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Author Topic: US crude may breach $100 on Iran progress Back to Topics
brbaritone
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Virginia

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Message Posted: Sep 30, 2013 7:23:47 AM

U.S. crude oil futures may break below $100 a barrel this week as Iran continues diplomatic overtures towards the West, according to CNBC's latest market survey of traders, analysts and strategists.

Market uncertainty over the U.S. budget impasse and the debt ceiling will likely hasten any move below triple digits, survey respondents said.

Iranian President Hassan Rouhani and U.S. President Barack Obama spoke by telephone on Friday in the highest-level contact between the two countries in three decades, raising hopes of a breakthrough in Western efforts to prevent Iran from building a nuclear bomb, Reuters reported. Rouhani seeks to lift international sanctions which have cut Iran's crude oil exports by more than half since early 2012

"With Syria silent and Iran mellowing down" U.S....
Visit CNBC for full article
REPLIES (newest first) Post a Reply
dandvicb
Champion Author Bridgeport

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Message Posted: Oct 1, 2013 6:41:57 AM

Don't bet on it helping!! TOO MANY SPECULATORS!!!!
zuess28
Champion Author Allentown

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Message Posted: Oct 1, 2013 6:30:07 AM

This is awesome.
Straitliner
Champion Author Illinois

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Message Posted: Oct 1, 2013 6:04:07 AM

Lets hope so.
Tekkersmom57
Champion Author Syracuse

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Message Posted: Sep 30, 2013 2:48:18 PM

Very welcoming news! I would love to go back down into the 90s for oil.
wrunner
Champion Author Virginia

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Message Posted: Sep 30, 2013 1:00:18 PM

Don't hold your breath, the Iranians stink worst than a desert camel.

They are smelling good, cause they want the U.S. to think they smell good.

The odor of reduced oil prices is what drives them to bargain for the lifting of the international oil sanctions.
Grismer
Champion Author Kitchener-Waterloo

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Message Posted: Sep 30, 2013 9:34:31 AM

Encouraging news in many respects.
mastermariner
Champion Author Texas

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Message Posted: Sep 30, 2013 9:31:36 AM

If so it will not be for long
skempton
Champion Author Vermont

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Message Posted: Sep 30, 2013 9:31:09 AM

won't do much at the pump.
c0wb0y
Champion Author Denver

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Message Posted: Sep 30, 2013 9:00:31 AM

Great to hear.
Bobmilan
Champion Author Louisville

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Message Posted: Sep 30, 2013 8:55:37 AM

Oil hit last low below $20 when Middle East was quiet.
Zeke33
Champion Author New Hampshire

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Message Posted: Sep 30, 2013 8:49:52 AM

Keep dropping. Good for the pump but bad for the speculators.
Buck_on_Bass
Champion Author Tennessee

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Message Posted: Sep 30, 2013 8:49:27 AM

I see Iran talking but not saying anything of substance.Iran is playing a game of perception. Syria is a wait and see what is disclosed and what is turned over. I suspect that Syria's chemical weapons turnover will not go as peacefully as some expect. The budget impasse may drive oil down as the politicians spend time grandstanding and not addressing the real work of governing.
ss70
Champion Author Detroit

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Message Posted: Sep 30, 2013 8:42:13 AM

Time for cheaper crude
pscamp
Champion Author Ottawa

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Message Posted: Sep 30, 2013 8:40:41 AM

OK
scu227
Champion Author New Haven

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Message Posted: Sep 30, 2013 8:40:28 AM

That's a step in the right direction, but it still needs to be a lot lower.
IronMyShirt
Champion Author Akron

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Message Posted: Sep 30, 2013 8:38:38 AM

Something or some reason will happen to get it back up -- whether real or imagined.
merlinCO
Champion Author Colorado

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Message Posted: Sep 30, 2013 8:35:59 AM

If it was negative news it would have been up $20.
streetdesign
Champion Author Illinois

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Message Posted: Sep 30, 2013 8:23:12 AM

Good. Keep the decline coming.
Pramodsharma
Champion Author Richmond

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Message Posted: Sep 30, 2013 8:22:53 AM

See friendship pays, even it is with enemy
WestMichigan
Champion Author Grand Rapids

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Message Posted: Sep 30, 2013 8:21:45 AM

Who would have thought Iran would be the reason oil is going down instead of up!
VMIJim
Champion Author Alabama

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Message Posted: Sep 30, 2013 8:18:57 AM

I will take any savings at the pump that I can get as the Obama Administration is going to do nothing but raise my taxes for their entitlement spending.
investmentdr
Champion Author Cleveland

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Message Posted: Sep 30, 2013 8:16:06 AM

trend is your friend
ironbox_sara
Champion Author Albany

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Message Posted: Sep 30, 2013 8:14:39 AM

Big deal. Should be $25 a barrel.
doeslayersr
Champion Author Illinois

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Message Posted: Sep 30, 2013 8:14:19 AM

Oh oh.... I bet the Big O did not count on that.....
NilesBishop
Champion Author Philadelphia

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Message Posted: Sep 30, 2013 8:02:05 AM

No matter where oil falls the speculators will mop up all the profits before it hits the pumps.
humblepie
Champion Author Toledo

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Message Posted: Sep 30, 2013 7:57:58 AM

still $60 a barrel overpriced
Peachy1
Champion Author St. Louis

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Message Posted: Sep 30, 2013 7:55:23 AM

Very good!
Evilmaddog
Champion Author British Columbia

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Message Posted: Sep 30, 2013 7:55:05 AM

something will come along or be made up to keep prices inflated
2khawk
Champion Author Iowa

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Message Posted: Sep 30, 2013 7:47:10 AM

I hope it does.
dudleydog
Champion Author New Hampshire

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Message Posted: Sep 30, 2013 7:46:40 AM

hope that it keeps going down...
roadrunnerMO
Champion Author Kansas

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Message Posted: Sep 30, 2013 7:45:07 AM

Down baby go down a lot.
APlus
Champion Author San Antonio

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Message Posted: Sep 30, 2013 7:38:40 AM

Keep US crude lower than $100!
Bou
Champion Author Maine

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Message Posted: Sep 30, 2013 7:37:49 AM

Hope it goes down way under $100.
EnviroChemist
Champion Author Oklahoma

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Message Posted: Sep 30, 2013 7:30:10 AM

Oil (101.44 -1.43) and gasoline prices are both down in early trading, that may change but looks promising at the moment.
BigRedVTX
Champion Author Georgia

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Message Posted: Sep 30, 2013 7:26:46 AM

While the Iran factor could have significant impact on oil, combined with that of the threatened shutdown and the apparent resolution of the Syrian crisis, fuel should continue to lower in pricing.
brbaritone
Champion Author Virginia

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Message Posted: Sep 30, 2013 7:25:24 AM

The article concludes:

"The focus currently seems to be more on the supply picture especially oil returning to the markets from Libya and Sudan," said Vandana Hari, Editorial Director, Asia at Platts. "That, coupled with record-high Saudi output, the disappearance of the Syria premium, and cautious optimism over a diplomatic solution - no matter how distant - to the U.S. and Iran nuclear stand-off, lend a bearish tone to the market."

However, latest data from IG Markets shows its clients leaning marginally towards the bullish end of market expectations. It shows 53 percent of as much as 250 IG clients with open positions in U.S. crude futures expect prices to climb while the remaining 47 percent are betting on price falls.

A deepening impasse over the U.S. budget negotiations and fears of a looming government shutdown loom may add to volatility in the oil markets, traders said.

"Washington issues will dominate and I expect we will see many gyrations in all markets because of this," said Mark Waggoner, president of Excel Futures, a commodities-trading firm based in Bend, Ore. "Oil should test $97.00."
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