Thread: Oil Slick Stuff

U.S. oil fall longest in 29 years after China data

By By Christopher Johnson | Reuters – 2 hours 6 minutes ago



By Christopher Johnson
LONDON (Reuters) - U.S. oil prices headed for their eighth consecutive week of falls on Friday, the longest losing streak since 1986, after a sharp drop in Chinese manufacturing increased worries over the health of the world's biggest energy consumer.
Activity in China's factory sector shrank at its fastest pace in almost 6-1/2 years in August as domestic and export demand dwindled, adding to worries about lower consumption of crude in the second-biggest oil user.
Asian stocks followed Wall Street lower as fears took hold of a China-led slowdown in global growth.
U.S. crude for October delivery <CLc1> was 50 cents lower at $40.92 a barrel by 1230 GMT. On Thursday, the September U.S. crude contract <CLU5> saw its lowest intraday trade since March 2009 at $40.21 a barrel before it expired at the market close.
Brent oil <LCOc1> was on track for its seventh weekly decline in eight, down 60 cents at $46.02 a barrel, after settling 54 cents lower on Thursday.
Both global oil benchmarks are near 6-1/2-year lows, with U.S. crude heading for its longest weekly losing streak in 29 years.
"The market is stuck in a relentless downtrend," said Robin Bieber, a director at London brokerage PVM Oil Associates.
"The trend is down - stick with it."
In late 1985, oil prices slumped to $10 from around $30 over five months as OPEC raised output to regain market share following an increase in non-OPEC production.
"Weighing on prices is the continued ample supply with crude oil builds in the U.S. and OPEC pumping at record levels," said Michael Poulsen at Global Risk Management. "Fear of slowing growth in China is increasing."[more]
https://ca.news.yahoo.com/feels-1986...--finance.html

In downturn, frackers turn to toilet water in drought-prone Texas

By By Anna Driver | Reuters – 12 hours ago


By Anna Driver
HOUSTON (Reuters) - Top shale oil producer Pioneer Natural Resources Co <PXD.N> has found an unusual way to both save water and cut costs for its wells: tapping the treated runoff from toilets, sinks and showers in west Texas.
Pioneer has signed an 11-year, $117 million deal with the city of Odessa, Texas that will guarantee it access to millions of gallons of treated municipal wastewater each day, for use in nearby oilfields. Deliveries of the so-called effluent, are expected to start at the end of the year.
As crude oil has slid to its lowest level in six years - currently about $40 a barrel - oil and gas companies pumping from shale rock have tried to cut every unnecessary penny from their operations. Water acquisition and transportation can be up to 10 percent of the cost of drilling and fracking a well, according to consulting firm IHS.
Producers are also trying to mitigate long-term risks of water scarcity in the arid Permian Basin of West Texas, where the top U.S. oilfield is situated.
Oil and gas companies operating in area, including Pioneer and Apache Corp <APA.N>, have long sought cheaper, more environmentally sound sources of water to use for fracking.
For example, both companies have drawn some of the water they use in their operations from the Permian's brackish aquifers, which contain water unfit for drinking. Both companies also have worked to recycle water that is used for frack jobs or found in the ground while drilling.[more]
https://ca.news.yahoo.com/downturn-f...--finance.html

Sent from my (Daughter forcing me to use an) iPhone using Tapatalk...

Originally Posted by RealMoneyIssues

Sent from my (Daughter forcing me to use an) iPhone using Tapatalk...

NICE!

Just after Labor Day a gas station near me had fallen to $1.67. By 9/10 that station was at $2.25. This morning some gas stations are down to $2.03 but most are between $2.10 and $2.15.

E10 averaging $1.89 a gallon in Boiled Peanut GA.

Oil falls after U.S. warns on health of global economy
LONDON (Reuters) - Oil prices fell on Friday after the U.S. central bank warned on the health of the global economy and bearish signs persisted that the world's biggest crude producers would keep pumping at high levels.
The Federal Reserve decided against raising interest rates from historic lows on Thursday, saying uncertainty about global economic growth had forced its hand.
The bearish sentiment sent European stock markets sharply lower on Friday, with London's FTSE 100 (.FTSE) and Frankfurt's Dax (.GDAXI) down 1.4-2.8 percent.
The oil market had mixed reactions to the Fed decision, with concerns about economic weakness sending commodities lower, but a fall in the U.S. currency also meant buying dollar-traded crude became cheaper.[more]
Oil falls after U.S. warns on health of global economy - Yahoo Finance

Yep, and gas stations jumped up 20-25 cents over night. I should have gotten gas yesterday for $2.03. ;swear

Oil logs biggest daily drop in almost 3 weeks

Published: Sept 18, 2015 3:13 p.m. ET
Oil futures on Friday saw their largest daily drop in almost three weeks as the U.S. Federal Reserve’s decision to keep interest rates unchanged raised worries about the U.S. economy—and energy demand. [more]
Oil logs biggest daily drop in almost 3 weeks - MarketWatch

http://www.tsptalk.com/mb/vbtube_show.php?tubeid=6438

Oil prices will rebound much faster than market is predicting, Barclays says

Published: Oct 15, 2015 5:01 a.m. ET

Oil prices are likely to jump much faster than the market currently expects, in order to meet expected demand by the end of the decade, according to Barclays’s analysts.
In the bank’s latest analysis of the oil market, dated Oct. 14, its strategists forecast that Brent oil LCOX5, -0.63% will rise to $85 a barrel by 2020, in their base-case scenario. That level is a far cry from the $65 a barrel that the futures curve is indicating at the moment.
Even in the bank’s low-demand scenario, the forecast of $75 is well above the futures curve, while Barclays’s high-demand case predicts prices at $100.

Brent traded around $49.50 a barrel on Thursday, while crude oil CLX5, -1.20% was at $46.17.
“Under any reasonable demand scenario (ranging from 0.9 million barrels a day to 1.4 million barrels a day of annual average demand growth from 2016-2020), prices need to move higher than what the oil-futures market is currently pricing in, or there will not be enough supply,” the analysts led by Michael Cohen, said in the report.[more]
Oil prices will rebound much faster than market is predicting, Barclays says - MarketWatch