Oil Price Dumping

Carson Russell
Carson Russell

Oil Falls Most Since 2015 on Fears of Oversupply
U.S. oil prices fall for a record 12th consecutive day
U.S. oil prices sank deeper into a bear market Tuesday, posting their steepest fall in over three years and a record 12 consecutive days of losses, as fears of oversupply and weakening demand gripped the market.

West Texas Intermediate for December delivery settled 7.1% lower at $55.69 a barrel on the New York Mercantile Exchange, its sharpest one-day fall since September 2015. Brent crude was down 6.6% at $65.47 a barrel, entering a bear market, defined as a 20% drop from a recent peak. The tumble in prices is a reversal from earlier this year when anticipation that Iranian sanctions would shrink global supply sent oil prices soaring. That quickly reversed last month as worries about lower demand amid rising production from Saudi Arabia, Russia and the U.S. propelled crude prices lower.

This week, a report from the Organization of the Petroleum Exporting Countries on higher output and a tweet from President Trump added to the downward momentum in prices. “There has been a sea change in sentiment,” said John Kilduff, a founding partner at Again Capital. “We just flipped supply-wise almost on a dime. It looks like a glut situation.” WTI slumped to its lowest price of the year on Tuesday after a monthly report highlighted OPEC and Russian crude production continued to climb in October, more than offsetting losses from Iran.

Crude production from OPEC members rose by 127,000 barrels a day in October to average 32.9 million barrels a day, the oil cartel said Tuesday in its monthly report. Russia’s production rose 50,000 barrels a day, while in Iran, production fell by 156,000 barrels a day. After two weeks of daily declines, oil prices seemed to be starting a recovery Monday morning after a weekend announcement by major producer Saudi Arabia that it would cut its exports to boost prices and avoid an oversupply.

But then Mr. Trump tweeted Monday, “Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!” The comments surprised many analysts who said they had suspected Mr. Trump’s push for lower oil prices would end after the midterm elections were over. “Politics are still in play,” said Tyler Richey, co-editor of the Sevens Report. “President Trump’s tweets directed at OPEC opposing production cuts are another tally in the ‘bear’ column.”

Other factors have also played a role, said Matt Smith, director of commodity research at ClipperData. “You’ve also seen the dollar strengthening, which weighs on oil prices, as well as a broader risk-off scenario for commodities as equity markets declined in recent weeks,” Mr. Smith said. “It’s been a waterfall of selling.” A stronger dollar makes commodities more expensive for overseas buyers. The WSJ Dollar Index, which tracks the dollar against a basket of 16 other currencies, closed at its highest level since March 2017 on Monday.

U.S. prices have slid 25% after hitting a multiyear high of $76.41 a barrel on Oct. 3. Driving prices higher had been expectations that U.S. oil sanctions against major producer Iran would create a supply squeeze amid continued rising demand from markets like Asia. Other top oil producers, mainly the U.S., Russia and Saudi Arabia, began ramping up production to offset the expected drop in Iranian exports. But those developments collided in early November with Washington’s decision to soften its sanctions on Iran and grant waivers to some buyers of Tehran’s crude—propelling crude prices lower into what would turn into a record losing streak.

Additionally, there are increasing signs that oil demand is starting to weaken as trade disputes between the U.S. and China lead to lower growth forecasts for the global economy. “Basically, we’ve gone from envisioning tighter supplies six weeks ago to now expecting excess supplies on the market, and demand is starting to falter,” said Eugene McGillian, vice president, market research at Tradition Energy.

The gloom in the oil market is partly because Saudi Arabia’s efforts to prop up the market aren’t enough, say analysts at JBC Energy. The kingdom said its exports would come in 500,000 barrels a day lower on the month in December. Saudi officials said major producers should look at shaving off 1 million barrels a day of supply in 2019.

Investors will watch for a pair of weekly reports Wednesday and Thursday on U.S. oil inventories, which have been rising sharply in recent weeks and contributing to oil’s price decline.
archive.is/4tfKZ
wsj.com/articles/oil-falls-further-as-trump-decries-production-cuts-1542110718

WHAT THE FUCK IS HAPPENING?

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Brody Martin
Brody Martin

US shale flooded the market. Also, central banks are setting up collapse and going to buy up even more of their majority shares in oil companies when prices hit rock bottom.

Luke Morris
Luke Morris

I thought shale wasn't profitable at this price point

Caleb Reyes
Caleb Reyes

if anything this is great for consumer spending, but don't worry they will drop a few bombs in the middle easy and it will return to normal.

Ayden Gutierrez
Ayden Gutierrez

China pegged gold to petroleum, so that's gonna cause some weird activities due to jewish gold lust competing with israeli energy vampires

Parker Torres
Parker Torres

USA is an oil exporter now especially if we get the pipeline from Canada going.

Middle east smites want to crash the market, because they can extract their oil for $20 a barrel while shale costs $60-$80 per barrel to extract.

Jaxon Parker
Jaxon Parker

What's your personal opinion on the oil industry in a 5 year span

Alexander Morales
Alexander Morales

as long as trump stays in power it will be a bear market or just move sideways, he has made statements to the fact that he needs low oil prices to keep the economy going, and he seems to be in good with the Saudis.

Justin Collins
Justin Collins

oil prices falling
still 3 bucks plus per gallon of gas
really makes you think

Ayden Hernandez
Ayden Hernandez

now especially if we get the pipeline from Canada going.
Fagdeau blocked that shit. Hes done everything humanly possible to destroy the oil industry.

Luke Jackson
Luke Jackson

It doesn't matter how scarce or plentiful the fuel reserves are the energykikes will hike the prices as they please.

Howmany times have we heard "we're running out of oil", prices zoom up and drillers magically find more?

Samuel Howard
Samuel Howard

$2.35 where I'm at user, if it keeps dipping we'll get below $2 by thanksgiving (… wont happen of course, but it would glorious to see something like $1.5/gal again in my life time)

Jackson Green
Jackson Green

(((Central banks))) setting up to crash the market to fuck Trump
DRUMPFH IS TOTALLY CONTROLLED BY THE KIKES GOY

Jaxson Gonzalez
Jaxson Gonzalez

Sitting at 2.09 here

Luke Jones
Luke Jones

The crude oil export ban was lifted in 2015.

Leo Rivera
Leo Rivera

US sanctions and skullduggery have been destroying the Venezuelan fiat currency, the Bolivar. But Venezuela hasn't surrendered.

Venezuela recently created its own cryptocurrency, called the petro cryptocurrency, in an unprecedented move intended to break the economic blockade imposed by the United States. Venezuela wants the petro to become a standard currency for oil and gas markets.

Venezuela has been enjoying surprising success in getting other countries to accept the "petro"…

Venezuela also just switched to accepting Euros - not dollars - for its oil sales.

This smack-down of the oil price might be ZOG's effort to nip in the bud the evolving alternative to US greenbacks'

This links to an article that covers the basics
sputniknews.com/analysis/201810181068981403-Ditching-Dollar-Venezuela-International-Trade/

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David Gomez
David Gomez

The US has been undercutting Venezuela whenever it can, but they have other structural problems with their oil industry. Their oil is low quality and they don't have sufficient refining facilities to handle it themselves. Their previous number one customer, the US, doesn't need to buy from them anymore. The rest of the American continents are populated with countries that have tons of hydrocarbon resources [Canada, Mexico, Brazil, Argentina] that can meet the demand of neighboring states. The other huge import markets for oil are East Asia and Western Europe, which both border Russia and pipelines are far preferable to tankers wherever possible. This isn't even getting into the massive hydrocarbon deposits and industries in the various ex-Soviet -stans in Central Asia and widespread reorientation to natural gas instead of crude.

Nathaniel Allen
Nathaniel Allen

Nevertheless, Venezuela has been enjoying success with their new crypto. And if they succeed it will be an historic new way for countries to get out of dollar slavery'

Google >>> venezuela cryptocurrency

Bitcoin markets are buzzing with stories.

Connor Ross
Connor Ross

Make that Google news >>> venezuela cryptocurrency

Tyler Bennett
Tyler Bennett

If Oil comes tumbling down then who knows what might happen?

Joseph Jones
Joseph Jones

The reason the kikes "fuck" with Trump has two possibities:
-Trump, Bibi and the kikes around him represent a new house / trying to bring a royal family down and put their own there and they are kvetching at him for it. Trump represents the pre-1930 capitalistic jew, the other clique is straight-out bolshevik.
-Its all staged: Trump is playing it into the hands of democrats and the fault line and problems aren't real. The media keeps echoechambering for each side for division because they want class war to spark a plotetariat revolution.

Hudson Gutierrez
Hudson Gutierrez

fears of oversupply

More like falling demand. It's a sign of economic contraction.

Kayden Diaz
Kayden Diaz

chode

William Davis
William Davis

Fagdeau nationalized the pipeline and the chugs took him to court because they want a cut ("muh environment").

Tar sands are economically unprofitable unless oil is above $75/BBL, and (((fracking))) is a kike scam to get the state to pay for their environment and exploration costs, at least all the schemes I've seen.

Elijah Foster
Elijah Foster

I filled up at $2.55 the other day, but Wisconsin gets fucked hard by the distillate-jews.

Jaxon Hernandez
Jaxon Hernandez

The media keeps echoechambering for each side for division because they want class war to spark a plotetariat revolution.

That's why I'm accelerationist. I WANT an excuse to start killing these scum in broad daylight.

Carter Rogers
Carter Rogers

U.S. oil prices fall for a record 12th consecutive day

ROAD TRIP!

Ryan Brooks
Ryan Brooks

Romaine hearts BTFO
jews just decleared all romaine lettuce is tainted, inclding salad mixes and needs to be thrown out two days before Thanksgiving. We need more spics to shit in our lettuce.

Easton Walker
Easton Walker

And yet there are still fags here who will tell you the GOP is going to help us somehow

Benjamin Wright
Benjamin Wright

So what does lower oil prices mean for the economy? Is it an effort to keep the machine running a little while longer or is it a sign things are coming down?is it both?

Tyler Mitchell
Tyler Mitchell

Anything handled by spics is tainted.

Nolan Morgan
Nolan Morgan

I don't see demoshits paying for my gas.

Oliver Brooks
Oliver Brooks

An outcrop is a large area of rock sticking out of the ground.

Juan Wood
Juan Wood

Lower gas prices are a paradox. On the one hand cheap energy in shipping costs should mean lower prices on all goods and services, which is a net benefit to consumers. This lower spending and higher standard of living makes GDP look like shit, and obviously investors lose money. It's good for everyone except oil kikes basically, but the overall stimulative effect doesn't show up in overall consumer spending but in harder to measure metrics like consumer sentiment, real wages, and standard of living.

Adrian Foster
Adrian Foster

Is the GOP paying for your gas?

Jonathan Walker
Jonathan Walker

They're making it cheaper, cunt.

Jayden Ramirez
Jayden Ramirez

No they're not. This is actually what is happening.
Federal Reserve has been slowly raising interest rates since Trump took office.
Higher interest rates = slower economy
Benefits of tax cuts were good, but are short lived stimulus
Anticipation of China trade deal making people uncertain
If we get major tariffs, prices go up, economic activity goes down
Trumps rhetoric toward Mexico about car imports
You'll see it in 4th quarter spending after Black Friday and Cyber Monday fail to meet expectations. Consumers still have no savings, and are financing their standard of living with debt. Nothing in the actual economy changed when Trump took office except confidence went up. That is fickle, and now people realize they still feel the same pressures. The rampant speculation in cryptos is slowing, markets are in contraction/recession territory. The Emperor Has No Clothes.

Cooper Johnson
Cooper Johnson

ლ(´`ლ)
LMAO

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Mod names have been hidden in the board log so that the fagmods can continue their nefarious moderating activities anonymously. Now no one knows which mods to call out for faggotry… fucking kek almighty!

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