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Author Topic: WTI Set for Longest Monthly Slide in Almost Five Years Back to Topics
Sanpoil
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Spokane

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Message Posted: Nov 29, 2013 8:56:41 AM

West Texas Intermediate crude headed for a third monthly decline, the longest losing streak in almost five years, amid rising OPEC exports and increased supplies in the U.S., the world’s biggest oil consumer.

Futures rose as much as 0.6 percent in New York after falling 1.5 percent on Nov. 27, the most in two weeks. OPEC, which meets next week, will boost exports through mid-December by 3 percent as refineries resume after maintenance, according to tanker tracker Oil Movements. The U.S. pumped crude at the fastest rate in almost 25 years while inventories climbed to the highest since June, Energy Information Administration data released on Nov. 27 show.

“The momentum is negative in WTI,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen.
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REPLIES (newest first) Post a Reply
NedW
Champion Author Indianapolis

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Message Posted: Dec 1, 2013 12:38:08 AM

Thank you for submitting this article, Sanpoil.
lesndave
Champion Author Texas

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Message Posted: Dec 1, 2013 12:30:15 AM

Sliding....??
52MPG
Champion Author Dayton

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Message Posted: Nov 30, 2013 2:12:21 PM

But will it show up in lower gasoline prices?
Tekkersmom57
Champion Author Syracuse

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Message Posted: Nov 29, 2013 11:29:55 PM

The price always seems to get to a certain low price and then needs to creep back up again!
ExplorerWA
Champion Author Washington

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Message Posted: Nov 29, 2013 9:52:10 PM

Lets see it at the pump.
mike56MI
Champion Author Michigan

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Message Posted: Nov 29, 2013 5:51:14 PM

OK
brbaritone
Champion Author Virginia

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Message Posted: Nov 29, 2013 5:14:54 PM

Oil prices are still 'goofy high.'
scu227
Champion Author New Haven

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Message Posted: Nov 29, 2013 2:45:26 PM

Slip Sliding Away !!!!
mastermariner
Champion Author Texas

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Message Posted: Nov 29, 2013 11:46:48 AM

If the trend continues where will stop? lets get past $90 then it will be interesting
RNCII
Champion Author Michigan

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Message Posted: Nov 29, 2013 11:37:46 AM

If only the Obama administration would get behind the growth we might see some real change.
juttuniemi
Champion Author Tucson

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Message Posted: Nov 29, 2013 11:35:59 AM

Good.
Night Owl
Champion Author Toronto

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Message Posted: Nov 29, 2013 11:31:58 AM

Yeah, keep sliding and sliding.
BBF_PFS
Champion Author Washington

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Message Posted: Nov 29, 2013 11:28:33 AM

Let it slide let it slide let it slide......
Radar1992
Champion Author Virginia

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Message Posted: Nov 29, 2013 11:11:26 AM

I am expecting $85 per barrel, if the Administration would get out of our way...

This could help offset the impacts of Obamacare....
Jeff4U
Champion Author Atlanta

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Message Posted: Nov 29, 2013 10:50:45 AM

Now $93.75 (+$1.45)
Jeff4U
Champion Author Atlanta

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Message Posted: Nov 29, 2013 10:48:26 AM

Climbing, not sliding ... crude is now $93.55 (+1.25)
gandalfthegrey1
Champion Author Houston

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Message Posted: Nov 29, 2013 10:48:19 AM

infinitom is right on re ROI, but corporate logic is also a big roadblock for new refineries. Here's a scenario: huge amounts of time, engineering and money to build; makes gas, diesel and chemicals more plentiful driving prices down (also bad for their retail side), longer payouts and reduced profits long term, then reduced ROI to shareholders. If you were running an oil company, how much incentive would that be for you?
highdesertman
Champion Author Albuquerque

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Message Posted: Nov 29, 2013 10:45:31 AM

On May 25, 2009, I posted an AP article on here about the impact of low oil prices on the Permian Basin oil fields. Oil was $60 a barrel, new exploration was nil, marginal wells were being shut down, and many jobs were lost. One of the quotes from that article read, "Oil company executives agree that oil in the $70-$75 per barrel range is needed to revive the industry, but a lack of credit capital, unstable oil prices and high service costs are all factors holding back the industry."

While lower WTI prices are good in the short-term, we need to recognize the risks involved if prices get too low. Let's be careful what we wish for.
dwbuddy
Champion Author Fort Worth

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Message Posted: Nov 29, 2013 10:42:49 AM

it should be down.
moosepooler
All-Star Author New York

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Message Posted: Nov 29, 2013 10:36:27 AM

dang crud shot up greedy
Jeff4U
Champion Author Atlanta

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Message Posted: Nov 29, 2013 10:33:43 AM

No "sliding" today. Crude is up $1.00 and is now at $93.30
wmderrick
Champion Author Twin Cities

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Message Posted: Nov 29, 2013 10:32:51 AM

Heading in the right direction at least.
infinititom
Champion Author Dallas

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Message Posted: Nov 29, 2013 10:04:29 AM

It is easy to blame Oil Companies for not building refineries but they have a responsibility to their shareholders to see a Return On Investment. When you have an Administration that turns loose an EPA to make costly rules that deliver no benefit and a person of Al Gore's stature saying the next financial bust will be in oil , why should they invest. There needs to be a climate of cooperation.
gandalfthegrey1
Champion Author Houston

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Message Posted: Nov 29, 2013 9:57:09 AM

Numerous posters correctly identify refineries as the next bottleneck. Now the problem is getting oil companies to use their huge profits to build more. Given those can cost a $billion+ I'm not holding my breath.
txequitygas - if we wait for leadership in DC we'll be rotting in our graves. The only possible out for that is to change from the bozos who are there - both sides. Maybe we should kick out the lot and start over. Newbies can't be any worse than what we've got now.
humblepie
Champion Author Toledo

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Message Posted: Nov 29, 2013 9:52:27 AM

at $92.96 right now, its still $50 a barrel overpriced
txequitygas
Champion Author Houston

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Message Posted: Nov 29, 2013 9:51:09 AM

Now we just need the pipeline built to move it, how about some leadership in Washington DC?
GasMonc
All-Star Author Detroit

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Message Posted: Nov 29, 2013 9:47:44 AM

Must be because the war is finally over.
djgunrunner
Champion Author Salt Lake City

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Message Posted: Nov 29, 2013 9:31:36 AM

This is good. My oil stock is bottoming because it is not part of big oil but that is okay. What is good for the country is good for me. Eventually it will go back up and I will be okay. At this time I have taken the shot and lost. Thank goodness for the dividends.
Ltdc
Champion Author Long Island

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Message Posted: Nov 29, 2013 9:25:34 AM

If the refineries are having problems the price decrease doesn't reach the pump.
gbs1
Champion Author Minnesota

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Message Posted: Nov 29, 2013 9:22:44 AM

Now we need pump prices to come down.
Taxrefugee
Champion Author Arizona

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Message Posted: Nov 29, 2013 9:21:59 AM

Diesel and gas remain high as those are determined by the market based on what comes out of a refinery, not out of the ground
MLB2701
Veteran Author Medford

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Message Posted: Nov 29, 2013 9:18:50 AM

Keep sliding but why is diesel so high
merlinCO
Champion Author Colorado

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Message Posted: Nov 29, 2013 9:06:45 AM

How do we get the price of diesel to become relative to oil price???
AVKZ
Champion Author Kalamazoo

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Message Posted: Nov 29, 2013 9:04:29 AM

Keep sliding.
RichardoB
Champion Author Fayetteville

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Message Posted: Nov 29, 2013 9:03:47 AM

Not much of a slide.
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