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Started By
Message
Prices Fall to a Six-Year Low for U.S. Oil
Posted on 3/16/15 at 11:24 pm
Posted on 3/16/15 at 11:24 pm
LINK
Oil prices fell to six-year lows on Monday in the face of concerns that a glut in the United States was outpacing already-brimming storage facilities.
Additionally, the Organization of the Petroleum Exporting Countries published a report suggesting that the cartel remained reluctant to intervene to prop up prices.
The direction of oil prices, which had risen sharply from January lows, has fallen back in recent days. Traders are now focused on the second quarter of the year, when demand for oil is traditionally weak because of the end of winter and scheduled refinery shutdowns for maintenance.
Oil prices fell to six-year lows on Monday in the face of concerns that a glut in the United States was outpacing already-brimming storage facilities.
Additionally, the Organization of the Petroleum Exporting Countries published a report suggesting that the cartel remained reluctant to intervene to prop up prices.
The direction of oil prices, which had risen sharply from January lows, has fallen back in recent days. Traders are now focused on the second quarter of the year, when demand for oil is traditionally weak because of the end of winter and scheduled refinery shutdowns for maintenance.
This post was edited on 3/16/15 at 11:27 pm
13
Posted on 3/16/15 at 11:25 pm to RedRifle
rabble rabble, Obama is causing my F150 and bass boat to be repossessed.
Posted on 3/16/15 at 11:30 pm to Jim Rockford
You say that but if you live in LA or TX and this gets extended longer than a year you are going to feel it no matter what you do for a living.
Posted on 3/16/15 at 11:32 pm to GREENHEAD22
quote:
You say that but if you live in LA or TX and this gets extended longer than a year you are going to feel it no matter what you do for a living.
This!!
Posted on 3/16/15 at 11:34 pm to RedRifle
But i thought the evil oil companies were manipulating the market to keep prices high? 
Posted on 3/16/15 at 11:34 pm to thelsutigers
quote:
Posted by Message thelsutigers Prices Fall to a Six-Year Low for U.S. Oil quote: You say that but if you live in LA or TX and this gets extended longer than a year you are going to feel it no matter what you do for a living. This!!
That's just not true. Stop trying to push that narrative.
Posted on 3/16/15 at 11:34 pm to RedRifle
Didn't you start a thread about how Houston was the best and most resilient economy in the US earlier today? 
Posted on 3/16/15 at 11:36 pm to lsu480
quote:
Didn't you start a thread about how Houston was the best and most resilient economy in the US earlier today?
Yesterday, but whatever. Also Houston's economy is very diversified. Oil is just what the rubes see.
Posted on 3/16/15 at 11:37 pm to RedRifle
Aren't rig numbers at the lowest levels in years?
This post was edited on 3/16/15 at 11:38 pm
Posted on 3/16/15 at 11:40 pm to RedRifle
Whatever you say bud, yea Houston, D/FTW wont but W and S TX are going to. Laff and Houma already are, let it drag on for three years and we will see who is right.
Posted on 3/16/15 at 11:41 pm to RedRifle
It is true to a degree but it is somewhat overblown around here
Posted on 3/16/15 at 11:43 pm to GREENHEAD22
quote:
You say that but if you live in LA or TX and this gets extended longer than a year you are going to feel it no matter what you do for a living.
Oh dear Lord
Posted on 3/16/15 at 11:48 pm to Double Oh
I wish I could buy some. Sell it around summer time.
Posted on 3/17/15 at 12:21 am to RedRifle
Thanks for rubbing salt in my wounds brah
Posted on 3/17/15 at 12:26 am to fightin tigers
quote:
Aren't rig numbers at the lowest levels in years?
The U.S. rig count was in the 2,000's 8 or so months ago and are now at 1,127 or something like that. :wahh:
Posted on 3/17/15 at 12:41 am to redwingtiger
quote:
are now at 1,127 or something like that.
Thay seems a little high for exploration.
Posted on 3/17/15 at 2:30 am to RedRifle
Then the price of gasoline should be around $1.50 now.
Posted on 3/17/15 at 6:47 am to fightin tigers
Rig numbers are down, but production is actually up.
Posted on 3/17/15 at 6:47 am to GREENHEAD22
quote:
You say that but if you live in LA or TX and this gets extended longer than a year you are going to feel it no matter what you do for a living.
Explain to me how lower oil prices is going to effect me working in a hospital.
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