OIL prices falling!!

[charlz]

This site talks about the Brent versus WTI prices:

Why are WTI and Brent Prices so Different? | Our Finite World

Basically two new-ish pipelines from Canuckistan to the midwest refineries causing oversupply and keeping the WTI price down. Doesn't really help other parts of the country though as there is no way to get WTI oil to other parts of the country.

 

[Gale Hawkins]

Terrifying Charts For Saudi Arabia - Business Insider

If you like charts about oil/prices check out this site from BusinessInsider.

 

[tcartwri]

Terrifying Charts For Saudi Arabia - Business Insider

If you like charts about oil/prices check out this site from BusinessInsider.

My immeadiate problem with that article is the claim that crude needs to be over $80/brl for the Saudis to break even. From my time over there, I recall that it is about 1/10 that number. Their ROI on new facilities is measured in days.... The article smells funny, just by the manner in which it is written.

However, I recently heard that the Sauds are investing in the largest renewable project ( solar pv ) in the world. Further driving the cost of these technologies downward, which will be great for the rest of us.

 

[charlz]

Interesting that you bring this back up. Lately WTI and Brent prices have almost been on par yet we daily hear that US oil production is up and gasoline demand is down. So what is keeping WTI prices up??

 

[Kyle_in_Tex]

The Saudi's are quietly raking in profits like crazy. they can produce at such a cheaper rate than a typical frack job here. Trust me, if they wanted to turn the valves wide open and glut the market they could. But why would they when they are making money like crazy while preserving their oil fields for the long term. They love this $100 barrel stuff. The frackers here stateside need $90/barrel to stay afloat they claim, so the Saudi's could turn on the valves and put all our rigs back into the rusty, weed filled fence yards whence they came. But they are oh so happy to sell oil at $100/barrel. I imagine them waking up and doing a little dance each morning as prices stay high.