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Post by clinton on Dec 1, 2014 11:04:19 GMT -5
once they shut down all wells that cost more than 80 to pump market will be fine
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Post by walnut on Dec 1, 2014 15:49:50 GMT -5
I just filled up for 2.39 a gallon ( sorry about these gas station updates in your serious oil thread)
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Post by jacksrbtr on Dec 1, 2014 17:17:12 GMT -5
I just filled up for 2.39 a gallon ( sorry about these gas station updates in your serious oil thread) 2.66 here
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Post by huh on Dec 1, 2014 22:58:21 GMT -5
I don't get it...CNBC FM tonight talked like oil sold off today; "today's sell-off in oil", "such & such stock did well in spite of oil", "more pain ahead for oil?".
Umm...oil rallied today. It rallied 9% off the early morning lows. That's not only far from a sell-off, it happens to be one of the best one day bullish moves in oil ever.
Do people really fall for this crap? If someone says it sold-off, then I guess it did. [shrug]
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Post by maxi on Dec 1, 2014 23:00:39 GMT -5
I don't get it...CNBC FM tonight talked like oil sold off today; "today's sell-off in oil", "such & such stock did well in spite of oil", "more pain ahead for oil?". Umm...oil rallied today. It rallied 9% off the early morning lows. That''s not only far from a sell-off, it happens to be one of the best one day bullish moves in oil ever. Do people really fall for this crap? If someone says it sold-off, then I guess it did. [shrug] Damn those holiday rerun shows!
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Post by huh on Dec 1, 2014 23:01:45 GMT -5
Unfortunately it wasn't a re-run - that would at least be a good excuse. It was all about today's action (including that 6% flash crash in AAPL).
Watch for oil around $75 - and very, very soon.
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Post by huh on Dec 2, 2014 7:50:57 GMT -5
Drives me nuts...everywhere I look, people talking about the crash in oil and how bearish it is right now. CNBC, Bloomberg, STwits. Oil rose yesterday, but you'd think it was down 7% in a single day or something. Come on people, that was so last week already! lol The chart below shows how it will get to $75. Support is 67.50-67.75. It could then go even higher, but will have to reevaluate then. Lots of resistances in the 75-77 area.
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Post by clinton on Dec 2, 2014 8:34:43 GMT -5
thats a bullish VAN HALEN!!!!
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Post by huh on Dec 2, 2014 8:39:57 GMT -5
thats a bullish VAN HALEN!!!! I forgot about that one, you're right! LOL
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Post by huh on Dec 2, 2014 8:52:54 GMT -5
Just a reminder; although oil will likely get a decent pop here, it's likely to be only short term. I showed why in the longer term oil chart - this will likely be the last bounce before a nasty fall. And I'm sure the media will be as bullish on oil when these short term upside targets/resistances hit as they are bearish right now. And then there's XLE (energy) - it's chart looks really bad. In fact, seems to be following the charts of RSX (Russia) and EWZ (Brazil), lagging only by a few days. It too could get a decent pop, but only short term for some backtesting/gap filling. >82 would get XLE somewhere between 84.00-85.30's. XLE has been playing out multiple topping patterns, one after another (grey lines). Longer term downside targets are still 72.50 and 66.50 (red and white lines). And this lines up with oil's potential topping pattern.
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Post by huh on Dec 2, 2014 9:47:54 GMT -5
Of course oil loses the support I posted. But it'll go higher. It's only FIBbing now. JMHO
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Post by huh on Dec 2, 2014 11:27:49 GMT -5
XLE looks to be putting in a rounded bottom. A test of yesterday's low (or slightly lower) wouldn't be out of the question.
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Post by huh on Dec 2, 2014 17:45:30 GMT -5
Oil didn't confirm above the bull flag, but that late day pop kept it in the channel. Hopefully today's little double bottom plays out, which would then confirm both the flag and the "VH" pattern.
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Post by huh on Dec 3, 2014 9:40:08 GMT -5
The consolidation for the potential bull flag and VH pattern in oil is getting too long. It should be popping right about now.
Stop for these patterns would be right below yesterday's low of 66.71. Below that and something may be way wrong with my short term bullish theory.
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Post by crumbdon on Dec 11, 2014 23:27:05 GMT -5
At this pace, Crude should be free by March.
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Post by senescent on Dec 12, 2014 6:15:18 GMT -5
The thing about oil is that there is a lot of production infrastructure already in place - it WILL continue to produce regardless of the price level. That means that prices continue to plummet whenever production exceeds demand. Add to that the apparent fact that the Saudis appear to have regrown a pair of testicles (see what they did in the 1980s to drive down prices and assist in the defeat of the Soviet empire) and we shall see low oil prices for at leasr another year or two. Tough luck Vladimir "I wear platform heels" Putin
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Post by clinton on Dec 15, 2014 19:23:26 GMT -5
crazy
Canadian heavy oil drops below US$40 as output surges Canadian heavy crude is trading below US$40/bbl for the first time in five years, just as a surge of 14 new oil sands projects with a combined capacity of more than 266K bbl/day are scheduled to start next year.Oil sands projects scheduled to start next year include ConocoPhillips (NYSE:COP) and Total’s (NYSE:TOT) joint 118K bbl/day Surmont project and the 40K bbl/day expansion of Cenovus Energy’s (NYSE:CVE) Foster Creek project.Analysts say while oil sands producers may curtail future development, most existing operations will not be shut and those under construction will go ahead because of the investments involved and potential harm to future output; profitability for all but the lowest-cost producers will be squeezed, as Canadian crude produced from oil sands is some of the world’s most expensive to produce.
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Post by clinton on Dec 15, 2014 19:24:35 GMT -5
Rig count shows big weekly drop as oil price fall continues 2.7 percent dipis deepest in nation among the major producers
By Robert GrattanDecember 12, 2014 Updated: December 13, 2014 1:22am 4 Work on rigs like this one on Texas 97 between Fowlerton and Cotulla over the Eagle Ford shale formation has slowed thanks to oil price fall. Photo: JOHN DAVENPORT, Jdavenport@express-news.net / SAN ANTONIO EXPRESS-NEWS (Photo may be sold to the public) Photo: JOHN DAVENPORT, Jdavenport@express-news.net Work on rigs like this one on Texas 97 between Fowlerton and Cotulla over the Eagle Ford shale formation has slowed thanks to oil price fall. The falling price of crude oil is starting to hit Texas drillers hard, as the state's active rig count fell 2.7 percent in one week - the deepest dip in the nation among major producing states.
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Post by novie08 on Dec 15, 2014 22:09:35 GMT -5
Are the Saudis trying to drive the U.S./Canadian shale out of business? I remember in the '70s when natural gas production ceased due to collapsing prices...there were shortages of oil and natural gas.
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Post by clinton on Dec 16, 2014 7:29:49 GMT -5
USD looks ready to break down
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