Current Oil Price

biffvernon · Post by **biffvernon** » 24 Jul 2015, 18:44

Down to $48.45 today.

More frackers go to the wall.

AutomaticEarth · Post by **AutomaticEarth** » 01 Aug 2015, 08:27

Oil seems to be on a downward trend again lately. I'd expect that the summer driving season would have held prices up somewhat.

Yet more frackers will be going to the wall

biffvernon · Post by **biffvernon** » 01 Aug 2015, 08:46

Oil saw its worst monthly drop since the 2008 financial crisis after signs that top producers in the Middle East were continuing to pump at record levels despite a growing global gut.
A higher U.S. oil rig count for a second week in a row added to the market's downside. Uncertainty ahead of key U.S. oil production and rig count data due later in the day also weighed on prices, despite a weaker dollar, which would normally support commodities.

U.S. crude closed down $1.40, or 2.89 percent, at $47.12 a barrel. The contract fell nearly 21 percent for the month of July, marking its largest monthly decline since October 2008, when oil had an epic collapse at the outbreak of the financial crisis. Brent fell 18 percent on the month.

Meanwhile, Brent was down $1.10 at $52.21 a barrel.

https://www.google.co.uk/search?q=oil+p ... 0&ie=UTF-8

Plunging crude oil prices weighed on quarterly earnings at the world's biggest oil company.
Exxon Mobil reported it earned $4.2bn (£2.68bn) in the second quarter, which marked a drop of more than 50% from last year.

http://www.bbc.co.uk/news/business-33734134

PS_RalphW · Post by **PS_RalphW** » 03 Aug 2015, 18:14

Brent drops below $50.

US markets down.

Post by **adam2** » 03 Aug 2015, 19:41

PS_RalphW wrote:Brent drops below $50.

US markets down.

Shocking ! the reasons for the fall in oil prices are fairly clear, but I find the scale of the fall to be shocking.
I never expected to see a sustained price of under $100 again.

AutomaticEarth · Post by **AutomaticEarth** » 03 Aug 2015, 22:42

adam2 wrote:
PS_RalphW wrote:Brent drops below $50.

US markets down.
Shocking ! the reasons for the fall in oil prices are fairly clear, but I find the scale of the fall to be shocking.
I never expected to see a sustained price of under $100 again.

Brent below $50. More frackers going pop

AutomaticEarth · Post by **AutomaticEarth** » 03 Aug 2015, 22:47

Sorry, meant to say oil futures below $50.

Diesel cheaper than petrol. Last time oil was this cheap (late Jan 2015), fuel was quite a bit cheaper than it is now.

Good that I am burning a lot less fuel than the last 6 years

emordnilap · Post by **emordnilap** » 04 Aug 2015, 10:16

Quite a good piece here:

Throughout the world, analysts no longer refer to bitumen as Canada's destiny, but as a stranded asset. They view it as a poster child for over-spending, a symbol of climate chaos, a signature of peak oil and a textbook case of miserable energy returns. Nearly $60-billion worth of projects representing 1.6 million barrels of production were mothballed over the last year.

Source

biffvernon · Post by **biffvernon** » 07 Aug 2015, 21:42

And with our ticker below $45, here's more on the new peak oil thinking:
http://www.resilience.org/stories/2015- ... -you-think

biffvernon · Post by **biffvernon** » 11 Aug 2015, 20:12

US oil settles at a six-year low of $43.08 a barrel.

http://www.cnbc.com/2015/08/10/oil-pric ... -yuan.html

johnhemming2 · Post by **johnhemming2** » 11 Aug 2015, 20:15

What we saw before the 2008 spike was demand greater than production for a few years.

biffvernon · Post by **biffvernon** » 11 Aug 2015, 20:20

Er, unless we're redefining 'demand', I thought demand and production were exactly equal, the unseen hand of the market place making it so.

johnhemming2 · Post by **johnhemming2** » 11 Aug 2015, 20:28

You forget stocks.

biffvernon · Post by **biffvernon** » 11 Aug 2015, 21:50

Well, I did actually wonder about stocks, but decided that they were pretty trivial and in any case I wasn't sure at what point one ought to count the oil as 'produced'. When it leaves the well-head? When it leaves the filling station forecourt? Or somewhere in between. I don't think that changes the argument.

johnhemming2 · Post by **johnhemming2** » 11 Aug 2015, 22:07

I use the IEA figures.