Lower Oil Prices – OPEC in Pain ☺

[longknife]

Sure makes one feel sad – doesn't it? Now, if the bumble in the Oval Office would let US producers to start exporting more, they might even put the world's biggest Evil Gian to fold.


The story is @ RBC OPEC s spectrum of pain - Business Insider and provides a link to this:


10 countries sitting on massive oceans of oil @ Countries with biggest crude oil reserves - Business Insider


Notice that Canada is #2?

 

[IcebergSlim]

Sure makes one feel sad – doesn't it? Now, if the bumble in the Oval Office would let US producers to start exporting more, they might even put the world's biggest Evil Gian to fold.


The story is @ RBC OPEC s spectrum of pain - Business Insider and provides a link to this:


10 countries sitting on massive oceans of oil @ Countries with biggest crude oil reserves - Business Insider


Notice that Canada is #2?

Uh....do you have ANY idea what the break even price is for US shale producers?

Do you figure they are going to make up the losses with volume?

 

[longknife]

Sure makes one feel sad – doesn't it? Now, if the bumble in the Oval Office would let US producers to start exporting more, they might even put the world's biggest Evil Gian to fold.


The story is @ RBC OPEC s spectrum of pain - Business Insider and provides a link to this:


10 countries sitting on massive oceans of oil @ Countries with biggest crude oil reserves - Business Insider


Notice that Canada is #2?

Uh....do you have ANY idea what the break even price is for US shale producers?

Do you figure they are going to make up the losses with volume?

I think the US oil producers will outlast Obozo and when the new GOP administration comes in, will have a massive comeback.

 

[initforme]

I hope the price per barrel falls to below $10 per barrel. Everyone would then quit complaining and oil profits might go down which is of no consequence to me other than lower gas prices.

 

[Moonglow]

Sure makes one feel sad – doesn't it? Now, if the bumble in the Oval Office would let US producers to start exporting more, they might even put the world's biggest Evil Gian to fold.


The story is @ RBC OPEC s spectrum of pain - Business Insider and provides a link to this:


10 countries sitting on massive oceans of oil @ Countries with biggest crude oil reserves - Business Insider


Notice that Canada is #2?

Uh....do you have ANY idea what the break even price is for US shale producers?

Do you figure they are going to make up the losses with volume?

I think the US oil producers will outlast Obozo and when the new GOP administration comes in, will have a massive comeback.

It must be tough with your foot in your mouth so much...
The House now looks likely to vote as early as September to lift the oil-export ban, with Senate action anticipated early next year, which would mark a milestone few saw coming.
The U.S. is already exporting more than a half-million barrels of crude a day to Canada, the biggest exemption under the ban. That is 14 times as much as in 2007, but still just 5.2% of U.S. oil produced a day.

Move to Allow U.S. Oil Exports Accelerates - WSJ

 

[Mr. H.]

Why mock OPEC when you should fear for the thousands of U.S. oil producers who are currently operating at a loss.

...like me.

 

[longknife]

Oil Prices Low - $42 Million USD Worth of Oil Held in Ships

When I reported this before, everybody jumped all over me claiming this was too expensive to do. Read more @ WTI oil falls below US$ 42; millions of barrels held in ships at sea

 

[waltky]

Oil prices slidin' back down again...

Oil prices fall as concerns rise over rally petering out
Mon Mar 28, 2016 - Oil prices fell in early Asian trade on Tuesday as concerns mount that a rally since January is fizzling out, while analysts forecast another rise to record levels for U.S. crude stockpiles.

U.S. oil CLc1 was down 13 cents at $39.26 a barrel at 0211 GMT, after finishing down 7 cents at $39.39, the previous session. Brent LCOc1 fell 16 cents to $40.11. On Monday it settled down 17 cents at $40.27 a barrel. U.S. commercial crude oil stockpiles were expected to have reached record highs for a seventh straight week, while refined product inventories likely fell, a preliminary Reuters survey showed late on Monday. API

The poll of eight analysts, taken ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA), estimated, on average, that crude stocks rose 3.2 million barrels in the week ended March 25.

The API will release its data on Tuesday at 2030 GMT, while the EIA will publish its data on Wednesday at 1430 GMT. Both oil benchmarks are up about 50 percent from 12-year lows hit in mid-February but the oil market has taken on a weaker tone in the past week, along with other commodities. "The recent rally appears to be running out of steam as investors pull back on bullish positions," ANZ said in a morning note on Tuesday. "This will remain the case without continued improvement in fundamentals."

With oil prices rising strongly since January, most analysts are predicting the end of the year-and-a-half long slump, but also betting that there is little upside in the near future. Barclays said net flows into commodities totalled more than $20 billion in January-February, the strongest start to a year since 2011, and prices could fall 20 to 25 percent if that were reversed. "Were such a scenario to unfold, the price of oil could fall back to the low $30s," it said on Monday.

Oil prices fall as concerns rise over rally petering out

See also:

Factbox: Oil price rebound widely seen capped at $45, for now
Mon Mar 28, 2016 - With oil prices having gained about 50 percent since touching multi-year lows in January, most analysts are predicting the end of the year-and-a-half long rout, but also betting that there is little upside in the near future.

After falling as low as $26 a barrel, U.S. crude oil futures hit a 2016 high of nearly $42 a barrel last week. On Monday they were trading at around $39 a barrel, with some analysts betting the rebound had run its course.

Factbox: Oil price rebound widely seen capped at $45, for now

 

[Moonglow]

Why mock OPEC when you should fear for the thousands of U.S. oil producers who are currently operating at a loss.

...like me.

You guys saved some of that dough when it was boom time..Didn't ya?

 

[Mr. H.]

Why mock OPEC when you should fear for the thousands of U.S. oil producers who are currently operating at a loss.

...like me.

You guys saved some of that dough when it was boom time..Didn't ya?

Go take a dirt nap.

 

[Tresha91203]

Why mock OPEC when you should fear for the thousands of U.S. oil producers who are currently operating at a loss.

...like me.

We are hurting here in Louisiana, too, Mr. H. We had to suspend our TOPS program (free college for graduates w a C avg or above), and still short on the budget.

 

[Mr. H.]

Why mock OPEC when you should fear for the thousands of U.S. oil producers who are currently operating at a loss.

...like me.

You guys saved some of that dough when it was boom time..Didn't ya?

I paid off our two vehicles, made a downpayment on a home, put some in the IRA, put the daughter through a private arts academy then got her enrolled in college, took a few trips. Yes, we saved but it seems you can never save enough.

...or can you?