Oil: Falling Down

FrieFrench

Junior member
42 0
Brent for January settlement declined $2.88 to $66.19 a barrel on the London-based ICE Futures Europe exchange, the lowest since Sept. 29, 2009. The volume of all futures was 4.9 percent below the 100-day average. WTI for January delivery dropped $2.79 to end at $63.05 a barrel on the New York Mercantile Exchange, the lowest settlement since July 16, 2009. Volume was 13 percent above the 100-day average.

Oil was selling at $105 a barrel as recently as July, but the price has been falling ever since. Top oil exporter Saudi Arabia blocked calls from poorer members of the Organisation of the Petroleum Exporting Countries to reduce production at the group’s meeting on November 27, fueling a further slide in oil prices which have lost more than 40 per cent since June.

Via Oil: Falling Down
 

Florea

Newbie
4 0
WTI Oil confirmed also our target at 44,44 and still has some downside potential after the weak closing last night that could favour a resumption of downside momentum. The indicators of the s/t charts are also well negative making this morning a new low while well oversold. I have increased this morning my long position buying another small position at 44,56!
 

Fendy Chia

Newbie
9 0
Crude-oil futures ended under $46 a barrel Tuesday, as oil supply estimates and comments from the United Arab Emirates’s oil minister about OPEC standing pat on oil production combined to stir oil-glut concerns.
sweet crude for delivery in February CLG5, -1.15% fell 18 cents, or 0.4%, to $45.89 a barrel.
 

Pat494

Legendary member
14,617 1,578
If I was a rich man and had a million gallon tank sat idle I would currently fill it up with cheap oil as a sure investment. It's only a matter of when it goes back up NOT if imho

May be the swimming pool ?
 

Big_P

Active member
100 19
If I was a rich man and had a million gallon tank sat idle I would currently fill it up with cheap oil as a sure investment. It's only a matter of when it goes back up NOT if imho

May be the swimming pool ?

This is starting to happen in the physical market.

Oil traders are hiring large oil tankers (Very Large Crude Carrier - VLCCs) to store oil with a view that the price is soon to move up.

A VLCC will hold 2 million barrels ... but it's costing the trader $40,000+ per day (usually minimum 3-6 months) for the privilege ...
 

Pat494

Legendary member
14,617 1,578
This is starting to happen in the physical market.

Oil traders are hiring large oil tankers (Very Large Crude Carrier - VLCCs) to store oil with a view that the price is soon to move up.

A VLCC will hold 2 million barrels ... but it's costing the trader $40,000+ per day (usually minimum 3-6 months) for the privilege ...

Those costs are way too much !!
The swimming pool is looking better and better. The neighbour's kids might take a dip too. Probably not notice at night
:)
 
 
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