[Armageddon]

[ROCKMAN]

There were interesting details on TOD yesterday regarding WTI prices vs. the rest of the world. Apparently WTI is trading at levels far lower then has ever been seen before compared to any other index. One explanation was that 33 million bbl of the 34 million bbl of storage capacity at Cushing was full.

Bottom line: globally crdue is selling for significantly more then the WTI numbers thrown around y the MSM.

[Armageddon]

I read there are super tankers just circling around waiting for oil to rise so they can sell it. With the looming depression, I don't see oil rebounding , ever. I just don't see demand ever ramping back up after the greatest depression the world has ever seen.

[chuck6877]

Please someone explain the chart below.
Stockcharts.com does their WTIC chart by showing the most heavily traded month for WTIC I believe.

According to them the price of oil is much higher than everyone else is saying: $42.57 for WTIC!!!

Their chart still shows that oil could be forming a bullish reverse head and shoulders pattern and could start climbing very soon! Strange....

[web]http://stockcharts.com/h-sc/ui?s=$WTIC&p=DAILY&b=5&g=0&id=p36008951271[/web]

[copious.abundance]

^
That's the March contract. The $36 figure is (was?) the February contract, which if I'm not mistaken, has just expired.

Same thing happened around mid-December. There was about a $5 premium on the February contract compared to the January contract on the day the January contract expired. So magically the next day, the price seemed to go up by about $5, even though the ticker at the end of that day might have only said the price went up or down by a small amount.

[davep]

$33.22

five minutes later $32.70

We may well hit a new low for the past few years.

[Tanada]

$this->bbcode_second_pass_quote('davep', '$')33.22

five minutes later $32.70

We may well hit a new low for the past few years.

[lowem]

Ok so we got $32.40 and then $32.70 as local minimum points.
Anyone dares to declare a double bottom yet?

So far it looks like gold is leading the way in the charge above $900 while oil is hovering just above $40 for now.

[Revi]

Gas is going up around here. It's at $1.96 just about everywhere.

Is the fact that we have such a low price on the WTI going to allow us to refill the Strategic Petroleum Reserve?

[frankthetank]

$35.32

I really am shocked at how low it has stayed for so long. April/May are going to be very interesting. I still think gasoline prices will pick back up by May...

[TWilliam]

$this->bbcode_second_pass_quote('frankthetank', '$')35.32

I really am shocked at how low it has stayed for so long. April/May are going to be very interesting. I still think gasoline prices will pick back up by May...

[Voice_du_More]

Oil and gas will rise together by a jump of 20-50% in a small window this spring. We have two factors that argue for a decent rise in prices in the near future,

a) current prices are not economically viable for the industry
b) oil depletion is marching on at 5-8% per year

eventually these have to trump deflation or else the industry itself starts collapsing until prices come back to a level that works. Also there is a locked in demand that simply cannot go away, we are still in the realm of burning off the discretionary demand, once we are through that prices will have another upward incentive. Fact being the global economy will have to find a way to shrink it's use of oil into the future not expand it. this will probably be the cause of many wars and social unrest almost everywhere as the have-nots agitate for a new world. This will necessitate ever stronger social controls and surveilance opening the way for the oft stated new world order. From there all goes very wrong for a while before it gets much better and stays that way.

[yesplease]

$this->bbcode_second_pass_quote('TWilliam', 'S')trangely tho', the price of gasoline has been inching upwards over the last couple months or so, around 35 - 40 cents higher now per gallon than it was at the beginning of the year...

[TheAntiDoomer]

Good explanation Yesplease. What do you expect gas prices to be in June?

[lowem]

Crude oil prices seem to be building a pretty good base just below $40. The formation has already been building up for months, who's to say it won't continue for a few more.

Meanwhile, watch the 50dma, Stochs, or whatever your favourite TA indicator is.

[lowem]

Crude oil prices still stuck in some kind no-man's land between $35-40, but gold prices are making a run for $1000! All this while USDX is making a run for 88. More of the "gold & USD rising together" party. Times are getting interesting.

This was posted on July 28.
$this->bbcode_second_pass_quote('darren', '')$this->bbcode_second_pass_quote('TheAntiDoomer', '[')url=http://www.naturesongs.com/cricket1.wav]Quiet in here.[/url]

[yesplease]

$this->bbcode_second_pass_quote('TheAntiDoomer', 'G')ood explanation Yesplease. What do you expect gas prices to be in June?

[lowem]

Welcome back to $50 oil.

[bodigami]

$this->bbcode_second_pass_quote('lowem', 'W')elcome back to $50 oil.