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Maybe sideways?
Gas prices
- Thread starter Unannounced Fart
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Nobody can always predict where prices will go. But what we do know about commodities and other markets, is fundamentals look the bleakest at the bottom, and the brightest at a market top. At $100 crude a half a year ago, nobody was calling for a crash in the market. At $45 the vast majority were looking for $25. Since then we have rallied the last week or so settling today over $52 a barrel.
I work in commodities on Wall Street, specifically in the energy sector, natural gas, power, crude, brent, rbob and heating oil. None of these markets are ever steady for a long period of time. To me, this stuff looks very cheap right now, seems to be making a bottom. There may be a bit more pain on the downside, but my guess is we will be substantially higher than we are now a year from now.
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Can't argue at all. How could anyone really expect prices to stay this low? Pretty freaky to me prices did go this low.
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Don't see any of you guys thanking Obama. He will put an end to this cheap gas.
The Apostate
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Actually they may stay there for awhile.
I have relatives in North Dakota who have lived in the Williston area for years and the thing about the oil from there is that although it's plentiful, it's expensive to extract. So unless the market hits a certain price point it's unprofitable.
OPEC understands this and so they are setting their prices this low with an eye towards bankrupting the Bakken oil fields.
The problem OPEC now faces is that if at any point, should they again raise their prices high enough, the Bakken will again be profitable and the whole cycle would start over again.
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I heard that fracking is what caused the prices to drop, there is now a glut of crude...Dont know if its true or not
Rex
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filled up at $2.96 tonight, didn't even need gas
Rex
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yes, that's cheap here!
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Where do you live? :lmao:
Rex
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Canada, *****
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Russia is a loose cannon though so to speak when it comes to OPEC. Doesn't that totally screw up what OPEC is trying to do?
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We need ISIS to **** with Russia. They will ramp up the military and pump oil to pay for it. Bad days for ISIS. Those savages won't like dealing with Russia. Worst case is they fight each other for years and are too busy for us.
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I dont think ISIS would last very long vs Russia...Russia doesnt **** around..They would kill em, no questions asked
Dr. Manhattan
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Gas went from 1.72 here to 1.99 in like three days.
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Last weekend before the blizzard for me it went from 1.94 to 2.39.
Monster
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Filled up again yesterday... have to say I'm liking this... don't know how long it will last put it's nice right now...
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Gas had been at 1.87 for regular here for weeks. Some places are up to 1.99 but you can still easily find 1.87. I'll probably never be able to pay under $2 because I have to use 93.
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Great to be able to say "Damn, it was 1.94 the other day"
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Could have been a good ISIS thread. Terror wins again.
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Yeah, I was at 1.85 last Tuesday or so, and yesterday I paid 2.29. Takes 6 months to go down 10 cents, rises 45 in a week.