Economy 52,861 Posted November 26, 2014 Share Posted November 26, 2014 www.cnbc.com/id/102218535WTI hit $73/barrel earlier today after Opec report singnaled they likely will not cut production to stabalize prices as they do not want to loose market share (customers) to increasing supplies from US shale, Canadian Oil Sand suppliers and other Countries in the midst of an energy boomUS oil inventories rose another 1.9 million barrels last week as more production than consumption is leading to a glut where eccess oil is just accumulating in inventoriesAs long as more oil is being produced than consumed prices will keep being pushed down. it looks quite possible prices will drop to $70/barrel. Link to post Share on other sites More sharing options...
Spyro 8,438 Posted November 26, 2014 Share Posted November 26, 2014 Can't wait til gas goes down to $1.99 Spyro the Dragon Link to post Share on other sites More sharing options...
Chromatislaps 34,854 Posted November 26, 2014 Share Posted November 26, 2014 is this bad or good news? Link to post Share on other sites More sharing options...
Navy 495 Posted November 26, 2014 Share Posted November 26, 2014 Can't wait til gas goes down to $1.99 Praise the lord :party: Link to post Share on other sites More sharing options...
Economy 52,861 Posted November 26, 2014 Author Share Posted November 26, 2014 Can't wait til gas goes down to $1.99 per gallon? Not happening. Not that low Link to post Share on other sites More sharing options...
Economy 52,861 Posted November 26, 2014 Author Share Posted November 26, 2014 is this bad or good news? for who? It all depend on who u are. Are u asking about the US? For the US which has a fair amount of industrial manufacturing as well as consumer spending its good as long as prices dont drop so far as to actually destroy small shale oil companies and put them out of business For the world in general it will lift economic growth. It is bad for oil producing countries however Link to post Share on other sites More sharing options...
BohemianTwist 1 Posted November 26, 2014 Share Posted November 26, 2014 good; more opportunity to spend your coins on our music and tour next year Link to post Share on other sites More sharing options...
Blackwillow 2,200 Posted November 27, 2014 Share Posted November 27, 2014 $103.6 where I Live.. Link to post Share on other sites More sharing options...
Economy 52,861 Posted November 27, 2014 Author Share Posted November 27, 2014 $103.6 where I Live.. per barrel? I dont know of any benchmark index anywhere in the world where oil is trading that high US WTI is at $73/barrel and Brent (i think thats UK or EuropeN benchmark) is at like $78/barrel Not over $100 anywhete that i know of :shrug: Link to post Share on other sites More sharing options...
Blackwillow 2,200 Posted November 27, 2014 Share Posted November 27, 2014 per barrel? I dont know of any benchmark index anywhere in the world where oil is trading that high US WTI is at $73/barrel and Brent (i think thats UK or EuropeN benchmark) is at like $78/barrel Not over $100 anywhete that i know of im in Calgary Link to post Share on other sites More sharing options...
Spyro 8,438 Posted November 27, 2014 Share Posted November 27, 2014 per gallon? Not happening. Not that low Well, it dipped to $2.39 a gallon where I live, so it maybe a possibility? Spyro the Dragon Link to post Share on other sites More sharing options...
Economy 52,861 Posted November 27, 2014 Author Share Posted November 27, 2014 im in Calgary ummm u sure u dont mean gas at the pumps is at 103.6 cents per litre???? Calgary is part of Canada and North America... U dont have your own oil benchmark And considering ur from Canadas oil boom Province... U really should know better :P Link to post Share on other sites More sharing options...
Economy 52,861 Posted November 27, 2014 Author Share Posted November 27, 2014 Well, it dipped to $2.39 a gallon where I live, so it maybe a possibility? possible i guess... You never know. But Opec already signaled they wouldnt let oil drop below $70/barrel and were already not far from it so i dont see oil going down much further Its true the North American benchmark oilmarket sells at a bit of a discount because of the oil export ban and rising shale production in US and Canada currently only has access to US markets also (meaning theres more competition for companies in North America and so average oil price is lower here) But even so it is influenced by other benchmarks in the world because some oil is still imported from outside and thus, north american oil could not drop that much below $70/barrel If Brent and other benchmarks fell to $70/barrel then perhaps in North America at most it might fall to $65/barrel Also to not bankrupt the booming shale companies, the US might consider lifting the export ban to reduce the discount in North American oil market so companies here dont go bankrupt :shrug: Link to post Share on other sites More sharing options...
Blackwillow 2,200 Posted November 27, 2014 Share Posted November 27, 2014 the cheapest oil in Canada Link to post Share on other sites More sharing options...
One Five Ten 70 Posted November 28, 2014 Share Posted November 28, 2014 Geez you people love to b---h In Australia, price of petrol is usually between $1.50-$1.60/litre. That equates to approx $6.05/gallon and our dollar is almost equal. Incredible :madge: Link to post Share on other sites More sharing options...
.thumb.jpg.99c40bc2a10ded8236a48b4fe15c6be8.jpg)
Featured Posts
Archived
This topic is now archived and is closed to further replies.