Looking at the WTI chart for the October NYMEX contract it looks like support just above $93/bbl has held. Next resistance level is around $96 and then at $100.
Lots of gasoline will be burned up this weekend in the U.S. and Canada.
Rumors of oil well on fire in Iraq, but that now looks like BS
Global demand for refined products will increase in September and continue to increase through January.
Crude Oil Prices - August 28
Crude Oil Prices - August 28
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Crude Oil Prices - August 28
re: BS, video. Islamic State militants blew up three oil installations in northern Iraq early Thursday, according to Iraqi Kurdish forces, known as Peshmerga. (Aug. 28) AP
http://www.usatoday.com/videos/news/nat ... /14745509/
Kurds punching back....
https://news.yahoo.com/jihadists-burn-t ... 26299.html
http://www.usatoday.com/videos/news/nat ... /14745509/
Kurds punching back....
https://news.yahoo.com/jihadists-burn-t ... 26299.html
Re: Crude Oil Prices - August 28
Someone sent me a commentary today by a guy that said crude oil would be at $75/bbl if not for the war in Iraq. I want to scream when I see stuff like that. Yes, if everyone loved one another and we all worked together, the price of energy would be much cheaper. However, this world is full of nuts that like to kill people that don't agree with them.
The fact is, there will always be violence in the Middle East and North Africa because those countries are a total mess. When we pulled out of Iraq we just gave the country to ISIS. I actually thought Iran would move in and take over first. I still think Iran may end up with the lower third of Iraq. BTW Iran is making a fool of Obama and they will soon have their nuke.
The Middle East is at the tipping point of going to all out civil war. No doubt hundreds of thousands of innocent people will die. Over 200,000 have already died in Syria, while the leader of the only force that can stop it plays golf.
I know we are tied of war and we are broke, but unless Obama goes all out to stop ISIS (which is probably less than a 1% chance of happening) the situation in Iraq is going to get VERY BAD. If ISIS starts bombing oilfields the price of Brent will go a lot higher. If they bypass Bagdad and move on the big oilfields in the south, Brent will spike over $150/bbl. If they move into Saudi Arabia, the price of oil spikes over $200/bbl and we are heading to a global recession. ISIS does not have to attack the U.S. to destroy our economy. They just need to blow up oilfields and they are very good at blowing up stuff.
Let's ban fracking, so we can speed up the process!
The fact is, there will always be violence in the Middle East and North Africa because those countries are a total mess. When we pulled out of Iraq we just gave the country to ISIS. I actually thought Iran would move in and take over first. I still think Iran may end up with the lower third of Iraq. BTW Iran is making a fool of Obama and they will soon have their nuke.
The Middle East is at the tipping point of going to all out civil war. No doubt hundreds of thousands of innocent people will die. Over 200,000 have already died in Syria, while the leader of the only force that can stop it plays golf.
I know we are tied of war and we are broke, but unless Obama goes all out to stop ISIS (which is probably less than a 1% chance of happening) the situation in Iraq is going to get VERY BAD. If ISIS starts bombing oilfields the price of Brent will go a lot higher. If they bypass Bagdad and move on the big oilfields in the south, Brent will spike over $150/bbl. If they move into Saudi Arabia, the price of oil spikes over $200/bbl and we are heading to a global recession. ISIS does not have to attack the U.S. to destroy our economy. They just need to blow up oilfields and they are very good at blowing up stuff.
Let's ban fracking, so we can speed up the process!
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group