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Page added on November 9, 2018
WTI Drops Below $60
Crude oil futures declined again Friday, but the key natural gas benchmark got a late-week boost from a Canadian cold blast.
The December futures price for West Texas Intermediate (WTI) crude oil spent part of Friday below $60 a barrel but managed to settle above that threshold.
After peaking at $60.79 and bottoming out at $59.26, the front-month WTI ended the day at $60.19. Friday’s settlement reflects a 48-cent decline from the previous day. Compared to the closing price for Nov. 2, the WTI is down 4.7 percent for the week.
The January Brent lost 47 cents Friday to settle at $70.18 a barrel. Week-on-week, the Brent is down 3.6 percent.
“An overabundance of bearish factors caused WTI and Brent to continue their decline for the fifth straight week, losing about $17 per barrel in value since then and nearly five percent this week alone,” said Tom Seng, Assistant Professor of Energy Business at the University of Tulsa’s Collins College of Business. “WTI hit a nine-month low and fell for the 10th straight session, while Brent pricing was the lowest since April.”
Seng added that both the WTI and Brent officially entered “bearish” territory on Thursday, having lost 20 percent of their respective values since peaking in October. In addition, he noted that the WTI and Brent on Friday breached their key psychological price barriers of $60 and $70, respectively.
“Fundamentals weighed heavily on the market this week,” continued Seng. “Despite a U.S. stock market that rebounded earlier, stocks were down today and global stocks continued lower on growth concerns. After a mid-week dip, the U.S. dollar rose higher into today, further adding to the downward pressure on WTI.”
Seng also noted that supply news was nearly completely bearish, with U.S. Energy Information Administration (EIA) reports showing:
- U.S. oil production for last week hit a record high of 11.6 million barrels per day (bpd) while October averaged 11.4 million bpd
- The seventh consecutive increase in U.S. crude inventories, with a higher-than-expected 5.8 million barrel weekly gain
- Russia and Saudi Arabia produced record crude volumes in October as well
“Adding insult to injury, rigs in the U.S. drilling for oil increased last week by 12,” continued Seng. “The Trump administration granted six-month waivers to eight countries that will allow them to continue to purchase oil from Iran while they seek other sources.”
December reformulated gasoline (RBOB) futures fell two cents Friday, settling at $1.62 a gallon. RBOB is down two cents day-on-day and 5.3 percent for the week.
“RBOB continues to follow crude oil, falling throughout the week and hitting price levels not seen since October 2017,” said Seng.
A bright spot in energy commodities Friday was the December Henry Hub natural gas futures price, which rose nearly 18 cents to settle at $3.72. For the week, the Henry Hub price is up 13.4 percent.
“Natural gas traded flat for most of the week until today, when prices jumped on a forecast for a blast of cold Canadian air that is expected to lower temps for a large part of the country in the coming days,” said Seng. “While a higher-than-expected injection into storage occurred last week, total inventory remains below both last year (15 percent) and the five-year (16 percent) average.”
In addition, Seng pointed out EIA’s Weekly Natural Gas Storage Report revealed a 65-billion cubic foot (Bcf) injection for last week, leaving total inventory at 3.208 trillion cubic feet (Tcf). The latter figure is the “‘official’ season-ending volume,” he explained.
“Production last week decreased to 87.5 Bcfd while consumption fell to 83 Bcfd,” added Seng. “Exports to Mexico dropped to 4.7 Bcfd while LNG exports increased to 4 Bcfd.”
84 Comments on "WTI Drops Below $60"
I AM THE MOB on Sun, 11th Nov 2018 8:44 am
Davy
Shut up you stupid hick..There is no border crisis..Its totally made up by right wing fake news.
Illegal border crossings peaked back in 2000..And have declined 80 percent since then..The last two years border crossing’s were at historic lows..
Source: Border Patrol
https://www.scribd.com/document/375672329/CBP-Border-Security-Report-Fiscal-Year-2017
More Mexicans are leaving the US than coming here–and it’s not because of deportation
http://www.latimes.com/projects/la-me-a-dream-displaced-life-back-home/
You are so ignorant and you swallow propganda like mothers milk..
Cloggie on Sun, 11th Nov 2018 8:47 am
European populists continue to surge in the polls:
https://www.infowars.com/eu-populists-in-france-hungary-and-italy-continue-to-surge-in-polls-le-pen-overtakes-macron/
Le Pen overtakes Macron.
For the record: as long as populists like le Pen do not have a credible pro-EU agenda, I hope Macron will keep the upperhand in real elections.
We need a strong Europe to compete with other giants. Our defense with 500 million citizens should at least be equal to that of the US, in order to relieve our poor American nephews from the burden of “having to protect us”.LOL
I AM THE MOB on Sun, 11th Nov 2018 8:54 am
Davy and Clogg
The difference between patriotism and nationalism is that the patriot is proud of his country for what it does, and the nationalist is proud of his country no matter what it does; the first attitude creates a feeling of responsibility, but the second a feeling of blind arrogance that leads to war..
-Sydney J. Harris
Cloggie on Sun, 11th Nov 2018 9:23 am
https://en.wikipedia.org/wiki/Sydney_J._Harris
“Jewish American writer”
Next.
Cloggie on Sun, 11th Nov 2018 9:29 am
I know you wouldn’t like normal things like football
I liked it as a student, 40 years ago. Today I could not care less if the Africans of Ajax-Amsterdam or the Africans of Feijenoord-Rotterdam win.
At least field-hockey is all-Dutch, I sometimes watch that.
https://hockey.nl/wp-content/uploads/2016/04/zilver-voor-oranje-dames-Koen-Suyk.jpeg
https://imgw.rgcdn.nl/3d79b804fa644b09a668264672c99069/opener/Het-Nederlands-hockeyteam-tijdens-de-Hockey-World-League-in-India.jpg
I AM THE MOB on Sun, 11th Nov 2018 9:55 am
Clogg
What difference does it make the author of that quote was a jew? Actually I think a jew would be a good source for the subject of nationalism..
Nice try using an Ad hom attack..That is not an argument..
You old scummy geezer..
Cloggie on Sun, 11th Nov 2018 10:10 am
Actually I think a jew would be a good source for the subject of nationalism..
Why would that be? They hate nationalism as it is opposed to their communist, One World view, obviously under their control.
(((Michelle Goldberg)))
https://www.nytimes.com/2018/10/29/opinion/stacey-abrams-georgia-governor-election-brian-kemp.html
Mind you, I am also against excessive European nationalism, since it offers the opportunity to our geopolitical competitors (like you) to play us out against each other. Macron is entirely correct that we need an EU army to protect ourselves against China, the US and [cough] Russia.
Nevertheless, in 2018 Eurasians should tacitly support US Jews in their obvious efforts to destroy white America and by implication the US and en passant destroy the only tool US Jews have to threaten the rest of the world. US Jews (“neocons”) finally working in the interest of continental Europe, albeit inadvertently.
The predictable response will be that white America sooner or later will begin to destroy you back a little, while Eurasians will drink beer and eat popcorn and initially act as disinterested bystanders, until the opportune moment will arrive for Eurasians to intervene… and take the joint over, 1945-style.
Face it mobster, you missed the NWO boat, pall. You’re not half as smart as you like to think that you are. And what’s more, you are long trapped in your self-created situation, from which there is no escape for you. It will be geopolitical all down-hill from here for your Anglo-Zionism.
JuanP on Sun, 11th Nov 2018 11:10 am
Both nationalism and patriotism, as well as racism and sexism, are primitive and backward, and should be avoided as much as possible. I don’t give a fuck about nations or countries; they are retrograde human inventions. I am a member of the human species living in planet Earth. All of you, motherfuckers, are the same thing. If you want to think you are special because of your sex, race, age, nationaliy then I have five words for you: YOU ARE FULL OF SHIT!
Davy on Sun, 11th Nov 2018 11:13 am
“The ‘War Party’ Wins The Midterm Elections, Accelerating Transition To A Multipolar World Order”
https://tinyurl.com/y8h347e6
“The outcome of the American midterm elections gives us an even more divided country, confirming that the United States is in the midst of a deep crisis within its establishment.”
“Getting one’s legislative agenda passed with the House in the hands of one’s opponents is difficult at the best of times. For Trump the task becomes almost impossible.”
“For this reason, we are faced with a scenario that delivers the country to the war party, that faction composed of Republicans and Democrats who respond to the interests of specific conglomerates of power and not to the citizens who elected them. The real winners of the midterms appear to be the intelligence agencies, Wall Street and the banks, the ratings agencies, the Fed, the mainstream media, think-tanks, policy-makers, and the military-industrial complex. Donald Trump has come to discover, in his first two years as president, how little autonomy he has in foreign policy, thanks to the warmongering of the US establishment.”
”
Allies and enemies alike must prepare to withstand the shock waves emanating from the struggle between the elites in Washington, understanding that it is not possible to rely on Trump, let alone the war party, especially when the damage produced by both has negative effects on even allies. Europe, for example, suffers from the blowback of a Middle East and Africa sunk into chaos by the war party, and also suffers economically from the sanctions placed on Russia and Iran.”
“What is more, Trump’s economic warfare, using tariffs and sanctions, has only worsened the international financial economic arrangement, accelerating the complete de-dollarization of world economies.”
“Washington and her elite seem too caught up in domestic dynamics to notice that their behaviour is only accelerating the transition to a multipolar world order.”
Cloggie on Sun, 11th Nov 2018 11:24 am
Well, Juan, it looks like America might be just the country for people with globalist attitudes like yours.
And by all means, keep ignoring history, even that of the last few decades where everywhere around the world, millions were killed due to sectarian/inter-ethnic violence. You implicitly calling Sunnis, Shia, Kurds, Palestinians, Israelis, Hutus, Tutsis, Serbs, Croats, Ukrainians, Russians “full of shit”, doesn’t change a iota about the character of the world.
Just a polite question: could it be that you are a guy with a higher-than-average IQ and a little too much money in your pocket, enabling you to buy yourself into a nice, safe neighborhood, very much unlike for instance lower income Dutch people, who in no-time were confronted with having to live in an Islamic neighborhood and hate it?
https://www.youtube.com/watch?v=kYV0hz4dquE
(all decent Dutch people btw, perhaps too decent for this planet)
Btw, enjoy CW2! But you can always run off to the white safety of Uruguay.
#HypocritProgessiveGlobalistDavosPeopleSuckBigTime
Davy on Sun, 11th Nov 2018 11:32 am
“Both nationalism and patriotism, as well as racism and sexism, are primitive and backward, and should be avoided as much as possible. “
Says the idiot resident alien living in a land he hates. He preaches primitive and backwardness because he only gives a shit about himself. He is ruining this board with his identity theft, socks, and foul mouth spending an inordinate amount of time being disruptive without intelligent contribution.
“I don’t give a fuck about nations or countries”
There goes the foul mouth because he is stuck in his adolescence
“they are retrograde human inventions.”
What a dumbass. So wht do you propose idiot? Go back to tribes with 7BIL people. Woo, get and education
“ I am a member of the human species living in planet Earth.”
What gave you that idea? More like you are a blood sucking worm.
“All of you, motherfuckers, are the same thing. If you want to think you are special because of your sex, race, age, nationaliy then I have five words for you: YOU ARE FULL OF SHIT!”
Foul mouth asswipe shut the fuck up and get a life. You are the one full of shit!
Cloggie on Sun, 11th Nov 2018 11:32 am
Putin teases Trump, support Macron EU army plans:
http://www.spiegel.de/politik/ausland/paris-wladimir-putin-stichelt-gegen-donald-trump-a-1237874.html
Macron has said that Russia will be part of a European security architecture, hence Putin’s laid-back attitude. He knows he will be part of Europe, sooner or later:
https://documents1940.wordpress.com/2017/12/03/paris-berlin-moscow/
https://documents1940.wordpress.com/2018/05/10/boreas-rising-paris-berlin-moscow/
The rise of China to become the next #1 will dictate that EU-Russian rapprochement.
Davy on Sun, 11th Nov 2018 11:33 am
ASSHOLE DIRTY JUAN IDENTITY THEFT
Davy on Sun, 11th Nov 2018 11:13 am
“The ‘War Party’ Wins The Midterm Elections, Accelerating Transition To A Multipolar World Order”
https://tinyurl.com/y8h347e6
Davy on Sun, 11th Nov 2018 11:38 am
“guy with a higher-than-average IQ”
neder, the Juan has no education. He is a playboy slut living off dad’s dime and the gracious support of the US a country he hates. Juan is all talk and no substance. He rarely makes an intelligent comment anymore. All he does is flood this board with his personality disorders.
Davy on Sun, 11th Nov 2018 11:47 am
Sorry for losing my shit again everyone.
Cloggie on Sun, 11th Nov 2018 11:49 am
ASSHOLE DIRTY JUAN IDENTITY THEFT
Why are you so sure Juan did this?
I can’t prove it but Mobster is a far likelier culprit. Even Siss agrees with me (on this one).
Davy on Sun, 11th Nov 2018 11:50 am
ASSHOLE JUAN IDENTITY THEFT
Davy on Sun, 11th Nov 2018 11:47 am Sorry for losing my shit again everyone.
Davy on Sun, 11th Nov 2018 11:53 am
“Why are you so sure Juan did this?”
neder, I have outed Juan. I outed him in July when he did this childish activity briefly. You figure these things out after so many incidents. MOB, likes direct confrontation. Besides, you would be on his list for identity theft. You and billy are his biggest targets.
JuanP on Sun, 11th Nov 2018 11:59 am
Cloggie, I am not ignoring history or human nature, I just wish we were better as a species than we are, that’s all. I, personally, consider myself a deeply flawed individual, and worse than most on average.
“Just a polite question: could it be that you are a guy with a higher-than-average IQ and a little too much money in your pocket, enabling you to buy yourself into a nice, safe neighborhood, very much unlike for instance lower income Dutch people, who in no-time were confronted with having to live in an Islamic neighborhood and hate it?”
I do have a higher than average IQ; I don’t think much of that since I consider the tests biased and relative. I don’t have too much money, but I do have more than I need because I live a very simple life. It is true that I can afford to live in a good area, but I visit the worst areas in Miami-Dade County on an almost daily basis because that is where I farm and volunteer. I mostly volunteer with people at risk and in need like low income, minority, at risk, teenagers, ex prisoners, low income elderly, and veterans with disabilities. Most of these people are African American, though there are all types, including many Haitians. I experience daily being at the epicenter of Miami’s poverty. Some of these places could easily be in Africa.
Psychology Today on Sun, 11th Nov 2018 12:01 pm
“The Seven-Stage Hate Model: The Psychopathology of Hate”
“Hate masks personal insecurities. Not all insecure people are haters, but all haters are insecure people. Hate elevates the hater above the hated. Haters cannot stop hating without exposing their personal insecurities. Haters can only stop hating when they face their insecurities.”
https://www.psychologytoday.com/ca/blog/let-their-words-do-the-talking/201103/the-seven-stage-hate-model-the-psychopathology-hate
Cloggie on Sun, 11th Nov 2018 12:06 pm
Typical a Mobster post.
JuanP on Sun, 11th Nov 2018 12:08 pm
But I also understand, Cloggie, how people who have their neighborhood’s overtaken by different people feel. Here, the Jews have lost the political control of Miami Beach that they had 30 years ago. And, there is a lot of gentrification going on in many areas of Miami with middle class people of all races displacing low income Haitians and African Americans. I know how frustrating and angering it can be to feel a total personal lack of power to stop or slow this down. I wish we could live in a world where we could all travel and live everywhere and anywhere, but in today’s world I am against international migration and believe that it should be reduced drastically, and allowed only in extreme cases to prevent human rights abuses, etc. and preferably on a temporary basis.
Father Sullivan on Sun, 11th Nov 2018 12:22 pm
So much hatred Davy. It becomes all consuming.
Davy on Sun, 11th Nov 2018 12:55 pm
“I, personally, consider myself a deeply flawed individual, and worse than most on average.”
You hit that nail properly Juan. Your problem is you feel this admission gives you’re a license to bad behavior with others.
“I do have a higher than average IQ;”
Na, you think you do and that is your problem. You parade around thinking you deserve a life that has been handed to you because you are smart and exceptional. You hate this country but you continue to live here and steal a living. You demand respect but dish out disrespect. You are truly a fake and a liar.
“I don’t have too much money, but I do have more than I need because I live a very simple life.”
Sure Juan, you are a playboy South American slut living the high life in a Miami Beach and acting like you are simple and humble. LMFAO. I have followed you too many years to know your true lying self.
“ It is true that I can afford to live in a good area, but I visit the worst areas in Miami-Dade County on an almost daily basis because that is where I farm and volunteer”
Who knows if this is true? Considering Juan’s bad behavior here I doubt it. I think this is just more of the lies Juan lives by
Davy on Sun, 11th Nov 2018 12:56 pm
ASSHOLE JUAN SOCK
Psychology Today on Sun, 11th Nov 2018 12:01 pm
Father Sullivan on Sun, 11th Nov 2018 12:22 pm
Spirituality News on Sun, 11th Nov 2018 1:33 pm
“WHAT TO DO WHEN YOU FEEL “HATRED” TOWARDS ANOTHER PERSON”
“Hatred is a very destructive and toxic feeling to carry around with you, and it often times can drive you mad. It can also lead to physical illness and contribute to spiritual and mental instability. Life is too short to carry around hatred for another person when it can be resolved.”
“The next time you feel hate towards somebody, question the story you keep telling yourself in your head about the situation. You will find that the story running through your mind about the person you hate is not only useless, it is almost always untrue.”
http://thespiritscience.net/2015/06/03/what-to-do-when-you-feel-hatred-towards-another-person/
Davy on Sun, 11th Nov 2018 1:37 pm
ASSHOLE JUAN SOCK. See a pattern. Lol
Psychology Today on Sun, 11th Nov 2018 12:01 pm
Father Sullivan on Sun, 11th Nov 2018 12:22 pm
Spirituality News on Sun, 11th Nov 2018 1:33 pm
I AM THE MOB on Sun, 11th Nov 2018 1:42 pm
Psychology
So true..Look at clogg and davy..They are both old washed up geezers who nobody likes..
Dont worry they will die soon when the oil shortage and economic collapse hits..
Barry Winbolt on Sun, 11th Nov 2018 2:07 pm
Personal and Professional Development
“You can lead a goat to water, but you can’t make it drink”
https://www.barrywinbolt.com/you-can-lead-a-goat-to-water/
Cloggie on Sun, 11th Nov 2018 2:42 pm
“So true..Look at clogg and davy..They are both old washed up geezers who nobody likes..”
The #1 identity thief of this board, talking to himself.
Slime ball.
Davy on Sun, 11th Nov 2018 7:46 pm
“Foreign Capital Has Been Propping Up China’s Currency. Here’s What Happens When It Leaves”
https://tinyurl.com/ydykxp3t
“I think China’s manipulating their currency, absolutely,” President Trump said back in August. Yet the People’s Bank of China (PBoC) was, and has been, intervening to keep the RMB up, and not to push it down, as Trump was alleging. And we believe such interventions are about to get much larger. Here is why. Over the past two years, as our left-hand figure above shows, foreign portfolio investors have piled prodigiously into Chinese assets, helping to support the RMB. But history suggests this trend is about to reverse. While inflows have been rising, Chinese stocks have been tumbling—they are down over 20 percent from their January peak. Dreadful performance like this typically drives funds out of emerging markets. We may be seeing the beginning of such outflows in China. Repatriation of liquid foreign capital will make it far more challenging for China to keep its currency up. Of course, China could change course and let it fall, but that risks exacerbating the foreign-debt burden of its highly leveraged corporates. It could raise interest rates, but that would further slow a slowing economy. It could, to keep capital at home, demand higher returns on its foreign lending, but that would mean sacrificing its efforts to subsidize its companies operating abroad, as well those aimed at putting dollars to the service of geostrategic objectives—like Belt and Road. In short, then, there is every reason to expect that the PBoC will boost its support for the RMB by selling dollar reserves. This is what it did back in 2015, when a plunging stock market scared away foreign capital.”
“The prospect of a balance-of-payments crisis, in which China would struggle to pay for imports and service foreign debt (a prospect considered outlandish a decade ago), highlights the urgency with which China must begin addressing the problem of high and rising corporate and local-government debt levels. The PBoC has no easy fix for these problems.”
Davy on Sun, 11th Nov 2018 7:54 pm
Sorry. Wrong link again.
https://www.zerohedge.com/news/2018-11-11/foreign-capital-has-been-propping-chinas-currency-heres-what-happens-when-it-leaves
makati1 on Sun, 11th Nov 2018 8:49 pm
And the world has been “propping up” America’s economy for decades. Foreign countries own over 1/3 of US debt. If they stop buying, the US defaults or hyper-inflates. Oops!
https://www.cnbc.com/2018/04/05/chinas-1-point-2-trillion-weapon-that-could-be-used-in-a-us-trade-war.html
Slip slidin’…
Davy on Mon, 12th Nov 2018 4:48 am
“US Confident It Can Compete In Europe’s Gas Market”
https://tinyurl.com/yakbomnd
“As American LNG costs continue to fall, and as Europe looks to untangle itself from Gazprom, U.S. liquefied natural gas (LNG) exports are quickly becoming a welcome alternative to Russian gas supplies. The United States is all too happy to help Europe increase its energy security by diversifying its natural gas supplies – in which Gazprom holds more than a third of the market. These were the key messages from U.S. officials and LNG developers at this week’s gas conference in Berlin.”
“Poland, one of the most vocal opponents of Nord Stream 2 and Russia’s dominance on the European gas market, will start importing regular supplies from the United States as early as next year. “The share of LNG in our import portfolio is constantly increasing. The world’s liquefied natural gas market is rapidly growing and allows us to select the best offers in this area,” Piotr Wozniak, President of the Management Board of PGNiG, said in a statement. At the news conference after the signing of the deal, he said, as quoted by Platts: “We will sign different contracts for LNG with US companies, they all have one thing in common, they are 20%-30% cheaper than the currently purchased gas from Russia.”
I don’t see US shale gas as a true long term alternative to Russian gas but I do think it is smart for Europe to increase its LNG infrastructure to avoid letting any one source become too systematically important. This is especially true of Russia.