Current Oil Price

[automaticearth2]

[https://www.reuters.com/business/energy ... 022-06-28/]

G7 trying to agree a price cap on Russian fossil fuels. This is totally against Mr Market, i.e. it's seen as Marxism, but this is what is needed. This is what Command Capitalism is about, or otherwise known as National Socialism. Oops, sorry.... a mister Adolf Hitler gave productive enterprise a very bad name...

[PS_RalphW]

Oil dips below 100 dollars, which is as low as it has been since the invasion of Ukraine. Unfortunately stirling is also very low against the dollar, so oil is still near record costs here

[adam2]

Brent crude back over $100, briefly yesterday evening and for much of today.
I expect it to go higher. The record high natural gas price will encourage use of oil instead, especially for electricity generation.

[PS_RalphW]

Opec and Russia discussing cutting production quotas by up to 2m barrels a day. However. Production is 0.8mbpd below quota already. So this may simply acknowledging that Opec countries overall are past peak. Noticeable that sanctions on Russian oil production has only reduced Russian exports marginally.

Oil had fallen to 85 dollars before this brought it back over 90

[PS_RalphW]

Oil now down to 76 dollars, down 20 dollars in a month. The price cap of 60 dollars on Russian crude is looking more and more irrelevant. Either way, this will hurt Putin’s finances. Is this fall due to increased supply or anticipated falling demand?

[johnny]

Oil now down to 76 dollars, down 20 dollars in a month. The price cap of 60 dollars on Russian crude is looking more and more irrelevant. Either way, this will hurt Putin’s finances. Is this fall due to increased supply or anticipated falling demand?

Watching global stocks is how most market watchers work the problem. Globally they've been building, reached a peak, dropped a little, and lately have been stable. In light of claims of folks cutting production and whatnot, the war and Russian interruptability, and stocks being stable, that hints at a lack of demand due to macro-economic factors. Lower demand is a good one.

[PS_RalphW]

Oil down 6%, gas down, markets down 3%, sterling and Euro down on the falling value of Credit Suisse shares, down 30% after the Saudis refuse to give it more capital.

Other banks also down.

[clv101]

Those OBR forecasts from this afternoon aren't going to last the week are they!

Gold at record highs? Where's the smart money going? Government bonds back in vogue?

[adam2]

Oil prices rise significantly as OPEC cut production.
https://www.bbc.co.uk/news/business-65157555

[UndercoverElephant]

Oil prices rise significantly as OPEC cut production.
https://www.bbc.co.uk/news/business-65157555

Nobody saw that one coming.

[BritDownUnder]

If the UK is going to stick to a price cap then maybe some form of petrol rationing might be a good idea?

It would be nice if OPEC orders a production cut and the West matches it with a cut in consumption. All these electric cars being sold will gradually have an effect. Would be nice to get some decent electric trucks too.

[cubes]

Can you imagine the protests if they did this lol

[clv101]

Europe 'should' have had a fuel reduction effort, 55 mph limits etc from the day of invasion. Stick it to Putin, cut demand for his main export. But no, never considered.

[adam2]

Saudi Arabia have promised to cut oil production.
In VERY early morning trade in London Brent crude rose by about $2

https://www.bbc.co.uk/news/business-65804768

[kenneal - lagger]

Europe 'should' have had a fuel reduction effort, 55 mph limits etc from the day of invasion. Stick it to Putin, cut demand for his main export. But no, never considered.

Reduction in the use of anything cuts growth so is a very last resort for any government. Putin obviously isn't anywhere near "last resort" time.

Saudis will probably win out on a small reduction in output as it will put the price of their crude up more than enough to cover the loss in production. Russia will probably gain from it as well as people like the Chinese will buy more of their crude because they're getting it very cheap. India too, probably!