crude oil to $21 . . . how about $13 ?

Discussion in 'Commodity Futures' started by Wallace, Jan 28, 2009.

  1. crude double bounced off the 76.4% line and was it a double bottom or
    part of an ABC W 4 ? i think crude's price is going lower

    this is the slowest time of the year in the Northern Hemisphere for sales
    of anything, lasting until Spring - 2/4 added to zero world growth means
    the requirement for crude oil will continue to shrink
  2. and here's an interesting chart
  3. ?.....$21, $13.......$8!......$5......$3......$2.......$1!! I like your "logic". :cool:
  4. Indeed. What happened to the Peak Oil nuts?
  5. ?......they only come out of the woodwork at "peak price". :cool:
  6. They're been converted to realists.
  7. For all the peak oil bashers. Please refer to the definition of peak oil: Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline (wikipedia)

    Since 2005, global production has flattened out around 85 million barrels per day. Even a rise from $50 a barrell to $147 did not cause an increase in worldwide production. The recent plunge in prices has done nothing for future production except reduce exploration budgets and curtail spending. It is entirely possible that this bear market in oil prices will actually verify "peak oil" as it will be tougher to bring production back onstream once demand resurfaces(geologists can verify this). Remember, peak oil has nothing to do with price but refers to production. It correctly predicted peak production in the 1970's for the United States and is possibly foreshadowing worldwide peak production as of 2005.
  8. Is Peak Oil a cyclical phenomenon or is "it" only supposed to happen once and only once? :confused:
  9. Peak oil occurred in the United States in the 1970s. Current production of oil in the U.S. is dramatically lower than it was thirty years ago. This is why America is so dependent on foreign sources of oil (where production has increased in the last thirty years)

    Peak oil for the global petroleum market could be happening now.
  10. ehmoran


    I believe oil will range were its at right now.

    This spring, oil will find a new range from $60 to $75.

    Mexico now is providing oil a $60 at least for some time. They sold future production

    Oil at $40 is meant to stifle Iran and Chavez, and maybe some others.

    The World can not survive Economically with oil less than $55 or $60.

    When the Feds start releasing their new money, they'll need something to cap inflation, I think it will be oil. (Still have to think about this some)

    My opinion!
    #10     Feb 3, 2009