Oil is going up again

[mzkhadir]

http://www.reuters.com/article/us-usa-stocks-idUSKCN0VV17T

 

[deadlyapp]

Not holding my breath that this will be a prolonged rally. All the forecasts I've seen keep us around 30/bbl until mid 2017. This is just investors getting excited over the reduced rig count.

 

[rudder]

Only a matter of time.

 

[sdifox]

err, iran is about to reenter world market.

 

[JEDI]

it'll fall to $20/barrel by summer.

until they cut enuf to offset surplus, all that extra oil is going to get stored.
and at the current surplus rate, storage facilities will be maxxed by summer.

then they have to switch to more expensive storing like in old oil tankers.
at that point, selling oil at $20/barrel might be cheaper.

 

[Red Squirrel]

I'm surprised it took this long tbh. Now watch the prices of gas go back to $1.40+/litre again just because the oil prices are slightly going back up. Once they reach their normal price the gas will somehow be closer to 2 bucks. Got to like the games they play with us.

Actually I need to gas up the car I should do that now while it's still low. Last I checked it was like 99c. Have not seen that for years.

 

[master_shake_]

aw our semi cheap gas!

 

[sdifox]

I'm surprised it took this long tbh. Now watch the prices of gas go back to $1.40+/litre again just because the oil prices are slightly going back up. Once they reach their normal price the gas will somehow be closer to 2 bucks. Got to like the games they play with us.

Actually I need to gas up the car I should do that now while it's still low. Last I checked it was like 99c. Have not seen that for years.

last time oil was in this price range, gas was 45 cent...

 

[blankslate]

err, iran is about to reenter world market.

It was all part of Dr. Evi... John Kerry's secret plan to crash the oil market in order to make 1 million dollars


_____________

 

[AznAnarchy99]

Oil barons and $5 a gal gas this summer. Just wait!

 

[Balt]

Not holding my breath that this will be a prolonged rally. All the forecasts I've seen keep us around 30/bbl until mid 2017. This is just investors getting excited over the reduced rig count.

Yeah until something fundamental changes I think oil is just going to continue the roller coaster ride on both sides of 30.

More volatility for the market. Yay.

 

[OverVolt]

Well yea, like... eventually.

Inventories are high right now. Its not the bottom. Not desperate enough. I do think gas is near the bottom though.

 

[zinfamous]

it'll fall to $20/barrel by summer.

until they cut enuf to offset surplus, all that extra oil is going to get stored.
and at the current surplus rate, storage facilities will be maxxed by summer.

then they have to switch to more expensive storing like in old oil tankers.
at that point, selling oil at $20/barrel might be cheaper.

is this how kids spell these days? wtf?

 

[Sonikku]

Now that Iran is getting in on it expect oil prices to drop.

Thanks, Obama.

 

[MongGrel]

Yeah, it'll go down again one day soon, too.

Imagine that.

 

[Imp]

it'll fall to $20/barrel by summer.

until they cut enuf to offset surplus, all that extra oil is going to get stored.
and at the current surplus rate, storage facilities will be maxxed by summer.

then they have to switch to more expensive storing like in old oil tankers.
at that point, selling oil at $20/barrel might be cheaper.

But but but... but but... the Russians and Saudis and Venezuelans agreed to agree to freeze production at January production levels. And Iran supported their decision while also saying they, themselves, will keep raising their production.

 

[Brian Stirling]

With Iran getting back into the game one would expect the price of crude to drop some more, but now that winter is coming to an end and the summer driving season is coming upon us that will tend to drive prices back up.

All the industry needs to do is produce a pretend shortage at the refineries and -- $4/gal gas!

Back when Enron was the darling of Wall Street they engineered shortages by convincing power plants to go offline for "maintenance" or some such. This trick made them billions in California alone.


Brian

 

[Jeff7]

is this how kids spell these days? wtf?

#@enuf. Get out of Squaresville, daddyo.

 

[MongGrel]

With Iran getting back into the game one would expect the price of crude to drop some more, but now that winter is coming to an end and the summer driving season is coming upon us that will tend to drive prices back up.

All the industry needs to do is produce a pretend shortage at the refineries and -- $4/gal gas!

Back when Enron was the darling of Wall Street they engineered shortages by convincing power plants to go offline for "maintenance" or some such. This trick made them billions in California alone.


Brian

The oil companies have been famous for that for decades.

I think they are just biding their time a bit in the current election cycle and laying low atm.

It looks bad if you still make a slaughter at the gas pumps and continue to have record profits in what is still pretty much a weak economy, don't make it look overly obvious, people would want to regulate them more.

I'm sure they are still making money Handoverfist, heh.

 

[Imp]

It looks bad if you still make a slaughter at the gas pumps and continue to have record profits in what is still pretty much a weak economy, don't make it look overly obvious, people would want to regulate them more.

I'm sure they are still making money Handoverfist, heh.

Come to think of it... the big guys with downstream operations (e.g. pumps, gas stations) are probably waiting for the final asset fire-sale. Why not wait for all those small fracking companies to go bankrupt so the big guys can buy hundreds of productive, maybe already drilled wells for pennies on the dollar.

 

[CraKaJaX]

Filled up the tank this morning for $22. No complaints here.

 

[BarkingGhostar]

Well, Winter never really panned out. I smell a lot of early summer vacationers and this means driving and flying. So yeah, I would expect some demand to tick up.

 

[BoomerD]

I'm expecting gas prices to quickly go through the roof again...after all, I'm about to head out in the motorhome...and will burn through close to 400 gallons of gas before I get back home...

 

[John Connor]

Oprick is part of it and the fact fracking is down right now.

 

[Meghan54]

And in less than 24 hrs., oil declines again....

Oil futures fell more than 2 percent on Tuesday, eroding some of the previous day's gains, over doubts a potential production freeze will have any impact on a supply glut.

International benchmark Brent crude futures LCOc1 were down 73 cents, or 1.8 percent, at $34 a barrel at 1029 GMT, while U.S. crude futures CLc1 fell 74 cents, or 2.2 percent to $32.63 a barrel.

http://www.reuters.com/article/us-global-oil-idUSKCN0VW03S


I doubt we'll see a steady upward trend in gas prices for maybe a year or so.