Oil prices rebound on signs of output cuts

[jeff of pa]

The price of oil rallied on Monday as investors speculated that the falling cost of crude may have ended.
Brent crude was up 1.3% at $53.65 a barrel, having reached $55, while US oil rose 1.7% to $48.52.

It followed the release of data showing that US demand for leasing oil rigs was slowing, suggesting that producers might be preparing to cut output.
Meanwhile, US giant ExxonMobil reported a 21% fall in quarterly earnings on lower oil and gas production.
Buying opportunity On Friday, data showed that more than 90 US oil rigs were idled, the largest number to be wound down in a single day since the mid-1980s.
[an error occurred while processing this directive] "There were a lot of people on the sidelines waiting for an opportunity to buy," said Bjarne Schieldrop, chief commodity analyst at SEB.

BBC News - Oil prices rebound on signs of output cuts

 

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[jeff of pa]

$53.05




And now oil is crashing. ?



On Wednesday, the price of oil was tumbling again, with West Texas Intermediate prices falling more than 8% to trade back below $49 a barrel.
This action follows a furious rally in oil prices seen over the last few days that sent oil prices in to a technical bull market, rising more than 20% from last Thursday through Tuesday afternoon. WTI prices were as high as $52.50 just hours ago.
The speed and velocity of the recent increase in oil prices, however, has been met with some skepticism, with some calling the move a "short squeeze" or a "dead cat bounce." In short, there were and are some nonbelievers in the oil rally, and major Wall Street firms have not yet changed their outlooks for lower oil prices in the first half of this year.

Read more: And now oil is crashing - Business Insider
​

Stockpiles are at the highest ever in EIA weekly data going back to August 1982. In monthly data, which don’t line up exactly with the weekly data, inventories haven't been this high since 1930.

so why not 1930 Prices




Oil Prices Slump as Inventories Rise to Near 80-Year Highs - WSJ

 

[UncleMatt]

The game they play is so very transparent! A few days ago it was the oil workers strike that they claimed was causing supply uncertainty. Now its this. Its obvious their focus is on ANY justification or rational to raise prices once again.

Remember, they only get away with what we allow them to do to us...

 

[jeff of pa]

The game they play is so very transparent! A few days ago it was the oil workers strike that they claimed was causing supply uncertainty. Now its this. Its obvious their focus is on ANY justification or rational to raise prices once again.

Remember, they only get away with what we allow them to do to us...

Yes I agree. There are allot of investors out there Crying right now

waWawa ! only making Millions instead of Billions !

The Price of Rope may go up

 

[UncleMatt]

They rape the US consumer for years, then expect sympathy when they are making not zero money, but less money. As if they are entitled to something they seek to deny their consumers. I see large companies these days acting the same way that lords and royalty did back in the Middle Ages.

 

[BC1969]

You know me and my paranoid conspiracies.
My thoughts about the union strike that magically just happened to revolve around refineries is if big oil can't make the price of a barrel of oil go up to get the billion dollar bonuses, then pay off a tidy sum to union leaders to have them urge a strike. As I read it the strike pulls 10% of the refining capacity in the US. So go go juice goes up regardless of the price of oil.

Looking at data for 2014 typical daily gasoline production in the US is 2.6 million barrels per day. Chop off the ten percent and that's a reduction of 10920000 gallons per day. So almost 11 million gallons per day of lost production. And that's just the current strike, union leaders are saying if demands aren't met soon, an additional 62 refineries will see walkouts.
Though blame could possibly be pushed onto executives if you are sane minded, as those executives say they cannot raise wages because the 50% drop in prices since last June.. it will cut into their already diminished bonuses..I feel for them...NOT!!
Last big strike was in 1980..I can't see this strike as coincidence, but rather a ploy to regain the ultra wealthys greedy bonuses.

BC

 

[Peyton Manning]

when was the last time an oil company went bankrupt? ( something for you to research Jeff)

 

[jeff of pa]

when was the last time an oil company went bankrupt? ( something for you to research Jeff)

if ever it was probably Oil city in PA in the 1800's
I'm not really sure what happened out there

 

[UncleMatt]

You don't even have to pay off union leaders for anything, just ignore their reasonable requests for pay raises for some of the most dangerous jobs in the world, which subsequently causes a strike. Then sit back and let the world think it was the workers taking the risks on a daily basis who are at fault. See how that works?