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sparky wrote:of course depletion is the joker in the pack of a rigged game
Oil prices continue their slide
Oil prices fell Thursday, hitting an eight-month low, as markets continued to react to disappointing economic news across the globe.
Signs of a slowdown in manufacturing in China, Europe and the United States delivered the oil market another blow on Thursday.
"Prices have gotten clobbered, and it's being driven by the deteriorating economic data," said Matt Smith, a commodity analyst at Summit Energy Services.
The oil markets also reacted to jobless claims, which analysts said showed little improvement. Prices were also still coming down from disappointment over the Federal Reserve's decision to hold interest rates steady.
Oil prices seen bottoming out soon: It's not unusual for oil prices to drop in the summer, according to Dan Dicker, an oil trader and author of "Oil's Endless Bid: Taming the Unreliable Price of Oil to Secure Our Economy."
"The steady decline in oil prices isn't unusual for this time of year. June is a weak month for oil prices," he said. "Now, you're adding that to negative growth, and that's having an impact."
But despite the forces working against the market, analysts don't expect oil prices to go much lower.
"We're going to stay in the 70s, whether that's $71 or $79," said Kloza. "Unless we have a Lehman-like event that throws a wrench in it, we'll bottom out in the next 10 to 15 business days."
SeaGypsy wrote:Wrong. There is a bottom on what the majors will sell for and it is not 'dangerously lower' than $80. The spigots will start shutting about when your prediction kicks in, that's already slated. I would be extremely surprised to see any significant dip below $75, certainly not sustained for any length of time. There will be a spike asap. The suppliers need return to their new $100+ normal asap. The rest of the economy will just have to live with that. The speculators will ensure that there isn't a steady drift. A new deal in Europe, however temporary, will buoy confidence enough to generate another wave....
SeaGypsy wrote:Yep, it's a record breaking bounce according to tonight (Mon Oz time) 10% in 3 business days. Obiwan & Pablo will still cloud my vision (pun unintended) , for the next week or 2 at least. BTW Peakoiler, what is our official low last week?
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