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wiffleball

Crude Oil - Another Bad Day

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Crude oil prices are in free-fall as fears of a supply glut mount.

 

US oil prices plummeted 7% to a one-year low of $55.69 a barrel on Tuesday. It was crude's worst day since September 2015.

 

The losses in the oil world have been staggering as worries deepen about excess supply. Crude is down 12 straight days, the longest losing streak since futures trading began in March 1983.

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Turns out the world has a lot of oil. We should be paying a lot less. Only rigging the price keeps it where it is. Big charade.

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In other news, Trump vows to shut down all crude imports and exports via pipeline from Canada.

 

And there it is. Knew this was a covert Trump thread.

 

Exhibit E your Honor.

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Prices at the pump are going to drop. Huge benefit for the US consumer for the holidays. Invest in retail.

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And there it is. Knew this was a covert Trump thread.

 

Exhibit E your Honor.

Actually, that's secret chum for Bert. Lol

 

You're stoopit.😉

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Prices at the pump are going to drop. Huge benefit for the US consumer for the holidays. Invest in retail.

Paid $2.02 y-day.

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These poor.....poor oil companies.....and the A-rabs too! How are they gonna gouge the world if this keeps up? Maybe we should start a gofundme.... /alsonotreally

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Bad for oil companies, good for the rest of us.

 

We will be told oil is a stabilizer for the economy and that we need the cost per barrel at ________. I'm not sure how or why it's bad for the economy (gas goes down, businesses' costs go down, stuff is more affordable, people have more NET money per month to spend, etc.......) but economists claim it is.

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Here's how it works. People talk about fracking like they just invented the fuucking technology. Except except they were doing the same thing in Colorado in the 1970s. Right about now, when oil hits 60 to 40 bucks a barrel fracking becomes less profitable E&p becomes less desirable. So then the oil glut dries up and prices go up. That's good for the oil companies. And the prices go up fracking and Shale becomes profitable and more oil becomes available. Then we start the whole roller coaster all over again.

 

Now, never fear, while the oil companies have E&P companies they also have trading arms that hedge against all of this shiit. So they're making money coming and going. parts of the industry crave stability. The training arms? Thrive on volatility. Up or down doesn't matter. Volatility is where money is made.

 

But when does shiit really start looking real for a lot of real people with real production jobs? When oil prices go down. People in Oilfield Services companies lose jobs much more quickly than the rest of the economy sees any sort of benefit from a reduction in prices.

 

And then there is the ancillary, knock on effect of those people losing jobs. And those people not buying pickup trucks and Christmas presents and computers and etcetera Etc.

 

 

I'm not here to debate it. It just is what it is. And honestly? Anybody who thinks that a giant explosion in the Sinai Peninsula today should result in a massive uptick at your local gas and go tomorrow doesn't understand how this works. Supplies have been bought for months now. Prices have been fixed and hedged. But that's exactly what would happen. The oil companies use any headline as a means of duping the American public.

 

And that's all I got.

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