Oil Slick Stuff

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Big drop in the price of oil today....

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PessOptimist said:
Every place around here seems to be holding at $2.999 as if they are afraid to put up that 3.
Click to expand...
They found the 3s since then. Slowly settling back down to around $3.05. Go to place is $2.949. Hope it holds till tomorrow, I need gas. If not, it's a 12 gallon tank so I should quit complaining.

PO
 
[h=1]U.S. oil prices rally to highest level since 2014 as crude supplies notch biggest weekly drop of the year[/h]

Published: June 27, 2018 11:21 a.m. ET


Oil prices rallied Wednesday, with the U.S. benchmark heading toward its highest since 2014 as domestic crude supplies notched their biggest weekly drop of the year so far.
Traders also showed concerns over U.S. threats to sanction countries that don’t stop importing oil from Iran by Nov. 4.
On the New York Mercantile Exchange, August West Texas Intermediate crude CLQ8, +3.32% tacked on $2.03, or 2.9%, to $72.56 a barrel. It’s set to top the $72.35 finish from May 21, which was the highest since November 2014. August Brent crude LCOQ8, +2.06% the global benchmark, was up $1.65, or 2.2%, to $77.96 a barrel on ICE Futures Europe, aiming for the highest finish since May.
The U.S. Energy Information Administration reported Wednesday that crude supplies declined by 9.9 million barrels for the week ended June 22—the largest weekly decline so far this year. Analysts surveyed by S&P Global Platts had forecast a fall of 2.3 million barrels, while the American Petroleum Institute on Tuesday reported a drop of 9.2 million barrels. [more]

https://www.marketwatch.com/story/c...tial-supply-worries-linked-to-iran-2018-06-27
 
[h=1]Iran sanctions could soon push oil prices above $90 a barrel, Bank of America Merrill Lynch says[/h]
  • “We are in a very attractive oil price environment and our house view is that oil will hit $90 by the end of the second quarter of next year,” Hootan Yazhari, head of frontier markets equity research at Bank of America Merrill Lynch, said.
  • On Tuesday, the U.S. demanded that all countries halt imports of Iranian crude from early November. The Trump administration’s hardline position comes as part of a broader push to try to further isolate Tehran both politically and economically.
  • International benchmark Brent crude traded at around $78.18 on Thursday, up around 0.7 percent while U.S. West Texas Intermediate (WTI) stood unchanged at $72.72. [more]

https://www.cnbc.com/2018/06/28/ira...sh-oil-prices-above-90-a-barrel-boaml-sa.html
 
Oil prices ease on concerns about higher global production

Published: July 2, 2018 7:58 a.m. ET

Oil futures kicked off the second half of the year with some losses on Monday, amid concerns global oil producers could bump up production more than investors expect.
Crude contracts pared bigger losses earlier stemming from a weekend tweet from President Donald Trump who hinted of a big potential production increase from Saudi Arabia.
August light, sweet crude on the New York Mercantile Exchange CLQ8, -0.47% was recently down 22 cents to $73.90 a barrel. September Brent LCOU8, -1.55% fell around 43 cents, or 0.6%, to $78.80 a barrel.
WTI crude notched another finish at its highest since November 2014 on Friday, while also logging strong weekly, monthly, quarterly and first-half 2018 gains. Prices have driven higher by long-running efforts by the Organization of the Petroleum Exporting Countries to reduce production, anticipated increases in demand and supply disruptions. [more]

https://www.marketwatch.com/story/o...bigger-production-rise-from-saudis-2018-07-02
 
Oil Ticks Up Amid Supply Risks

Expectations of weaker exports from Iran support crude prices


By Christopher Alessi

Updated Aug. 14, 2018 11:09 a.m. ET
Oil prices rose Tuesday as expectations of weaker Iranian output offset signs of rising global supply.
Light, sweet crude for September delivery rose 1.3% at $68.04 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, climbed 1.1% to $73.41 a barrel.
“Since mid-July, the front month Brent crude oil contract has been caught in a $72 a barrel to $75 a barrel range in a tug of war between short term bearish weaknesses and medium term bullish Iran sanctions kicking in on November 4,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets. [more]

https://www.wsj.com/articles/oil-ticks-up-amid-supply-risks-1534245421
 
nnuut said:
Oil Ticks Up Amid Supply Risks

Expectations of weaker exports from Iran support crude prices


By Christopher Alessi

Updated Aug. 14, 2018 11:09 a.m. ET
Oil prices rose Tuesday as expectations of weaker Iranian output offset signs of rising global supply.
Light, sweet crude for September delivery rose 1.3% at $68.04 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, climbed 1.1% to $73.41 a barrel.
“Since mid-July, the front month Brent crude oil contract has been caught in a $72 a barrel to $75 a barrel range in a tug of war between short term bearish weaknesses and medium term bullish Iran sanctions kicking in on November 4,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets. [more]

https://www.wsj.com/articles/oil-ticks-up-amid-supply-risks-1534245421
Click to expand...

Now I know why gasoline jumped up fifteen cents a gallon yesterday. ;swear
 
[h=1]Oil Prices Jump On Saudi Arabia’s $80 Claim[/h]




Tsvetana Paraskova

Oilprice.com18 September 2018

Oil prices were up early on Tuesday morning amid reports that Saudi Arabia would be comfortable letting oil prices rise above $80 a barrel and OPEC may not be rushing into further production boost commitments after the one they agreed upon in June.
At 08:02 a.m. EDT on Tuesday, WTI Crude was up 0.80 percent at $69.54, while Brent Crude was trading up 0.79 percent at $78.71.
The Saudis are said to be comfortable with the current oil prices, and even with Brent Crude rising past $80 a barrel, at least in the short term, as the oil market and global supply will be adjusting to significantly reduced Iranian oil exports, Bloomberg reported on Tuesday, citing people familiar with Saudi Arabia’s thinking.
OPEC and its Russia-led non-OPEC partners in the production cut deal are meeting in Algiers this weekend to review the state of the oil market. The cartel and its allies will discuss how to divvy up the 1 million bpd production increase they pledged in June, but no further immediate action is planned, OPEC sources have told Reuters.[more]

https://sg.news.yahoo.com/oil-prices-jump-saudi-arabia-140000663.html
 
Gas around me is nuts. Two weeks ago it was $2.65. Last week it jumped to $2.89 and over the weekend it started falling to $2.75.
 
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