Oil rout deepens as U.S. crude benchmark finishes below $90 a barrel for first time since February

2lion70

Well-Known Member
Gold Member
Jul 1, 2004
16,866
5,822
1
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.
 

The Spin Meister

Well-Known Member
Nov 27, 2012
24,308
28,037
1
An altered state
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.
Nice to see you celebrating the fact that people can’t afford to travel, or go out regularly, eat out, go to movies, go see the kids or grandkids. Gasoline demand way down, jet fuel demand down......And you celebrate.
 

bourbon n blues

Well-Known Member
Nov 20, 2019
22,025
25,692
1
Nice to see you celebrating the fact that people can’t afford to travel, or go out regularly, eat out, go to movies, go see the kids or grandkids. Gasoline demand way down, jet fuel demand down......And you celebrate.
I cooked my wife and I filets from Snake River Farms. They were $75 each for 10ozs, American raised wagyu beef.
We live in a rural area so spending $30 on gas and pay 25% or more for dinner makes a $200 night run around $350 now. Dinner goes up, the tip goes up .
So for $160 we had better steaks than what we’d get almost anywhere and pay about 1/2 of what we would by going out.
Funny thing is that I know other couples thinking the same way. Let’s get the good stuff and eat it at home.
A friend of mine drives for Schwan’s in Colorado . He said business is going well because people don’t want to spend the gas and by cutting back on driving the csn afford a little extra for stuff like the better meat or Schwab’s.
At a certain dollar amount snake River farms has $9.99 two day shipping. I’ll order the tri tip from their affiliate Double R Ramch and get around 3 or so. $39 on sale so my cost might be app 12 or so a lb.
 
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2lion70

Well-Known Member
Gold Member
Jul 1, 2004
16,866
5,822
1
Oil price dropping - be happy!!!
Price of gas dropping now for 51 straight days - be happy!!
The Trumper getting closer to prison - be happy!!
Sen Johnson (R) wants to end SS and Medicare - be happy!!!
Alex Jones shown as a lying pos during trial - perjury - be happy!!!

Zipiity doo dah
 

junior1

Well-Known Member
May 29, 2001
6,141
6,486
1
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.
With all that power, why did he let prices get to $5/gal? Or for that matter why is it $1.75/gal (+/-) more today than on his inauguration day?
 

Vic Vaselino

Well-Known Member
Nov 14, 2009
2,881
2,052
1
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.
As Republicans weep.
 

rumble_lion

Well-Known Member
Aug 7, 2011
22,691
5,478
1
With all that power, why did he let prices get to $5/gal? Or for that matter why is it $1.75/gal (+/-) more today than on his inauguration day?

All we know is that he was directly responsible for the high prices as he is now for lowering them.
 
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Steelpenn

Well-Known Member
Apr 30, 2017
179
166
1
My parent's basement
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.
You know you are contradicting yourself. On Monday you started a thread saying Biden has nothing to do with gas going up or down. So which is it?
 
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maypole

Well-Known Member
May 9, 2022
1,508
633
1
I cooked my wife and I filets from Snake River Farms. They were $75 each for 10ozs, American raised wagyu beef.
We live in a rural area so spending $30 on gas and pay 25% or more for dinner makes a $200 night run around $350 now. Dinner goes up, the tip goes up .
So for $160 we had better steaks than what we’d get almost anywhere and pay about 1/2 of what we would by going out.
Funny thing is that I know other couples thinking the same way. Let’s get the good stuff and eat it at home.
A friend of mine drives for Schwan’s in Colorado . He said business is going well because people don’t want to spend the gas and by cutting back on driving the csn afford a little extra for stuff like the better meat or Schwab’s.
At a certain dollar amount snake River farms has $9.99 two day shipping. I’ll order the tri tip from their affiliate Double R Ramch and get around 3 or so. $39 on sale so my cost might be app 12 or so a lb.
You actually take time out from posting to eat? I don’t believe you.
 
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SheldonJoe2215

Well-Known Member
Oct 3, 2015
4,202
4,394
1
Portland, OR
Can someone explain to me what the Fed is trying to accomplish here? Is there still a Fed put? It sure seems like it as markets seemingly race back to all-time highs.

These Fed Governors should be out there talking down the market. Instead, they are letting it run with the S&P being down only 6% on the one-year chart, 10 year rates are heading back down, etc. It's like they are begging inflation to not go away.
 

SR108

Well-Known Member
Jan 13, 2004
16,253
5,801
1
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.
Get back to me when gas is 2.50 again.
 
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roswelllion

Well-Known Member
Gold Member
Aug 18, 2003
9,747
8,678
1
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.
b-b-b-but Putin did it!!!
 
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junior1

Well-Known Member
May 29, 2001
6,141
6,486
1
All we know is that he was directly responsible for the high prices as he is now for lowering them.

All we know is that he was directly responsible for the high prices as he is now for lowering them.
that may be fair...but are the people he blamed for the high prices - Putin's tax hike, greedy corporations who don't want to drill more because they make more money with limited supply, and gas station owners who are charging more than they need to - now any more responsible for high prices as they are for lowering them.
Why can't Biden admin be honest with the american people? They don't need to go in to "upstream, Downstream" on oil business, but they could just have said -----world market, higher demand, limited supply etc - and people would have understood. Now, at least to me they just look stupid. All the parameters for high cost they spouted a few months ago are still in place and yet prices have gone down. Rather than send out lower level execs to take credit for lower prices they, again, should be honest....saudi is pumping a little more, recession fears worldwide, and china slowdown/lockdown. Why all the histrionics?
 

psuted

Well-Known Member
Gold Member
Nov 26, 2010
27,777
23,336
1
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.
Biden isn’t showing anyone who’s boss. Gas prices are still significantly and insanely higher that when President Trump ran the country. Biden and the Democrats are a disaster.
 

Sullivan

Well-Known Member
Nov 24, 2001
17,005
13,069
1
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.

That's pretty funny that you're celebrating $90 oil. The oil industry is too :rolleyes:
 

pawrestlersintn

Well-Known Member
Jan 26, 2013
16,070
23,816
1
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.
"Yay! We're in a recession" --2lyin
 

rumble_lion

Well-Known Member
Aug 7, 2011
22,691
5,478
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Can someone explain to me what the Fed is trying to accomplish here? Is there still a Fed put? It sure seems like it as markets seemingly race back to all-time highs.

These Fed Governors should be out there talking down the market. Instead, they are letting it run with the S&P being down only 6% on the one-year chart, 10 year rates are heading back down, etc. It's like they are begging inflation to not go away.

They are trying to shift a few million people from working at a job to collecting unemployment benefits.
 

rumble_lion

Well-Known Member
Aug 7, 2011
22,691
5,478
1
that may be fair...but are the people he blamed for the high prices - Putin's tax hike, greedy corporations who don't want to drill more because they make more money with limited supply, and gas station owners who are charging more than they need to - now any more responsible for high prices as they are for lowering them.
Why can't Biden admin be honest with the american people? They don't need to go in to "upstream, Downstream" on oil business, but they could just have said -----world market, higher demand, limited supply etc - and people would have understood. Now, at least to me they just look stupid. All the parameters for high cost they spouted a few months ago are still in place and yet prices have gone down. Rather than send out lower level execs to take credit for lower prices they, again, should be honest....saudi is pumping a little more, recession fears worldwide, and china slowdown/lockdown. Why all the histrionics?

All the parameters for high cost they spouted a few months ago are still in place and yet prices have gone down.

As are all the parameters the GOP spouted for the prices going.

Politicians going to politic.
 

royboy

Well-Known Member
Nov 9, 2001
46,637
31,766
1
Lewisville, NC
Screen-Shot-2022-07-29-at-3.06.13-PM.png
 

olelion

Well-Known Member
Jun 10, 2001
5,403
2,773
1
Tarpon Springs Fl
Bide nshowing those markets who the boss is. He has been dropping oil and gas prices daily. Not all at once - just slow and easy.....
An awesome display of his powers.


FUTURES MOVERS
Oil futures tumbled Thursday as fears rose over a global economic slowdown that could dent demand, sending the U.S. crude benchmark to its first finish below the $90-a-barrel threshold since February.

Price action
  • West Texas Intermediate crude for September delivery slumped $2.12, or 2.3%, to close at $88.54 a barrel on the New York Mercantile Exchange, the lowest settlement since Feb. 2 and the first close below $90 since Feb. 10.


  • October Brent crude settled with a loss of $2.66, or 2.8%, at $94.12 a barrel on ICE Futures Europe, the global benchmark’s lowest close since Feb. 18.
  • Back on Nymex, September gasoline fell 4.1% to $2.7935 a gallon, its lowest finish since Feb. 25. September heating oil shed 2.3% to $3.3372 a gallon.
  • September natural gas dropped 1.7%, ending at $8.122 per million British thermal units.
Market drivers
Oil extended losses seen on Wednesday after the Energy Information Administration said U.S. crude supplies rose 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels — both had been expected to fall.

“The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of key technical $90 level could unleash some momentum selling,” said Edward Moya, senior market analyst at Oanda, in a note.
“WTI crude should have seen massive support at the $90 a barrel level, but an intensifying global economic slowdown is changing that oil market is tight trade. WTI crude should see some support at the $88.75 if this breach of the $90 level holds,” he wrote.
Oil fell sharply in volatile trade Wednesday, giving up early gains seen in the wake of a meager increase in output by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — to tumble sharply after the Energy Information Administration said U.S. crude supplies were up 4.5 million barrels in the week ended July 29, while gasoline supplies rose 200,000 barrels.
The price action shows that “demand concerns are now the dominant influence on the global energy market and even though supply worries will persist with the Russia-Ukraine war, we will need to see evidence of demand stabilizing for the oil market to begin to find a near-term bottom,” wrote analysts at Sevens Report Research, in a note.
Ah oh. Now it's going to be burned and the you and your ilk can reboot your climate change mantra
 

junior1

Well-Known Member
May 29, 2001
6,141
6,486
1
All the parameters for high cost they spouted a few months ago are still in place and yet prices have gone down.

As are all the parameters the GOP spouted for the prices going.

Politicians going to politic.
Your last sentence is 100% right(that’s 2 “rights” in one thread)
But, republicans are currently not in the position to “direct” the changes to impact energy prices in the short term. Democrats now seem to believe that we can lower energy prices with expanded green investments, faster oil permitting and new pipelines ( the manchin Schumer deal)
It’s a shame that both parties can’t come together on an energy plan for the country
 

The Spin Meister

Well-Known Member
Nov 27, 2012
24,308
28,037
1
An altered state
As are all the parameters the GOP spouted for the prices going.
Assuming you intended to end this sentence with ‘up’.

But wrong as usual. There has been a major shift in parameters. One is a serious drop in demand by consumers of energy. Both gasoline and jet fuel demand has dropped significantly. Add in a drop in GFP for two consecutive quarters......recession.

While you may fuss over whether we are in a recession or not buyers and investors in commodities are basing their contract bids based on those two,quarters. Which means lower bids and lower prices.

Two major parameter changes.
 

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