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Message
Crude Oil up 8% as OPEC Agrees to Cut Output
Posted on 11/30/16 at 10:35 am
Posted on 11/30/16 at 10:35 am
LINK
quote:
First cut since 2008 is seen ending a global glut and 2-year price war Oil prices jumped more than 8% on Wednesday to a five-week high as newswires reported that the Organization of the Petroleum Exporting Countries had agreed its first oil output cuts since 2008. An OPEC source told Reuters on Wednesday that the cartel, which produces one-third of the world’s oil, had firmed up an agreement in line with a tentative deal reached in Algiers in September. That would involve cutting output from a current level of around 33.6 million barrels a day to somewhere between 32.5 million and 33 million.
15
Posted on 11/30/16 at 10:37 am to texastigers11
So what's the OPEC sweet spot for price/bbl?
Posted on 11/30/16 at 10:37 am to texastigers11
Someone else will increase. Doesn't mean much.
Posted on 11/30/16 at 10:38 am to texastigers11
What about demand? When is that going to increase?
Posted on 11/30/16 at 10:39 am to texastigers11
Owners of gas stations rush outside to raise price on pumps even though this won't affect their pricing for weeks or months.
Posted on 11/30/16 at 10:41 am to upgrayedd
Don't know about OPEC, but Lafayette's sweet spot is above $60 (keeps the lights on)
Posted on 11/30/16 at 10:41 am to jbgleason
quote:
Owners of gas stations rush outside to raise price on pumps 15% minimum even though this won't affect their pricing for weeks or months.
Posted on 11/30/16 at 10:41 am to upgrayedd
quote:
So what's the OPEC sweet spot for price/bbl?
not $40
Posted on 11/30/16 at 10:43 am to texastigers11
Cool,oil is literally being found in every corner of the world, a new mega field was found in Texas, the price is still too high considering it's not as rare as we once thought it was. It is not a finite resource.
Posted on 11/30/16 at 10:44 am to jbgleason
quote:
Owners of gas stations rush outside to raise price on pumps even though this won't affect their pricing for weeks or months
That's the damned truth.
As far as a sweet spot, a stable $60-$70 a barrel would make me toe tapping happy.
Posted on 11/30/16 at 10:47 am to texastigers11
I'll start polishing my truck nuts tonight.
FINNA EAT!
FINNA EAT!
Posted on 11/30/16 at 10:50 am to TygerTyger
quote:
As far as a sweet spot, a stable $60-$70 a barrel would make me toe tapping happy.
Oil hasn't been stable for the past 100 years and I don't see it happening any time in the next 100 either. That's why oil folks make the big bucks (while employed).
Posted on 11/30/16 at 10:50 am to jbgleason
I don't wanna break the bad news to you guys that gas station owners really don't make more than 20 cents a gallon tops and even less when you factor in credit card fees and swipe fees but go ahead rant on. Gas is a loss leader to get people in the store to buy high margin snacks, I actually have a store that loses money on gas to compete with a corporate owned shell station across the street. Do you know if you fill up 4 gallons or less which many people do I lose money after the swipe fee and credit card %. I'm not complaining I still do great but huge misconception on what you think is made per gallon. I'll tell you the real winner,the us government making a nice 39 cents per gallon in tax,almost 2-3x what I make while investing $0 of their own.
Posted on 11/30/16 at 10:55 am to dabigfella
Guess your uncle should have left you a better business, am I right?
Posted on 11/30/16 at 11:00 am to dabigfella
quote:
It is not a finite resource.
Each field has a proven, probable, and possible reserves. There is also a recovery factor, meaning you cannot get everything out of each pore despite the petroleum being there. Despite the shale boom, offshore exploration is still challenged. So, I would say there is a finite amount of oil but no one knows what that is.
Posted on 11/30/16 at 11:01 am to LNCHBOX
You're still angry about the pic I posted specifically calling you out I see lol
Posted on 11/30/16 at 11:01 am to dabigfella
quote:
I'll tell you the real winner,the us government making a nice 39 cents per gallon in tax,almost 2-3x what I make while investing $0 of their own.
Yep, that's why it always cracked me up when the Dem's did their "big oil bad" dog and pony show during the Bush years.
Posted on 11/30/16 at 11:04 am to texastigers11
Posted on 11/30/16 at 11:05 am to jbgleason
quote:
Owners of gas stations rush outside to raise price on pumps even though this won't affect their pricing for weeks or months.
The gas station near my house jumped from $1.95 Monday to $2.20 this morning.
Posted on 11/30/16 at 11:06 am to texastigers11
#MAGA
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