Oil Slick Stuff

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[h=1]Gas prices up? Who is causing that and why?:cool:
Oil moves nearer six-year low on Japan data, oversupply[/h]LONDON (Reuters) - Oil fell towards six-year lows on Monday, on data showing the economy of Japan, the world's third biggest oil consumer, contracted in the second quarter. The global oversupply picture was exacerbated by another weekly jump in U.S. oil rig additions, hinting at growing production, and news that Oman produced a record-breaking 1 million barrels a day in July.
U.S. crude, or West Texas Intermediate (WTI), for September was trading 36 cents lower at $42.14 a barrel at 1038 GMT, close to its lowest level in more than six years.
Brent for October edged back, up 22 cents at $49.41 a barrel, having reached a intraday low of 48.35. This was a few dollars shy of its six-year low of $45.19. The September contract expired on Friday.
Over the past two weeks, U.S. crude prices have fallen by more than 10 percent on U.S. supply concerns. Brent has fallen at a slower rate of around 4 percent.[more]
Oil moves nearer six-year low on Japan data, oversupply - Yahoo Finance
 
ch.gaschart



anybody have a logical explanation for the chart above?
 
James48843 said:
Price shock today:


One refinery where "somebody breaks something" and suddenly pump prices go up 50 cents in one day?

Hmmmmmmm....

Read more: Gas prices to rise across Midwest
Click to expand...

Yup,
CNBC was talking to an oil industry spokesman who was desperately trying to justify gas prices at $3.50 when Oil prices are at levels where we were buying gas for $1.79 6 years ago.
When the Oil guy mentioned that "the 7th biggest refinery in the country went down" as the main reason for the high prices, one of the CNBC hosts said "How does that still justify Gasoline going up while oil is in free-fall and why do these sudden refinery problems almost always show up during times when oil is dropping fast"?. The oil industry guy looked totally caught off guard and just uhm-d and ahh-d and just basically repeated his refinery closure announcement as well as summer fuel blend (which has some effect but not doubling the price). :rolleyes:

We might see a big drop-off in gas priced in the fall if oil continues to fall...but if oil stays steady or comes up slightly its guaranteed the price at the pump will aslo stay at the same over-inflated level.
 
[h=1]U.S. oil fall longest in 29 years after China data[/h]By By Christopher Johnson | Reuters – 2 hours 6 minutes ago



By Christopher Johnson
LONDON (Reuters) - U.S. oil prices headed for their eighth consecutive week of falls on Friday, the longest losing streak since 1986, after a sharp drop in Chinese manufacturing increased worries over the health of the world's biggest energy consumer.
Activity in China's factory sector shrank at its fastest pace in almost 6-1/2 years in August as domestic and export demand dwindled, adding to worries about lower consumption of crude in the second-biggest oil user.
Asian stocks followed Wall Street lower as fears took hold of a China-led slowdown in global growth.
U.S. crude for October delivery <CLc1> was 50 cents lower at $40.92 a barrel by 1230 GMT. On Thursday, the September U.S. crude contract <CLU5> saw its lowest intraday trade since March 2009 at $40.21 a barrel before it expired at the market close.
Brent oil <LCOc1> was on track for its seventh weekly decline in eight, down 60 cents at $46.02 a barrel, after settling 54 cents lower on Thursday.
Both global oil benchmarks are near 6-1/2-year lows, with U.S. crude heading for its longest weekly losing streak in 29 years.
"The market is stuck in a relentless downtrend," said Robin Bieber, a director at London brokerage PVM Oil Associates.
"The trend is down - stick with it."
In late 1985, oil prices slumped to $10 from around $30 over five months as OPEC raised output to regain market share following an increase in non-OPEC production.
"Weighing on prices is the continued ample supply with crude oil builds in the U.S. and OPEC pumping at record levels," said Michael Poulsen at Global Risk Management. "Fear of slowing growth in China is increasing."[more]
https://ca.news.yahoo.com/feels-1986-oil-track-longest-weekly-losing-streak-035541792--finance.html
 
[h=1]In downturn, frackers turn to toilet water in drought-prone Texas[/h]By By Anna Driver | Reuters – 12 hours ago


By Anna Driver
HOUSTON (Reuters) - Top shale oil producer Pioneer Natural Resources Co <PXD.N> has found an unusual way to both save water and cut costs for its wells: tapping the treated runoff from toilets, sinks and showers in west Texas.
Pioneer has signed an 11-year, $117 million deal with the city of Odessa, Texas that will guarantee it access to millions of gallons of treated municipal wastewater each day, for use in nearby oilfields. Deliveries of the so-called effluent, are expected to start at the end of the year.
As crude oil has slid to its lowest level in six years - currently about $40 a barrel - oil and gas companies pumping from shale rock have tried to cut every unnecessary penny from their operations. Water acquisition and transportation can be up to 10 percent of the cost of drilling and fracking a well, according to consulting firm IHS.
Producers are also trying to mitigate long-term risks of water scarcity in the arid Permian Basin of West Texas, where the top U.S. oilfield is situated.
Oil and gas companies operating in area, including Pioneer and Apache Corp <APA.N>, have long sought cheaper, more environmentally sound sources of water to use for fracking.
For example, both companies have drawn some of the water they use in their operations from the Permian's brackish aquifers, which contain water unfit for drinking. Both companies also have worked to recycle water that is used for frack jobs or found in the ground while drilling.[more]
https://ca.news.yahoo.com/downturn-...r-drought-prone-texas-051028704--finance.html
 
Just after Labor Day a gas station near me had fallen to $1.67. By 9/10 that station was at $2.25. This morning some gas stations are down to $2.03 but most are between $2.10 and $2.15.
 
Oil falls after U.S. warns on health of global economy
LONDON (Reuters) - Oil prices fell on Friday after the U.S. central bank warned on the health of the global economy and bearish signs persisted that the world's biggest crude producers would keep pumping at high levels.
The Federal Reserve decided against raising interest rates from historic lows on Thursday, saying uncertainty about global economic growth had forced its hand.
The bearish sentiment sent European stock markets sharply lower on Friday, with London's FTSE 100 (.FTSE) and Frankfurt's Dax (.GDAXI) down 1.4-2.8 percent.
The oil market had mixed reactions to the Fed decision, with concerns about economic weakness sending commodities lower, but a fall in the U.S. currency also meant buying dollar-traded crude became cheaper.[more]
Oil falls after U.S. warns on health of global economy - Yahoo Finance
 
[h=1]Oil prices will rebound much faster than market is predicting, Barclays says[/h]
Published: Oct 15, 2015 5:01 a.m. ET

Oil prices are likely to jump much faster than the market currently expects, in order to meet expected demand by the end of the decade, according to Barclays’s analysts.
In the bank’s latest analysis of the oil market, dated Oct. 14, its strategists forecast that Brent oil LCOX5, -0.63% will rise to $85 a barrel by 2020, in their base-case scenario. That level is a far cry from the $65 a barrel that the futures curve is indicating at the moment.
Even in the bank’s low-demand scenario, the forecast of $75 is well above the futures curve, while Barclays’s high-demand case predicts prices at $100.

Brent traded around $49.50 a barrel on Thursday, while crude oil CLX5, -1.20% was at $46.17.
“Under any reasonable demand scenario (ranging from 0.9 million barrels a day to 1.4 million barrels a day of annual average demand growth from 2016-2020), prices need to move higher than what the oil-futures market is currently pricing in, or there will not be enough supply,” the analysts led by Michael Cohen, said in the report.[more]
Oil prices will rebound much faster than market is predicting, Barclays says - MarketWatch
 
[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 10/15/2015 11:00:00 AM For wk10/9, 2015 [/TD]

[TD="class: actual_consensus_box_numbers"]3.1 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 7.6 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]1.9 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] -2.6 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]-2.5 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] -1.5 M barrels [/TD]
[/TD]
[/TR]
[/TABLE]

[/TD]
[/TR]
[TR]
[TD="colspan: 2"] Highlights
Oil stocks rose a sharp 7.6 million barrels in the October 9 week to 468.6 million barrels. A drop in refinery demand for oil together with a rise in oil imports contributed to the build. Refineries operated at only 86.0 percent of capacity in the week which is low for this reading. Gasoline inventories fell 2.6 million barrels and distillate inventories fell 1.5 million in the week. But refineries may have to pick up production based on final demand measures which look strong with gasoline up a year-on-year 3.4 percent and distillates up 5.4 percent. Despite the large headline build for oil, WTI is little changed in initial reaction, holding near $45.75.
[/TD]
[/TR]
[TR]
[TD="class: econo-defaultpara, colspan: 2"] Definition
The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products. Why Investors Care
[/TD]
[/TR]
[/TABLE]
[More]
 
Last week we got as low as $1.97 around me. Then Monday it jumped up to $2.29. This morning a few stations are down to $2.09.
 
OPEC Export Price Falls Below $40 for First Time Since 2009

Grant Smith


November 16, 2015 — 8:53 AM EST

  • Average price of crude sold by OPEC's members falls to $39.21
  • Low prices hurting OPEC members as well as rivals: Petromatrix


The average price of crude sold by OPEC fell below $40 a barrel for the first time 2009, underscoring the financial cost of the group’s strategy to defend its market share.
The daily OPEC Basket Price fell to $39.21 a barrel on Nov. 13, according to an e-mail on Monday from the organization’s secretariat in Vienna. The basket, an average of export grades from each of the group’s 12 members, typically trades below international oil futures as some OPEC nations pump denser or higher-sulfur crude that’s less profitable to refine.
Oil has slumped since the middle of last year as the Organization of Petroleum Countries keeps output elevated to pressure rivals it sees as responsible for creating a global surplus. A decline in production among its higher-cost competitors including U.S. shale drillers has now slowed, with output still above last year’s level. With OPEC members’ revenues diminished, the group may reconsider its approach if the price slump persists, according to the International Energy Agency.
Low oil prices aren’t just problematic for higher-cost producers, said Olivier Jakob, managing director at consultants Petromatrix GmbH in Zug, Switzerland. “It is also providing a challenging fiscal environment” for OPEC nations, he said.
OPEC’s annual revenues may be curbed to $550 billion at current prices from an average of more than $1 trillion in the last five years, Fatih Birol, executive director at the IEA, said in London on Nov. 10. Even Saudi Arabia, the group’s biggest member, faces a budget deficit this year that the International Monetary Fund predicts will exceed 20 percent of gross domestic product.[more]
OPEC Export Price Falls Below $40 for First Time Since 2009 - Bloomberg Business
 
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