Energies / Bio-Diesel Prices Break

[errolanderson]

WTI crude oil about $8 per barrel this week. Wholesale gas prices down about 4 cents/litre today. Natural gas futures have plunged more than 20% over past week. Malaysian palm oil prices off 8 percent this week, Soyoil now off 6 cents/lb over the past ten (10) days.

Energy traders uneasy over sudden economic slowdown . . . .

[furrowtickler]

WTI crude oil about $8 per barrel this week. Wholesale gas prices down about 4 cents/litre today. Natural gas futures have plunged more than 20% over past week. Malaysian palm oil prices off 8 percent this week, Soyoil now off 6 cents/lb over the past ten (10) days.

Energy traders uneasy over sudden economic slowdown . . . .

They should be uneasy , the average middle class working family is running out of disposable income extremely fast due to run away inflation they won’t admit already happened

[shtferbrains]

Brandon also released another significant part of their strategic reserve.
Prices took a dip for a few days last time he did.

[helmsdale]

Question: who's holding their energy stocks into this downturn?

[Sodbuster]

I am so far, oil is still over $100 and oil companies are making crazy amounts of money.

[helmsdale]

I am so far, oil is still over $100 and oil companies are making crazy amounts of money.

Fair enough. As am I... But,
does the selling start before the peak?
Is this the peak?
Is the consumer prepared to suffer yet further?
Does government inflict yet more pain upon this industry in the short term?

[shtferbrains]

With all the Government created headwinds including a Greenpeace activist the Fosil Fuel sector seems to be able to grow and offer great employment opportunities.

Bloomberg has a bear market based ETF that is not getting much interest yet.
Might be worth watching if pump prices start to tank.

Not keen on Bloomberg as they are leading the ESG movement.

[Sodbuster]

I think we hit new highs before the $hit hits the fan, depends on how far this recession takes us but don’t see a plunge before September.

[shtferbrains]

Bloomberg bear market oil ETF up 18%+ from its YTD low on June 10. Up 8.8% today. Symbol SCO .
DYOD. High risk and not a recommendation but may be an indicator of market sentiment.

[errolanderson]

Energy fallout gaining momentum on slowing global growth. Truly amazed economic narrative is still about controlling inflation. That horse has already long left-the-corral. . . . .

[errolanderson]

Fuel prices coming down . . .

WTI oil again breaking $80 per barrel once again. Weekly chart support seen at $75 pert barrel . . . major support $65 per barrel. Demand destruction key factor pressuring oil. Biodiesel and ethanol margins also pressured and now impacting grain markets . . . .

[Landdownunder]

10 12 months back thought they have got this all wrong oil will hit $150.

But ive got that 100% incorrect openly admit it.

[errolanderson]

Oil washout. Dec WTI oil now approaching next key support @ $75 per barrel. Gasoline / diesel / dropping . . . .

[AlbertaFarmer5]

10 12 months back thought they have got this all wrong oil will hit $150.

But ive got that 100% incorrect openly admit it.

You're probably not wrong. In fact this price action it's exactly what will sooner than later drive the price to those higher levels. There is still a fundamental shortage of investment and, let alone upcoming supply, relative to the inelastic portion of demand.
The lack of investment has been going on for so many years, that this short blip of improved prices did not come close to repairing the damage. At these price levels, we are back to discouraging investment while simultaneously encouraging consumption, when exactly the opposite needs to be occurring to bring long-term supply and demand back into balance.

[TOM4CWB]

Oil up now… Saudis deny oil production increase…



Cheers