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Started By
Message
re: Crude Oil is at $90.01 Pre-market 9/14/23
Posted on 9/14/23 at 9:29 am to KAGTASTIC
Posted on 9/14/23 at 9:29 am to KAGTASTIC
Why Oil Could Top $100 In Q4 2023
quote:
… market sentiment has now improved quite dramatically, with hedge funds rushing back into the oil market with their most bullish wagers in more than a year after the extension of cuts by Saudi Arabia and Russia have sent crude surging 30 per cent since mid-June. In fact, the latest data showing positioning by money managers has revealed that they are at the most bullish on U.S. crude since June 2022.
This post was edited on 9/14/23 at 9:31 am
1
Posted on 9/14/23 at 9:40 am to ItNeverRains
quote:
Option C: Somewhere in the middle of both Option A & B lies the truth.
It's certainly true that how we measure employment now is historically not how it was done. The caution here though is you'd have to extrapolate the data to make it apples to apples. Specifically you'd have to figure out how many people were not working in the 1930s due to no willingness to work vs now. If unemployment was say 20% you're basically saying that for now to be worse than then, >15% of the population then wasn't even looking for work in 1930. Is that true?
Posted on 9/14/23 at 10:13 am to KAGTASTIC
quote:
What I've never understood is why the govt just can't tell oil companies that they'll pay them operating costs plus a little bonus to get oil out and refill the SPR cheap.
My guess would be that they would balk as long as they can make more money on the open market. We're a long, long way from our international businesses running on an "America First" ideology. This may be even more true for oil companies when dealing with an administration which has acted and stated that it is hell-bent on shutting down their industry.
This post was edited on 9/14/23 at 10:15 am
Posted on 9/14/23 at 10:17 am to Kjnstkmn
If memory serves, oil is something like $12-$20/barrel to get out of the ground in Saudi but $110/barrel to get out of the ground in Russia (these numbers are from maybe a decade ago, so that may have changed). If this is still the case, Russia needs oil to go up just to break even on their sales.
Posted on 9/14/23 at 10:37 am to Tomatocantender
This is Bidenomics at its finest
Posted on 9/14/23 at 10:41 am to Tomatocantender
Good, let it go even higher all the way to November of 2024. I hope we have the highest gas prices in history of the nation and a damn gallon of milk costs 10 dollars.
The average idiot that votes cant remember what was effecting them month prior, but if it's that bad up to the election they may actually wake the frick up.
The average idiot that votes cant remember what was effecting them month prior, but if it's that bad up to the election they may actually wake the frick up.
Posted on 9/14/23 at 10:45 am to Lsut81
quote:
Biden has done everything possible to frick the economy and we've heard for nearly 2yrs now of the impending recession and it still hasn't happened.
So if the economy isn’t officially called a recession, you think the citizens are exempt from the pain of rising prices? The consumers don’t need government to tell them when it’s bad!
Posted on 9/14/23 at 10:49 am to Bard
quote:
If memory serves, oil is something like $12-$20/barrel to get out of the ground in Saudi but $110/barrel to get out of the ground in Russia (these numbers are from maybe a decade ago, so that may have changed). If this is still the case, Russia needs oil to go up just to break even on their sales.
As recently as 2019 the average cost of producing a barrel of oil in Russia was 45 US dollars. I would imagine it's 10-15% higher now, somewhere between 50-60 dollars a barrel.
I live in the heart of the Eagleford shale area in south Texas and anything above 55-60 dollars a barrel for this region is all profit.
Posted on 9/14/23 at 11:03 am to KAGTASTIC
quote:
Sad part is there are a bunch of so called "conservatives" that will not vote for Trump in 24 because he's been mean to their guy in the primaries. These are the worse of the worse kind of American so called "conservatives"
They see what's happening, and to sit out to get a "I told you so" is sad.
You're right...we need to take back our country and bring back prosperity that we enjoyed under Trump.
If only we could get through to all the dumb-asses and when black folks finally figure out that the Democratic party is not their buddy, maybe we can get it done.
Isn't it funny how the vocal majority of blacks wanted street names changed, statues taken down, schools and military installation names changed, etc. Anything that reminded them of dark days of slavery. Well, newsflash everyone! The Democratic Party was the KKK and all for slavery, Duh?
Posted on 9/14/23 at 11:12 am to mtb010
quote:
As recently as 2019 the average cost of producing a barrel of oil in Russia was 45 US dollars.
Thanks! It felt like those numbers were likely off considering Russia's behavior, but I wasn't sure and haven't had time to dig into it.
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