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Post by truebrit on Sept 11, 2015 11:05:53 GMT -5
I quite agree, the oil industry does not seem to be a really good form of investment at this time. Even Syria (who are not trading yet) are pumping out 1.5 million barrels of oil a day. Yet they have no where to store it!
These poor blighter's have resorted to storing it on tankers, which keep on bloody disappearing, this must be rather disparaging to the poor Syrians must't it? God knows what it's going to be like when they trading officially and they are pumping out 2.5 to 3 million barrels a day, for god's sake".
JMO
Truebrit
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Post by imSINGLEruRICH on Sept 20, 2015 14:31:13 GMT -5
Post THANKS..... mullahpaloozer on 4 hours ago
Markets | Fri Sep 18, 2015 5:28pm EDT U.S. crude tumbles 5 percent; Wall Street selloff offsets rig data NEW YORK | By Barani Krishnan Reuters/Andrew Cullen
Oil prices tumbled on Friday, with U.S. crude falling 5 percent, after a selloff in Wall Street equities offset the positive impact of a third weekly decline in the U.S. oil rig count.
A rise in the dollar, fears that OPEC oil production will not slow and reduced political tensions in the Middle East from U.S-Russia talks on Syria also weighed on oil.
U.S. crude futures' front-month settled down $2.22, or 4.8 percent, at $44.68 a barrel.
The front-month in Brent, the global oil benchmark, fell $1.61, or 3.3 percent, at $47.47.
Oil services firm Baker Hughes's report on the weekly U.S. oil rig count showed a drop of eight rigs this week. It was the third weekly decline of the rig count, a sign that a renewed fall in crude prices since July may be slowing some drillers from returning to the well pad in a bigger way.
U.S. crude futures, already down 3 percent before the Baker Hughes report, pared losses just briefly on the news.
"The industry is getting so much more production from new technology that a decline in working rigs doesn't mean nearly as much as it used to," said David Thompson at Powerhouse, a commodities broker in Washington specializing in energy.
Shortly after the rig count report, oil prices began a sharper descent as Wall Street's key S&P 500 stock index .SPX headed for its biggest rout since the start of September. The dollar also rebounded from a 3-week low hit earlier in the day after a Federal Reserve decision to keep interest rates unchanged.
Oil started the session lower after OPEC member Kuwait said it would take time for the oil market to balance, indicating that the producer group would continue defending market share over production cuts to bolster prices.
Other OPEC sources said they expect oil to rise no more than $5 a barrel a year to reach $80 by 2020.
Iran's deputy oil minister Rokneddin Javadi, meanwhile, reiterated Iran's plans to regain its oil production share once nuclear-related sanctions are removed against Tehran, adding that new oil contracts would be unveiled in coming weeks.
Gasoline futures fell 1.4 percent, while ultralow-sulfur diesel slumped 2.5 percent on Friday, in an extended selloff across the petroleum complex.
PRIDE84 ...
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Post by imSINGLEruRICH on Sept 22, 2015 5:56:51 GMT -5
drillbit DIAMOND JEDI WARLORD 12 hours ago rontroutfishing, momoney and 2 more like this. Post by drillbit on 12 hours ago
I still want to know about his past business acumen. To select AMWAY was d*mnnn curious to me. I do know that the man has no idea about what O&G involves. We've talked about same
Not a fan.
rivertrader1000 DIAMOND MINER 12 hours ago Treadstone, rontroutfishing and 4 more like this. Post by rivertrader1000 on 12 hours ago
IMO the Amway choice only hurt any chance of being taken seriously at that point. Odd, to say the least.
RT
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Post by John Winston Lennon O'Boogie on Sept 22, 2015 6:10:05 GMT -5
drillbit DIAMOND JEDI WARLORD 12 hours ago rontroutfishing, momoney and 2 more like this. Post by drillbit on 12 hours agoI still want to know about his past business acumen. To select AMWAY was d*mnnn curious to me. I do know that the man has no idea about what O&G involves. We've talked about same Not a fan. rivertrader1000 DIAMOND MINER 12 hours ago Treadstone, rontroutfishing and 4 more like this. Post by rivertrader1000 on 12 hours agoIMO the Amway choice only hurt any chance of being taken seriously at that point. Odd, to say the least. RT Are they talking about the, keep the doors open Steve K guy...?
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Post by imSINGLEruRICH on Sept 30, 2015 10:40:12 GMT -5
thanks.... mullahpaloozer DIAMOND DIGGER Post by mullahpaloozer on about an hour ago
and the downward trend continues ...
Markets | Wed Sep 30, 2015 9:44am EDT Oil down on large U.S. crude stockpile build LONDON | By Karolin Schaps
Oil prices slipped on Wednesday after an unexpectedly big build in U.S. crude inventories, further evidence of an oversupply that has helped halve global spot prices over the last year.
U.S. crude oil stockpiles rose by 4.6 million barrels in the week to Sept. 25, the American Petroleum Institute (API) said, well above a modest increase of 100,000 barrels that analysts polled by Reuters had forecast.
Investors awaited official weekly inventory figures from the U.S. government's Energy Information Administration (EIA) due later on Wednesday to see if they confirmed the API data.
U.S. crude, also known as West Texas Intermediate or WTI, was 21 cents lower at $45.02 a barrel by 1328 GMT, on course to end September down 8 percent.
Brent crude oil was virtually flat at $48.20 a barrel, heading for a near 10 percent fall this month.
Brent traded in a very narrow 60-cent range on Wednesday, partly reflecting low volume ahead of the week-long Chinese National Day holiday starting on Thursday.
If this range were to be maintained for the rest of the session, it would be the narrowest daily range since May 2014.
"The downward pressure is coming from ongoing high OPEC crude production, led by Saudi Arabia and Iraq, and expectations of global stockbuilds for an extended period," said Societe Generale oil analyst Michael Wittner.
Analysts polled by Reuters said oil prices would remain depressed, forecasting an average Brent price of $58.60 a barrel in 2016, well below $62.30 expected last month.
Inaction by the world's largest crude exporter Saudi Arabia to prop up prices has helped it build market share, a Reuters analysis shows. Saudi exports to Asian and European consumers reached multi-year highs in the first half of the year.
Saudi Arabia is banking on a rise in world oil demand and slower growth in non-OPEC oil supply, meaning it is unlikely to change its stance on not cutting production any time soon.
The chief executive of commodity trader Vitol, Ian Taylor, said on Wednesday he was seeing signs that global oil supply and demand were beginning to balance out.
"This is beginning to happen ... Demand is very strong, you can see U.S. production beginning to come down," he said, declining to give a forecast for oil prices.
PRIDE84 ...
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Post by John Winston Lennon O'Boogie on Oct 9, 2015 11:48:37 GMT -5
Are Oil Exports on the Horizon? House Set to Vote on Bill By Matthew Rocco ·Published October 09, 2015 ·FOXBusiness oil, pipeline, oil barrels, gas, petroleum (Reuters) An effort to shelve the 40-year-old ban on exporting oil from the U.S. is gaining steam as lawmakers in the House prepare to vote on the issue Friday. The U.S. has prohibited companies from shipping oil overseas since the energy crisis of the 1970s. With domestic production going strong and oil prices near $50 a barrel, industry heavyweights such as Exxon Mobil (XOM) have urged the federal government to reconsider its policy. Legislation is making its way through both chambers of Congress amid pushback from the Obama administration. In addition to the House’s plan, a separate bill cleared the Senate Banking Committee by a 13-9 vote last week. The lone Democrat to support it was Sen. Heidi Heitkamp (D-N.D.), who sponsored the bill. Criticism has centered on worries that retail prices for refined products, mainly gasoline, would increase as oil is diverted to overseas buyers. However, according to the U.S. Energy Information Administration, gasoline prices would be left unchanged or even decline in the event that exports get a green light. Drillers would likely ramp up production rather than export from their normal oil supplies. President Barack Obama acknowledged this outcome in his opposition to the proposal, saying he would veto the bill if approved by the House and Senate. Congress should focus on “supporting our transition to a low-carbon economy,” the White House said, while environmentalists believe ending the ban would encourage companies to drill more. Republicans, with the support of some Democrats, are forging ahead on Capitol Hill. Rep. Kevin Cramer (R-N.D.) said oil exports would create energy jobs in the U.S. and bolster national security by lessening allies’ dependence on oil from Russia and the Middle East. He also noted the Obama administration’s plan to end oil sanctions on Iran as part of a nuclear agreement. www.foxbusiness.com/economy-policy/2015/10/09/are-oil-exports-on-horizon-house-set-to-vote-on-bill/?cmpid=prn_dailyfinance
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Post by imSINGLEruRICH on Oct 16, 2015 15:21:29 GMT -5
Oil & Gas? #2192042 EricGreenField 12:59 Yesterday What's the latest on the oil deal? Anyone investing in that new venture? Gus? I heard you were throwing in on the deal. Let us know what SK is telling you. hmm, nothing yet on the oil front. i wonder what's up? maybe SK is in Texas buying up all the oil fields using money obtained from the court victories? Sweet! Texas Sweet!
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Post by imSINGLEruRICH on Oct 21, 2015 6:00:44 GMT -5
Oil
#2193486 EricGreenField 4 hours ago
OPEC is About to Crush the U.S. Oil Boom - Bloomberg by Grant Smith October 20, 2015 — 7:01 PM EDTapple.news/Ao766hYylQHmx4qmlmqVDTQ
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