I saw the drop but I don't think anything of it, just another day of manipulated markets.
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I saw the drop but I don't think anything of it, just another day of manipulated markets.
Oil is up over $50 a bbl, probably winter heating oil is pushing this unless the brilliant state dept did something completely asinine in the mid-east.
OPEC cut production.
So OPEC and the nature-tards must feel that they've "damaged" the US domestic oil extraction enough, now their cartel can go back to work, I wonder what their price point will be.Quote:
Originally Posted by Jamnanc
$65. Just a random figure, but it's also the price point where American production spools back up.
In 2008 60 Minutes interviewed the Oil Minister of Saudi Arabia.
He stated that $55/barrel was their break-even point.
There's a target price of some kind.
Most all of the producers I work with would be spooling back up much harder than current at $65/bbl.Quote:
Originally Posted by Jamnanc
That said, the OPEC production cut has changed the near future pretty remarkably already (1 week). I'm getting swamped with requests for quotes, when we couldn't even get call backs a month ago.
I'm happy with $50, but would LOVE $65/bbl.
Yeah, it's wishful thinking on my part. I only have two bosses at work. When North Dakota is humping, one works up there, so I default back to one boss.
Oil is back under $50 for both WTI and Brent.
Gold and silver are inching back up.
I've noticed my Acorns stock has been plummeting as of late.