What are your thoughts on crude oil prices?

[lightbulb27]

I'm sure yo spend a lot of timing thinking about crude oil don't cha?

We'll... to me, it looks ridiculous cheap. Why is it so cheap when we nearly have nuclear war going in Ukraine and middle east is a tinder box. Ship (s) are being attacked by Houthis... and one is leaking oil. Russian oil has been restricted... yea right... but thats what they say

Yet oil is down!:) haha, you are so lucky. The excuse is... china economy slow. yea ok... so what.

What do you think... and what do you know? Is Venezuala back on line, so the volumes are up? Is oil being shorted to death to get us through the election time?

[DryGermanGuy]

Saudi Arabia has announced that they are no longer too happy with the OPEC restrictions and that they will increase their oil production independently. On top of that come the huge amounts of domestically produced oil in the United States and an economic cooldown in parts of the world, so the current oil prices are the result.

[lightbulb27]

that makes some sense. but I wonder their cost per bbl to get out of the ground. Many rigs are losing money... eventually, they cut back, supply declines. interesting...

[DryGermanGuy]

I strongly suspect, part of Saudi-Arabia's strategy is to price other players out of the market.

[Anonymous]

Price controls. Saudi Arabia agreed to cheapen their oil and the us agreed to limit fracking. Europe is phasing out cost power. And Russian crude oil is being bought at a very low price by India and China which drops the price of oil due to the supply and demand. Also Russian oil is being bought by US companies third and fourth hand very cheaply.

The us also has a lot more renewable energy and fracking going on meaning there's less demand for crude oil which drops the price. If there was a crude oil shortage due to say global shipping problems or a huge demand for crude oil from say China then the price of crude oil would rise.

[lightbulb27]

limit fracking would raise prices.
the rest makes sense to lower prices. but that makes no sense... as the govt policy under current admin is to shift towards electric. cheap oil is not helpful in that goal...
I smell @OddBeMe saying the truth... govt manipulation... which is temporary...

[Opinion Owner]

Geo political stuff and domestic politics influence these decisions. It's in the Saudi intrest to sell their oil for more but at same time they can be influenced by the US and deals made such as limit fracking in the us and elsewhere. If oil is more expensive with high taxes like in the UK & EU as well as with high tariffs it would make electric cheaper but there is a war going on in Ukraine and most of Russia revenue comes from oil/gas sales, so if you can flood the market with cheap oil and energy and lower global oil prices by flooding the market then you cut Russia's oil/gas profits which effects their economy and their ability to fight their war in UKRAINE.
The Obama administration did a similar thing. Russia at the time was rebuilding and modernising their military during maybe 2004, oil/gas prices were high at the time and this was funding it. Russia's high military spending and the fact that they were bullying their neighbours was concerning NATO so it was decided to try to undercut Russian efforts to modernise their military by cutting down their oil/gas prices by lowering the global price of energy. One plan was to build a pipeline from Oman into Europe via Syria and Turkey but Assad choose its long term ally and to make this happen the Obama administration tried to oust Assad from power but Russia intervened to protect its oil/gas profits. The Arabs in Saudi Arabia weren't willing to lower the price of oil so had to be convinced so the Obama administration backed MBS to take over in Saudi Arabia. The US also started serious fracking in around Russia's first invasion of Ukraine in 2014. The results of this can be seen in Russia's performance in Ukraine. They have the technology for stuff like stealth planes but lack the money necessary to produce them on mass.

[Opinion Owner]

Yes it's government & corporate manipulation but that's not temporary. The US government has tried to control the global price of oil by controlling how much is produced. Saudi oil is cheap at the moment but if it goes up they start fracking and pumping more oil out.
upload.wikimedia.org/.../...o_gas_prices_graph.png

[lightbulb27]

humm... interesting. so prices could go lower, it's a policy... patience...

[Opinion Owner]

Not all wars are fought on the battlefield, this is Economic warfare. As soon as the Ukraine war is over prices will rise again.
In the long term what you will see is green "taxes" at the gas station to discourage people from driving gas cars to get them to switch to electric, under the guise of environmentalism and paying for research towards green energy.

[Unit1]

huh. You caught me with having an eye for crude oil prices but only because i'm trading it. If it goes up, i'll make profit.

I too hear all that. And the crude oil prices just go downwards. The market manipulators want to make me and other swing traders panic sell at loss.

[lightbulb27]

agree with that. I see it as manipulation and it bouncing back after election a few months.

[exitseven]

I think it is around 70 bucks a barrel. Less than the hundred bucks it was for most of the Biden administration. If harris get s elected look for it to go above a hundred bucks a gallon.

[DryGermanGuy]

„If Biden is elected, the markets will collapse like the 1929 disaster.“
- Donald Trump, 2020

[lightbulb27]

@DryGermanGuy haha yea, predictions... and considering the state of war, it's hard to believe there isn't panic.
but if you look at gold... there is some...

[OddBeMe]

Totally controlled by the president of the US... not by sleazy big oil, Muslim princes OPEC etc

[Anonymous]

Much much too low it's killing my energy stocks

[noohair]

Everyone thinks electricity is free. They are the useless idiots that want electric cars.