Oil Price Plunging. Thanks Biden!

[g5000]

WTI crude futures erased early gains to fall towards $66 a barrel on Friday, after rising as much as 2% to above $68 tracking a sentiment of risk-off that took hold in markets. Early, a more bullish oil market was sustained by OPEC+ remarks, saying that are ready to quickly adjust output plans if demand suffered from measures to contain the Omicron variant. In the previous session, OPEC+ surprised markets when it stuck to plans to add 400,000 bpd supply in January, seen by analysts as a move meant to appease Washington. US deputy energy secretary David Turk previously said President Biden’s administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially. Meanwhile, the producers have since calmed markets, saying they would meet again before their next scheduled meeting on Jan. 4, if needed, to review supply additions in light of virus-related developments. WTI crude is on track for its sixth weekly decline.​

Crude Oil - Price - Chart - Historical Data - News

Crude Oil increased 15.13 USD/BBL or 21.11% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on April of 2024.

tradingeconomics.com

Oil settles down $10/bbl in largest daily drop since April 2020


Go Joe Brandon!

 

[g5000]

 

[struth]

let me know when gas prices get back to pre-xiden numbers

 

[Confederate Soldier]

I thought presidents couldn't affect oil and gas prices???


Hey, I'll take it.

 

[22lcidw]

The swamp is back in control.The world government will be enforced to us all when control is complete. And guaranteed when people gripe they will not listen to the citizens. Get rid of Fauci and Wallensky first.

 

[debbiedowner]

WTI crude futures erased early gains to fall towards $66 a barrel on Friday, after rising as much as 2% to above $68 tracking a sentiment of risk-off that took hold in markets. Early, a more bullish oil market was sustained by OPEC+ remarks, saying that are ready to quickly adjust output plans if demand suffered from measures to contain the Omicron variant. In the previous session, OPEC+ surprised markets when it stuck to plans to add 400,000 bpd supply in January, seen by analysts as a move meant to appease Washington. US deputy energy secretary David Turk previously said President Biden’s administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially. Meanwhile, the producers have since calmed markets, saying they would meet again before their next scheduled meeting on Jan. 4, if needed, to review supply additions in light of virus-related developments. WTI crude is on track for its sixth weekly decline.​

Crude Oil - Price - Chart - Historical Data - News

Crude Oil increased 15.13 USD/BBL or 21.11% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on April of 2024.

tradingeconomics.com

Oil settles down $10/bbl in largest daily drop since April 2020


Go Joe Brandon!

Gas has already gone down 10 cents a gallon where I live in the past week.

 

[surada]

let me know when gas prices get back to pre-xiden numbers

You mean during the 2020 lockdown?????

 

[pknopp]

let me know when gas prices get back to pre-xiden numbers

Are you promoting another shut down of the economy? Why would you want that?

 

[struth]

You mean during the 2020 lockdown?????

how about the average over his four years…really any time

 

[jknowgood]

You mean during the 2020 lockdown?????

Around $2.00 is fine with me.

 

[surada]

how about the average over his four years…really any time

US oil production doubles during the Obama years because the ppb was high. I know you don't get it.. I have explained it to you a dozen times.

 

[struth]

Are you promoting another shut down of the economy? Why would you want that?

where did i say that? i am promoting actually a robust economy

not the xiden inflation that’s jacked up gas prices

 

[struth]

US oil production doubles during the Obama years because the ppb was high. I know you don't get it.. I have explained it to you a dozen times.

cool…what’s that got to do with my post?

 

[pknopp]

where did i say that? i am promoting actually a robust economy

not the xiden inflation that’s jacked up gas prices

You understand where you said it.

 

[struth]

You understand where you said it.

no i have no clue what u are talking about

 

[colfax_m]

US oil production doubles during the Obama years because the ppb was high. I know you don't get it.. I have explained it to you a dozen times.

Then the price fell and producers lost their shirts.

 

[Jets]

Before we celebrate, let’s see how far the price of a gallon drops first…

 

[pknopp]

no i have no clue what u are talking about

That you are unable to understand the correlation should not come as a surprise I suppose.

 

[g5000]

I thought presidents couldn't affect oil and gas prices???

Yes, that's true, and I have said so when the pseudocons were blaming Biden for the rise in gas prices.

But what's good for the goose is good for the gander. I know the pseudocons wont have the integrity to give credit to Biden when prices go down. So I am doing it for them.

 

[surada]

Then the price fell and producers lost their shirts.

Yes.. US producers are wildly vulnerable to those price swings.. They always go overboard ..