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Opinion: $50 is the new ceiling for oil prices

Published: Jan 14, 2015 12:05 p.m. ET

[h=2]History and economics suggest oil will trade between $20 and $50

[/h] By

[h=3]AnatoleKaleksky[/h]



LONDON (Project Syndicate) – If one number determines the fate of the world economy, it is the price of a barrel of oil CLG5, +0.15% . Every global recession since 1970 has been preceded by at least a doubling of the oil price, and every time the oil price has fallen by half and stayed down for six months or so, a major acceleration of global growth has followed.
Under this competitive logic, the marginal cost of U.S. shale oil would become a ceiling for global oil prices. [more]
$50 is the new ceiling for oil prices - MarketWatch
 
That crap you're spewing needs a * in front of it. You're leaking common sense again.


You wanna take it to those threads?
 
Went to NOLA this weekend. Got to fill 'er up at $1.75 and got some $1.82 fuel on the way back in Ocean Springs, MS.

Still around $1.96 in P-cola. That's all right. Tourism pays our bills. :)
 
[h=1]US oil services firms slash jobs as crude prices plunge[/h]New York (AFP) - Big winners in the US shale-oil boom, energy services providers now are slashing jobs to preserve their profits and margins from the rapid dive in oil prices.Over the past month, the sector's three largest companies have announced 17,000 job cuts in the oil patch even as they notched up robust earnings in 2014.
Schlumberger, the world's largest oilfield services company, has ordered the lion's share of layoffs: 9,000, or 7.5 percent of its workforce.
Baker Hughes, the number three firm, which is being acquired by number-two Halliburton, is shedding 7,000 employees, representing 11.3 percent of its staff, with most of them to be shown the door by the end of March.
As for Halliburton, 1,000 jobs are being eliminated outside the Americas and the company has signaled that was just the beginning. "We expect our headcount adjustments to be in line with our primary competitors," the company warned.[more]
http://finance.yahoo.com/news/us-oil-services-firms-slash-jobs-crude-prices-213743881.html
 
[h=1]Oil Climbs as Saudi King’s Death Spurs Policy Speculation [/h] Jan 23, 2015 2:48 AM ET

By Ben Sharples and Sharon Cho


Oil rose after the death of King Abdullah of Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries.
Futures rallied as much as 3.1 percent in New York and 2.6 percent in London after the Saudi royal court announced the death in a statement. Crown Prince Salman bin Abdulaziz will succeed Abdullah on the throne. The kingdom, the world’s largest crude exporter, led OPEC’s decision to maintain its oil-production quota at a meeting in November, exacerbating a global glut that’s driven prices lower.
“The passing of King Abdullah is going to increase uncertainty and increase volatility in oil prices in the near term,” Neil Beveridge, a Hong Kong-based analyst at Sanford C. Bernstein & Co., said by phone. “I wouldn’t expect a change in policy in the near term to be known, but the passing comes at a challenging time for Saudi Arabia.”
Oil fell almost 50 percent last year as the U.S. pumped at the fastest rate in more than three decades and OPEC resisted calls to cut output. Crude stockpiles in the U.S., the world’s biggest oil consumer, rose by 10.1 million barrels through Jan. 16, the Energy Information Administration reported on Thursday. That was the biggest volume gain since March 2001.
[h=2]Policy Uncertainty[more][/h]http://www.bloomberg.com/news/2015-01-22/oil-surges-after-saudi-media-reports-king-abdullah-s-death.html
 
[TABLE="class: tablewrapper"]
[TR]
[TD="class: econo-reportname, colspan: 2"]EIA Petroleum Status Report
[/TD]
[/TR]
[TR]
[TD="colspan: 2"]
Economic Calendar - Bloomberg
[TABLE="class: actual_consensus_box"]
[TR="class: actual_consensus_toprow"]
[TD]		PriorActual
Crude oil inventories (weekly change)
Gasoline (weekly change)
Distillates (weekly change)

[TD="class: econo-releaseinfo"] Released On 1/22/2015 11:00:00 AM For wk1/16, 2015
[/TD]

[TD="class: actual_consensus_box_numbers"]5.4 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 10.1 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]3.2 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 0.6 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]2.9 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] -3.3 M barrels [/TD]
[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[/TABLE]
 
[h=1]Oil prices turn positive as OPEC secretary general calls bottom to market[/h]
LONDON (Reuters) - Oil prices turned positive on Monday, erasing early losses after the Secretary-General of the OPEC producer group said he expected the market to bottom out around current levels.
March Brent crude (LCOc1) was trading at $49.13 per barrel by 1317 GMT, up 34 cents, bouncing from an early low of $47.57.
"Now the prices are around $45-$55 and I think maybe they reached the bottom and will see some rebound very soon," Abdullah al-Badri, Secretary-General of the Organization of the Petroleum Exporting Countries said in an interview.
West Texas Intermediate (WTI) crude for March delivery (CLc1) was at $45.94 a barrel, up 35 cents. Front-month WTI had touched an intraday low of $44.35, just above the $44.20 hit on Jan. 13, which was its lowest level since April 2009.
http://finance.yahoo.com/news/oil-falls-greek-election-sends-030119435.html
 
[h=1]Oil price recovers as dollar weakens against euro[/h] By Himanshu Ojha

LONDON Tue Jan 27, 2015 5:47am EST


(Reuters) - Oil prices steadied above $48 a barrel on Tuesday, recovering from earlier losses as the dollar weakened against the euro.
Brent crude oil futures LCOc1 rose 22 cents to $48.38 a barrel by 1042 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 10 cents to $45.25 a barrel.
The euro rose for a second day against the dollar EUR= after an 11-year low on Monday, ahead of a meeting of the Federal Reserve that may push back expectations for when U.S. interest rates will start to rise.
Prices were also supported after the Secretary-General of the Organization of the Petroleum Exporting Countries, Abdullah al-Badri, said oil prices may have bottomed out and warned of a jump to $200 a barrel if investment in new supplies was too low.[more]
Oil price recovers as dollar weakens against euro | Reuters
 
Crude is at $44 and change a barrel, and RBOB gasoline is at $1.34 over on CME Chicago board of trade today.


How low can it go?

justin-fm-limbo-big.jpg
 
Gas prices at the pump move up and down on a daily % rate more than the stock market.
I've seen 30 cent shifts up and down in a 4 day period. Crazy
 
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