Oil price into the $30.00 !!!

[HL]

West Texas Intermediate crude futures skidded through the year's lows and looked set to break into the $30s-per-barrel range after the Organization of the Petroleum Exporting Countries admitted to more pumping and China devalued its currency, sending ripples through global markets.

"The familiar theme of oversupply and shaky demand is getting punctuated today," said Again Capital partner John Kilduff, who has expected WTI to aim for $30 per barrel. WTI futures for September fell more than 4 percent Tuesday and traded below $43.26 per barrel, the March 17 low.

[Islandman]

Oil is getting very close to breaking below $40 HL. Could happen this week.

The markets worldwide are also taking a beating. There might be some decent opportunities in the weeks ahead after the weak hearts run for the hills.

If the S&P dips below 2000 I would start buying again. I hardly buy individual stocks, mostly ETF's and mutual funds which spread the risk around.

[HL]

Smart I'man.

Maybe the biggest irony is that while consumers stand to benefit...it's a nightmare for companies involved in petroleum.

[Recently been placing most investment type risk on self. Somehow I like to feel more in control. Hate to sit by and watch the 'forces' at work--and NOT having any significant controlling impact].

[Hortical]

Time to buy oil stocks if they need to drop a likkle more.

[Willi]

Still too high!

[HL]

Look like you can recall the $25.00 days...(maybe earlier? )

[Hortical]

Tracking their stocks, waiting to see how far they will drop. Oil sands production shut down due to higher cost of production.

[HL]

That's just one of the irony i mentioned above.

Maybe this is a strategic move on the crude oil producers.

Oil sands taking the hit. Folks with crude oil investments also taking a hit....>>>>>>

Score one for us consumers ???

[HL]

Oil is getting very close to breaking below $40 HL. Could happen this week.

The markets worldwide are also taking a beating. There might be some decent opportunities in the weeks ahead after the weak hearts run for the hills.

If the S&P dips below 2000 I would start buying again. I hardly buy individual stocks, mostly ETF's and mutual funds which spread the risk around.

Hit $39.86 a little after 1:00PM EDT

[Muadib]

Saudi Strategy to capture market share.

Once they weed out the Frackers.. back up we go !

[Islandman]

Anything above $60 a barrel and the frackers are back in the game. If the Saudis want it all they have to keep the medium to long term price at no more than about $50.

I can live with that, until renewable energy production becomes competitive at that price point.

[Muadib]

Heh, Heh.. yuh tink man like be a yo-yo.. stop and start.. it nuh work suh..

[Islandman]

Fracking different from traditional oil drilling.

Traditional drilling you hit oil and you work dat fe 10-15 years.

With shale oil deposits, after 2-3 years its time to move on as the productivity of the well plummets. They are used to a much higher start/stop frequency than traditional drlling.

[Muadib]

Eeeh.. suh who gwine invest in dis environment ?

<Investment in shale fracking companies will “contaminate” investment returns, said Mr. Einhorn, founder of $12 billion Greenlight Capital Inc., at the Sohn Investment Conference in New York. Of Pioneer, he said, “A business that burns cash and doesn’t grow isn’t worth anything.”>

[Islandman]

At price $60 and rising they will. At price $75+ renewable energy start looking competitive.

The point is, in the absence of war and other geopolitical factors, there is something of a limit on how far oil prices can rise before other sources start getting tapped, and it nuh tek 5 years to ramp up.