Current Oil Price

AutomaticEarth · Post by **AutomaticEarth** » 14 Jan 2015, 19:55

Oil up over 2$ - have we reached the bottom?

biffvernon · Post by **biffvernon** » 14 Jan 2015, 20:18

vtsnowedin wrote: Do I really need to Know the other two?

I'll let OrraLoon explain about
3. The Scottish version of Faux News is based at Pacific Quay, Glasgow.

I think it may have involved a garden festival.

AutomaticEarth · Post by **AutomaticEarth** » 14 Jan 2015, 21:55

Oil over 2$

PS_RalphW · Post by **PS_RalphW** » 14 Jan 2015, 22:00

AutomaticEarth wrote:Oil up over 2$ - have we reached the bottom?

The monthly contract expired, and traders who have been too busy selling suddenly found themselves short of oil to transfer to the spot market. This happens occasionaly and produces sudden jumps in price, but does not indicate a major shift in the market. It might be an early indicator of bottoming out, too soon to tell.

vtsnowedin · Post by **vtsnowedin** » 15 Jan 2015, 00:01

I thought the Northern Irish were "Orange men"

Little John · Post by **Little John** » 15 Jan 2015, 01:04

vtsnowedin wrote:I thought the Northern Irish were "Orange men"

That'll be the Northern Irish Protestants. Or, at least, some of them. I would think most Northern Irish protestants, like most Northern Irish Catholics, don't really give a shit so long as the good times are rolling. It's when the good times stop that people tend to retreat into their tribes and, whilst unfortunate, it's understandable

Post by **kenneal - lagger** » 15 Jan 2015, 04:13

Could be some retreating to do soon then!

PS_RalphW · Post by **PS_RalphW** » 15 Jan 2015, 11:38

BP anticipates oil at $50 for 3 years.

http://www.bbc.co.uk/news/business-30827910

They have been spectacularly wrong many time before.

300 jobs cut in Scotland.

Yesterday's Brent jump is already drifting down again.

AutomaticEarth · Post by **AutomaticEarth** » 15 Jan 2015, 12:56

Brent up to about $50 again - $4 above yesterdays spot price - makes you wonder if we're near the bottom now......

PS_RalphW · Post by **PS_RalphW** » 15 Jan 2015, 13:23

I suspect this is linked to the chaos in the currency markets. Switzerland has decoupled from the Euro, which is declining to new lows as a result. Euro QE seems less likely , the Swiss markets are tanking, but fears of Greek default have been falling on the assumption that QE would bail them out again.

It makes my head spin. I sincerely hope I get the job I am being interviewed for next week. I can see major instability in the financial system in the coming months.

AutomaticEarth · Post by **AutomaticEarth** » 15 Jan 2015, 21:59

Oil back down over 1.7%.

AutomaticEarth · Post by **AutomaticEarth** » 15 Jan 2015, 22:33

Oil down by 3.4%

AutomaticEarth · Post by **AutomaticEarth** » 20 Jan 2015, 16:39

WTI drops suddenly by about $1.50 to about $47 while Brent is staying just under $49. Guess the drop in WTI is about US jobs data / IMF growth predictions etc?

Meanwhile, an oil exec predicts petrol in US will go to $5 in the not-too-distant future:

http://www.cnbc.com/id/102350625

Post by **kenneal - lagger** » 20 Jan 2015, 17:43

Once the drilling stops, especially in the shale, it's only a matter of time until there's a new price spike. I shall be watching carefully to ensure that I get my red diesel tank filled at the bottom of the market and I'll ask for a price on ordering to make sure that it doesn't go up before delivery.

PS_RalphW · Post by **PS_RalphW** » 22 Jan 2015, 16:41

Oil drifting down again towards $48 Brent.

The US has another unique sector of the oil industry, the stripper well.

http://peakoil.com/forums/viewtopic.php?f=1&t=70891

up to half a million wells pumping 15 barrels a day or less. Combined they pump nearly 1M barrels. However, at $46 WTI a lot of them are now cash flow negative, and have huge plugging cost liabilities. These are mostly owned and operated by small , very small or single operator companies, and many of them won't be able to pay to plug wells. That will end up the liability of the state.

So , in the US , oil ruins lives on a far more democratic scale, right down to the last drop.