Oil Price Watch

[Monseratto]

Shell announce another .90 cent rollback for both gas and diesel later midnight...

[chua_riwap]

So magiging P42+ na lang unleaded......

[Sarsi]

^dito sa suki kong seaoil, magiging P41.50 na lang gasoiina at P33.40 na lang diesel 😀

[chua_riwap]

OT
Pinalilipat na ng SC ang pandacan oil depot.

Magkaroon kaya ng effect ito sa price ng fuel in the near future?

[leodawesome]

Bakit walang rollback sa pasahe?

[CVT]

Whatever... I filled up a few minutes ago....

[Monseratto]

Opec meeting failed to agree on proposed cut in production to boost prices...and prices reacted accordingly.

[CVT]

Okay,-

So, it will be Christmas in the streets of Metro Manila,- ONE BIG PARKING LOT!...



“The measure of a man is what he does with power – LJIOHF!”
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[radz15]

Guys ask ko lang. Apektado ba sa pagbaba ng price ng oil yung sa engine oil?

[niky]

Opec meeting failed to agree on proposed cut in production to boost prices...and prices reacted accordingly.

Oilmageddon. Think some players did this on purpose to disrupt US oil production and supply? No way WTI can sustain that level without massive losses and cuts to the rollout of new wells.

[Ry_Tower]

Somehow the price would normalize at above $80 dollars because it needs to. Madami magagalit sa Saudi Arabia for trying to kill competition by not reducing production. hehehe

[Monty]

Saudis block OPEC output cut, sending oil price plunging | ABS-CBN News

[badkuk]

Parang gustong pataying ng OPEC yung fracking operations. i think at US$70-75/barrel they don't make a profit any more.

[Monseratto]

Ito yung target ng pagbasak ng oil prices...

The ruble weakened to a record against the dollar and Russian stocks declined as crude oil slumped to a four-year low after OPEC left production limits unchanged.

Brent crude has retreated 35 percent from this year’s high in June, weighing on sentiment in the world’s biggest energy exporter, where an economic slowdown has been exacerbated by international sanctions imposed over the conflict in Ukraine.

“Of course, the OPEC decision is negative for Russia and its assets because oil will decline further now,” Oleg Popov, who helps oversee $1 billion at Allianz Investments in Moscow, said today by phone. “The dollar revenue of Russian companies will decline.”

The Russian government receives more than 50 percent of its budget revenue from oil and gas industries.

[jut703]

Latest trend, gasoline up 30 cents, diesel down 10 cents.

Thats lower than the start of the week when it was +60 gas and +10 diesel. I wouldn't be surprised if by Tuesday's price change we'd have no net movement or even a slight decrease.

[Ry_Tower]

Ito yung target ng pagbasak ng oil prices...

Yup, I think Russia nga gusto patamaan nang OPEC and to some extent the US gov't.

[french]

As predicted, Fracking and Shale has finally made oil abundant and cheap.

The US has become a big oil producer.

Plentiful oil will last our Lifetime!!!!

Once feared as the setter of global oil prices, OPEC now risks looking like a paper tiger. The U.S. ‘shale gale’ has rocked the cartel’s Viennese casbah, leaving OPEC looking defenseless against a supply onslaught from U.S. rivals assaulting their long-held dominance over global oil prices. Blame it on those fracking Americans! Fracking technology has encouraged an outbreak of drilling, with new wells peppering the U.S. as energy companies sought to cash in on the geological bounty offered by shale oil and ‘wet’ shale gas. Once an also-ran in the global oil game, the shale revolution has seen the U.S emerge, Lazarus-like, as a resurgent energy super-power with daily crude production of around nine million barrels a day.

OPEC Buffeted by U.S. Shale Gale

[niky]

As predicted, Fracking and Shale has finally made oil abundant and cheap.

The US has become a big oil producer.

Plentiful oil will last our Lifetime!!!!

Once feared as the setter of global oil prices, OPEC now risks looking like a paper tiger. The U.S. ‘shale gale’ has rocked the cartel’s Viennese casbah, leaving OPEC looking defenseless against a supply onslaught from U.S. rivals assaulting their long-held dominance over global oil prices. Blame it on those fracking Americans! Fracking technology has encouraged an outbreak of drilling, with new wells peppering the U.S. as energy companies sought to cash in on the geological bounty offered by shale oil and ‘wet’ shale gas. Once an also-ran in the global oil game, the shale revolution has seen the U.S emerge, Lazarus-like, as a resurgent energy super-power with daily crude production of around nine million barrels a day.

OPEC Buffeted by U.S. Shale Gale

That guy's a cornucopian. And pretty short-sighted.

Read the past few pages.

Saudia Arabia's refusal to cut production is precisely targetted to hurt US fracking. Anything below $70 stems the development of new fracking operations (and if the writer did more research, he would see that it has led to cancellations). US shale oil requires at least $65 to maintain operational viability... and $85 to ensure a steady supply of new wells and oil.

Shale oil only works because OPEC crude passed the magic mark at which it becomes viable over a decade ago... and shale operations are only now catching up to demand. Saudi Arabia can go down to $30. Most established fracking operations can't survive below $60.

The only question now is... how low will Saudi oil go? And how badly will its OPEC allies be burned in the process?

-

In the end, though, even if Saudi Arabia kills off current fracking, which it won't, it will come back in the future when oil prices go back up.

But that oil doesn't matter to the rest of the world, since America still uses twice as much oil as it produces. At the best, it will help temper prices, but that's it.

[french]

Remember, the US not alone is doing Fracking and Shale oil.

Canada, China, Australia, and many others are doing it, unleashing about 150 years worth of additional oil supply.

OPEC is panicking now because oil production equation has been shaken hard with new players. US is on track to be oil independent by 2020.

This recent development is good news for consumers.

[niky]

Again... good news for domestic consumers.

American reserves go to America.

Chinese reserves will be eaten up by Chinese demand... if they can ever find enough water to frack it out of the ground. As it is, beyond that problem, their reserves are deeper, and more expensive to get to than American shale, and are going to be set aside for power generation... not fuel oil... so it will more likely affect coal prices, but only marginally. China expects to produce 6% of its electricity from that shale. Six Percent of Chinese electricity isn't 150 years of extra Chinese oil. And American shale gas is only 150 years more of American oil. Not our oil.

In the meantime, the rest of the world is mostly tied to Brent and Middle East Oil. And when that runs out, we're already stuck at the $80+ dollar price floor of shale gas oil. So status quo. And when drilling becomes more lucrative in China... expect the idiots in the futures market to drive the prices back up to the $100 per barrel mark.

The "cheap" oil you're enjoying now is the product of economic recession and Saudi Arabia's attempts to derail other oil players. When we run out of cheap Saudi oil, the prices will shoot right back up.

Good news? I'd say it's 50:50.