Oil prices soar after Trump dumps Iran nuclear deal

ptif219 said:
Did you say that about Obama when he was denying drilling
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Denied no drilling. The oil companies buy leases for drilling. They have bought millions of acres that they have never touched. They may never. However that acreage on their balance sheets make them look far wealthier and more stable. Much of it is just shielded from others who may actually want to drill. During Obama the bitch was a glut of oil.
 
odd, now that memorial day is over prices dropped back down below $3 again.......I'm sure that's going to bite a few lib'ruls in the ass.......
 
CFM said:
Apparently he knows enough to where gas prices haven't gone up 96% like they did under Obama.
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Oil prices will go higher because of bottlenecks in getting US oil to market.. That's why there is a widening gap between WTI crude and Brent.
 
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kudzu said:
Oil prices will go higher because of bottlenecks in getting US oil to market.. That's why there is a widening gap between WTI crude and Brent.5555555555555555555555555555555555555555555555555555
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The only thing people are concerned with are the price they pay at the pump. That price went up 96% when Obama was President.
 
CFM said:
The only thing people are concerned with are the price they pay at the pump. That price went up 96% when Obama was President.
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And you think there is no connection between the ppb and the price at the pimp... LOLOL :laugh:
 
WTI crude drops under supply pressure, but Brent ticks higher

MarketWatch-5 hours ago

That “is a surprising divergence, as Brent is more exposed than WTI to higher production in Russia and Saudi Arabia,” said Michael McCarthy, ...

Excerpt:


U.S. and European oil prices diverged on Tuesday, with concerns about global oil supply still acting as a weight on West Texas Intermediate crude.

Following holidays on Monday in the U.S. and U.K., July Brent futures LCON8, +0.80% were up 42 cents, or 0.6%, to $75.72 a barrel.

But July WTI prices CLN8, -1.31% were down 95 cents, or 1.4%, to $66.93.

While oil futures have been pushed lower in recent days by the prospect of increased production, the U.S. benchmark has fallen more of late than Brent. That “is a surprising divergence, as Brent is more exposed than WTI to higher production in Russia and Saudi Arabia,” said Michael McCarthy, chief market strategist at CMC Markets.

Oil prices came under pressure last week after media reports that the Organization of the Petroleum Exporting Countries and Russia are discussing plans to lift their production for the first time since 2016.

OPEC and a group of non-OPEC countries led by Russia have since January 2017 cut production in an effort to tackle the global supply glut that had pulled prices to multiyear lows. Global inventories are now close to OPEC’s target, which has helped push up prices to three-year highs in recent weeks.

Baker Hughes BHGE, -2.72% on Friday reported that the number of active U.S. rigs drilling for oil rose 15 to 859 in the most recent week. That was the largest weekly gain since the week ended Feb. 9. But as U.S. output is already at record highs, that news wasn’t as damaging to crude as OPEC worries.

Among other energy contracts, June gasoline RBM8, -0.99% fell 3 cents, or 1.5%, to $2.148 a gallon, while June heating oil HOM8, -0.62% lost 0.9% to $2.19 a gallon.


https://www.marketwatch.com/story/w...ly-pressure-but-brent-ticks-higher-2018-05-29
 
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