game of strategy that has seen a decline in prices as nations vie for market share.
In response, Venezuela recently tried a different tactic. Rather than aiming for production cuts, government officials alluded last week to a proposal that would focus on sustaining a price floor based on quarterly analyses.
“The minimum, minimum price should be $70,” Maduro said during a televised speech last week. “Oil at $70 a barrel guarantees investments needed for global energy and economic stability.”
"This is a win-win proposal. Nobody wins with unstable prices,” the Venezuelan leader added.
Venezuelan Oil Minister Eulogio Del Pino has emphasized a coordinated effort as necessary, not only for the good of Venezuela’s economy, but for other oil-producing nations as well.
“Our average production cost is less than $10 per barrel and if we go to a price war, it is obvious that the low-cost countries will have certain levels of gains, but we recognize that low-cost producers can’t fill the void in worldwide production of oil,” said Del Pino, who is also president of the state oil company PDVSA.
Early in September, President Maduro met with Russian leader Vladimir Putin in Beijing, who agreed to "several initiatives" to balance the market, Venezuelan state media reported.
However, Kremlin spokesperson Dmitry Peskov said at the time “no concrete steps were taken,” and Russian Energy Minister Alexander Novak said last week that Moscow had rejected Venezuela’s request to cut output.
The Venezuelan President announced last week forthcoming plans to travel East to lobby for an urgent OPEC summit.
Currently the Head of State is touring the Caribbean, reaffirming political and economic ties in countries such as Trinidad and St. Kitts & Nevis.
totally agree.......supply & demand is a tricky game...IMO
Market should start findings its bottom soon although recovery will not come fast in my opinion.
hey Timothy Smith, thxs fo the info !!! ''''''current 7.18
EIA Petroleum Inventories:
• Crude -5.5M barrels vs. +1M consensus, +2.6M last week.
• Gasoline +1.7M barrels vs. -1.1M consensus, -2.7M last week.
• Distillates +1.4M barrels vs. +1.1M consensus, +0.6M last week.
• Futures +0.25% to $39.11
anyone hit the short mark ?? LOL //// current 7.01''''''' volume 11,400,000 plus......
yeap, you got that right.....buy when there's blood in the streets.......current//////7.62
im buying all what i can!!!! OIL 52 weeks low
man, the oil stock really taking a hit.....thats' ok , have to burn premium in my old work truck & in my business equip...past 15 yrs, the break is nice......short it to 7.00////////current .....8.12
Reference Note only: OIL PPS Close
July 24th 2014 $24.82
July 24th 2015 $ 9.48
Looks like this is coming in fruition
Not a good day for oil today but better days on the horizon.
I agree, the last three months have seen a nice recovery trend and that $80 a barrel by August estimate sounds very reasonable.
Oil prices seem to be on a steady rise now after the 50% collapse. Some see the price per barrel going back to $80 by August as drillers shut down. Could be oil prices went down too far and are now rebounding to a more acceptable level for producers yet still cheaper for consumers than that over $100/barrel price. Do you see a reversal in that trend ? TIA
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http://finance.yahoo.com/q/h?s=OIL
The investment is linked to the performance of the Goldman Sachs Crude Oil Return Index and reflects the returns that are potentially available through an unleveraged investment in the futures contacts comprising the index plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts. The index is derived from the West Texas Intermediate (WTI) crude oil futures contract traded on the New York Mercantile Exchange. The fund is nondiversified.
iPath S&P GSCI Crude Oil Total Return Index ETN is a sub-index of the S&P GSCI Commodity Index. The S&P GSCI Crude Oil Total Return Index reflects the returns that are potentially available through an unleveraged investment in the West Texas Intermediate (WTI) crude oil futures contract plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts. The S&P GSCI is an index on a production-weighted basket of futures contracts on physical commodities traded on trading facilities in major industrialized countries. The S&P GSCI is designed to be a measure of the performance over time of the markets for these commodities.
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