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Oil prices have plunged nearly 20% this month

 
Anonymous Coward
User ID: 68801366
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07/31/2015 08:15 AM
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Oil prices have plunged nearly 20% this month
Oil has plunged nearly 20% this month alone and it briefly dipped below $47 a barrel on Tuesday. That leaves it flirting with the March lows, which was the weakest price since 2009.
Crude plunged from $107 a barrel in June 2014 to as low as $43.46 in March. Then they rebounded above $61 a barrel on hopes the supply/demand imbalance had been fixed as U.S. producers dialed back drilling. That turned out not to be the case as American production ramped back up.

"U.S. output has been remarkably resilient. Any kind of price rise will be met with a wall of output that will restrain any further price rise," said Vincent Piazza, a senior analyst at Bloomberg Intelligence.

The U.S. is currently pumping 9.5 million barrels of oil per day -- up by a million from a year ago.
[link to money.cnn.com]
Anonymous Coward
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07/31/2015 08:23 AM
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Re: Oil prices have plunged nearly 20% this month
not in my town
what a crock of shit
[link to www.castanet.net]
Anonymous Coward (OP)
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Romania
07/31/2015 08:29 AM
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Re: Oil prices have plunged nearly 20% this month
Low oil prices are lasting a lot longer than petro-rulers thought they would

A nightmare scenario may be unfolding for Russia and some OPEC members: Low oil prices, rather than being a fast way to hobble upstart US shale oil, seem likely to linger for quite a while longer, perhaps well into next year and beyond.

If prices do stay in their current range of $45 to $55 per barrel—and a lot of analysts believe they will, if not fall even further—some of the world’s petro-rulers have tough decisions ahead to stave off serious political instability.

It turned out that Saudi Arabia had decided to flood the oil market.

But not all the petro-states have such cash reserves. Among those are Russia, whose state budget—the funder of much in the way of social spending and subsidized natural gas prices—relies heavily on oil and natural gas exports.
[link to qz.com]

The oil price trouble is not only in Russia. Apart from a handful of OPEC states, including Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates, no member of the cartel is positioned fiscally to withstand a long bout of low prices. The low prices have also led major oil companies to pull back spending, and made them much pickier about where they will drill.
[link to qz.com]
Anonymous Coward (OP)
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07/31/2015 08:29 AM
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Re: Oil prices have plunged nearly 20% this month
Windsor Brokers ‏@windsorbrokers 6m6 minutes ago
Crude Oil prints fresh session low at 47.68. $$ #CRUDEOIL #FX #


MineForNothing ‏@minefornothing 2m2 minutes ago
RT @TeleFinance Russia cuts interest rates as Putin faces renewed crisis from falling oil prices [link to tgr.ph]
Anonymous Coward
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07/31/2015 08:47 AM
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Re: Oil prices have plunged nearly 20% this month
I work as a recruiter in the oil and gas industry. Lots of people out of work in Texas, Canada, and North Dakota now.

Just had several job orders go cold after the Shell announcement. I am now hearing that this downturn will last

2 years. Oh and prices are dropping because of this Iran deal. That floods the market with new purchaseable oil.

This is what Obama wants. Make no mistake about it.
Anonymous Coward (OP)
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07/31/2015 08:50 AM
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Re: Oil prices have plunged nearly 20% this month
Rosneft ready to halt operations in Abkhazia pending inquiry

Ruble strengthens fall, dollar exceeds 61 rubles after Central Bank decision to lower key rate
[link to interfax.com]
Anonymous Coward
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United States
07/31/2015 08:54 AM
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Re: Oil prices have plunged nearly 20% this month
I paid 2.83 the other day for premium, it can keep dropping
Anonymous Coward (OP)
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07/31/2015 08:55 AM
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Re: Oil prices have plunged nearly 20% this month
I work as a recruiter in the oil and gas industry. Lots of people out of work in Texas, Canada, and North Dakota now.

Just had several job orders go cold after the Shell announcement. I am now hearing that this downturn will last

2 years. Oh and prices are dropping because of this Iran deal. That floods the market with new purchaseable oil.

This is what Obama wants. Make no mistake about it.
 Quoting: Anonymous Coward 63300645


This downturn is meant to destroy Russia and it will last until September, when Russia will have no other option left than the military one.

Russia is developing technical devices capable of neutralizing any missile defense system - Russian Defense Ministry
[link to interfax.com]

Russia’s military surveillance in the Arctic maintains control over airspace and ocean 500km from the shore, Defense Ministry claims. Soviet-era military bases along the opening Northern Route are being de-mothballed and renovated.

Russia’s Defense Ministry is actively implementing the program to revive its military presence in the Arctic following mass closure of military installations there in 1990s.
[link to www.rt.com]
Anonymous Coward
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07/31/2015 08:57 AM
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Re: Oil prices have plunged nearly 20% this month
Too bad the gas prices don't reflect this drop :-/
Anonymous Coward
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United States
07/31/2015 08:58 AM
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Re: Oil prices have plunged nearly 20% this month
Too bad the gas prices don't reflect this drop :-/
 Quoting: Anonymous Coward 69063223


They are here and were always stuck over 4 bucks
Narcissistic

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07/31/2015 09:00 AM
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Re: Oil prices have plunged nearly 20% this month
Anonymous Coward (OP)
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07/31/2015 09:03 AM
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Re: Oil prices have plunged nearly 20% this month
Too bad the gas prices don't reflect this drop :-/
 Quoting: Anonymous Coward 69063223


Thread: Russia's Gazprom gas output at all-time low in 2015
Anonymous Coward
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07/31/2015 09:03 AM
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Re: Oil prices have plunged nearly 20% this month
.. yet the price of petrol at the pump is still 1,3EUR as it was before this "chrisis"...
Anonymous Coward (OP)
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07/31/2015 09:05 AM
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Re: Oil prices have plunged nearly 20% this month
Energy expert: Gazprom has nowhere to sell its gas
[link to www.unian.info]
hIndsIght2020

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07/31/2015 09:06 AM
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Re: Oil prices have plunged nearly 20% this month
Putin must be feeling uncomfortable right now.
Anonymous Coward
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United Kingdom
07/31/2015 09:06 AM
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Re: Oil prices have plunged nearly 20% this month
This is the calm before the storm. They can't afford to stop pumping even at this price so they will keep going until they become bankrupt and get bailed out (mark my words this is coming) Once they are bailed out expect oil prices to go to the moon
Anonymous Coward (OP)
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07/31/2015 09:09 AM
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Re: Oil prices have plunged nearly 20% this month
Gazprom sells Gazflot

Gazprom is preparing for the sale of Gazflot, the 100 percent subsidiary specialized on offshore drilling, seismic exploration and geological engineering, newspaper Moskovskie Novosti reports.

Gazflot focuses exclusively on the Barents Sea, the Pechora Sea, the Yamal shelf and the Ob and Taz Bays. It has a branch company in Murmansk.

Arkadii Rottenberg is believed to be the likely buyer of Gazflot. Rottenberg already in 2010 acquired the Gazprom Burenie (“Gazprom Drilling”) company for 4 billion RUB. Gazflot will be the perfect complementary match for Rottenberg, analysts say.
[link to barentsobserver.com]
Anonymous Coward (OP)
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07/31/2015 09:13 AM
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Re: Oil prices have plunged nearly 20% this month
Putin must be feeling uncomfortable right now.
 Quoting: hIndsIght2020


After Russian missiles will destroy the nuclear power plants and coal power plants from EU and US, there will be a huge demand of oil and gas.
TheToolMan

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07/31/2015 09:14 AM
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Re: Oil prices have plunged nearly 20% this month
Interesting how oil and metal commodities are carshing. These drillers and miners are in trouble
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
hIndsIght2020

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07/31/2015 09:16 AM
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Re: Oil prices have plunged nearly 20% this month
Putin must be feeling uncomfortable right now.
 Quoting: hIndsIght2020


After Russian missiles will destroy the nuclear power plants and coal power plants from EU and US, there will be a huge demand of oil and gas.
 Quoting: Anonymous Coward 68801366


specialstupid
Anonymous Coward
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07/31/2015 09:17 AM
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Re: Oil prices have plunged nearly 20% this month
I don't get why with these low oil prices the final price at the pump is still so high. Doesn't seem fair to me at all..
Carimbo Hanky

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United States
07/31/2015 09:18 AM
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Re: Oil prices have plunged nearly 20% this month
where i live it takes so long for the drop to reflect on the pump..


its between $2.90 and $2.76 Regular, premium still $3.60

the electric bill dropped $22 tho
...if injustice, is of such a nature that it requires you to be the agent of injustice to another, then, I say, break the law. Let your life be a counter friction to stop the machine.

-Henry David Thoreau
TheToolMan

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07/31/2015 09:18 AM
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Re: Oil prices have plunged nearly 20% this month
I don't get why with these low oil prices the final price at the pump is still so high. Doesn't seem fair to me at all..
 Quoting: Anonymous Coward 68936383


Refining strikes and capacity. Separate process.

Plus, states have been upping taxes per gallon. Here in Washington state they added .12 cents last month
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
Anonymous Coward
User ID: 66199317
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07/31/2015 09:23 AM
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Re: Oil prices have plunged nearly 20% this month
Those gas taxes are going to be real lovely when the price starts rising again. However, I am in favor of gas taxes in general to help fund roads. Its a usage tax so im generally in favor of it.
TheToolMan

User ID: 48782165
United States
07/31/2015 09:28 AM
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Re: Oil prices have plunged nearly 20% this month
Those gas taxes are going to be real lovely when the price starts rising again. However, I am in favor of gas taxes in general to help fund roads. Its a usage tax so im generally in favor of it.
 Quoting: Anonymous Coward 66199317


Roads are what the previous taxes were suppose to pay for... These taxes are just for pensions
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
Anonymous Coward
User ID: 50563037
United States
07/31/2015 09:32 AM
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Re: Oil prices have plunged nearly 20% this month
But but.... Buy Gold folks. The ads on Fox new channel have been telling me this for months!
TheToolMan

User ID: 48782165
United States
07/31/2015 09:35 AM
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Re: Oil prices have plunged nearly 20% this month
But but.... Buy Gold folks. The ads on Fox new channel have been telling me this for months!
 Quoting: Anonymous Coward 50563037


Those are infomercial ads....
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
Anonymous Coward
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Romania
07/31/2015 09:45 AM
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Re: Oil prices have plunged nearly 20% this month
Putin must be feeling uncomfortable right now.
 Quoting: hIndsIght2020


After Russian missiles will destroy the nuclear power plants and coal power plants from EU and US, there will be a huge demand of oil and gas.
 Quoting: Anonymous Coward 68801366


specialstupid
 Quoting: hIndsIght2020


Thread: Putin activated Tesla shield over Russia. Nuclear first strike a possibility

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Thread: Chief of U.S. ICBMs and nuclear bombers: "Some of Russia's recent actions haven’t been made since Nazis"

ahole
Anonymous Coward
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07/31/2015 09:48 AM
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Re: Oil prices have plunged nearly 20% this month
Lower gas prices!!!
choruschoruschorus
babycakes

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07/31/2015 09:49 AM
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Re: Oil prices have plunged nearly 20% this month

 Quoting: Narcissistic


Loved that show....Milliyens dollars!
Seeker of Universal Truths.
Live from MT Summit!
Anonymous Coward
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07/31/2015 09:50 AM
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Re: Oil prices have plunged nearly 20% this month





GLP