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| Oil price guesses 6 months 1 year (Page 5/5) |
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Raydar
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AUG 23, 05:32 PM
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$93.77.
And local gas is still dropping. $3.23
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Raydar
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DEC 12, 06:29 PM
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Wow. Didn't realize this thread had been "dormant" for so long.
Oil is down to $68.69. Gas is $2.89, and dropping.
GA also had another "tax holiday" that was cancelled about 3 weeks ago, due to falling prices. That was worth ~.30 per gallon. The lowest we saw was ~2.65.)
Everything I'm reading leads me to believe that the US is "flooding the market". The Saudis/OPEC have reduced production, and the price is still dropping.
This was predicted during the summer, but apparently happened a little bit later than they expected.
They (speculators?) seem to be ignoring the wars in Ukraine and Israel, which I find a bit surprising. But I'm not complaining.[This message has been edited by Raydar (edited 12-12-2023).]
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maryjane
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DEC 12, 11:50 PM
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The 2 current hot spots (wars) have little to do with crude production. Nothing inside Ukraine can affect Russia's crude output and Israel has very little crude production anyway. What did affect Russian output was the sanctions the EU and USA placed on Russian crude but it only affects seaborne exports, not exports via pipeline.
The Russian exports are down compared to pre-war but part of it is Russia voluntarily cutting back to try to raise prices.
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Raydar
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DEC 13, 01:22 AM
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| quote | Originally posted by maryjane:
The 2 current hot spots (wars) have little to do with crude production. Nothing inside Ukraine can affect Russia's crude output and Israel has very little crude production anyway. What did affect Russian output was the sanctions the EU and USA placed on Russian crude but it only affects seaborne exports, not exports via pipeline.
The Russian exports are down compared to pre-war but part of it is Russia voluntarily cutting back to try to raise prices. |
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Russia's cuts - and the sanctions - stung for just a minute, but that might have been due to the speculators.
The Israel situation? I just expected The Saudis or some of the other Arabs would get mad because of the war "goings on", and declare an embargo "because they can". But I also expect that they'd miss the revenue. So... maybe a bit short sighted on my part.
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maryjane
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DEC 13, 01:39 AM
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The Palestinian thing is kinda odd, as most in and around Gaza are Sunni Muslim but they are being supported (financially and otherwise) by the Iranians more than anyone else and Iran is Shite.
Saudi is already in a bad way as they really want the price of oil to go up but the only way they can do it is cut production but cannot afford an all out embargo nowadays. They would be cutting their proverbial noses off to spite their face.
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ray b
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DEC 13, 03:56 PM
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2.86 12-12
about time to go long again if I can get 3 to 5 years out under 80
current 69.77wtc
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ray b
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DEC 13, 04:05 PM
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on 08-04-2022 01:57 PM
i said
''war
I did NOT expect that war to last this long
under 80 if steady war level over if it gets nuts
70 if the war winds down lower if a hard stop and they get a peace''
was not far off more then a year ago
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ray b
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DEC 13, 04:14 PM
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maryjane
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DEC 13, 04:58 PM
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inflation INCREASES 'may' , be over, but consumer prices haven't receded.
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Raydar
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DEC 13, 05:14 PM
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| quote | Originally posted by maryjane:
inflation INCREASES 'may' , be over, but consumer prices haven't receded. |
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A few things have dropped, here and there. But do they ever truly recede, other than in the midst of a really ugly recession/depression?
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