profitmaker wrote:
Good morning, friends, bulls and bears.
Welcome to Black Crash Thursday.
Bizarre manipulation Wednesday was in the oil markets actively trading long and short.
Today is the day that bulls will dread as oil crashes lower, much lower, enjoy!
"Iraqi oil selling at $30 as OPEC readies for new battles. Iraq's output in 2015 has jumped almost 500,000 barrels per day (bpd), or 13 percent, according to the International Energy Agency (IEA). That has made Iraq the world's fastest source of supply growth and a key driver of surging OPEC production. Iraq has every incentive to keep pumping all it can as its actual oil prices are even lower than the benchmarks. The official selling price of Basra Heavy in Europe is $10.40 a barrel below Brent for December, and trade sources say cargoes are being sold a dollar or more below OSP - or less than $30." @
https://www.arabianbusiness.com/iraqi-oil-selling-at-30-as-opec-readies-for-new-battles-612877.html
At $30 this equates to $ 26 WTI, FOB Iraq, oil sold in North America
As I type, at 4:30 AM ET Black Crash Thursday December WTI oil is trading at $40.63 en route back to $39.00, where it traded yesterday, before going lower, much lower.
January is currently Brent $44.28, WTI $42.02, albeit both will be lower, much lower, come 9:30 AM ET Black Crash Thursday. @
https://www.livecharts.co.uk/MarketCharts/crude.php
I love oil as a four letter word ... GLUT
Bring on Goldman Sach's $20 WTI oil.
"Goldman Sachs thinks the pressure is likely to persist as it noted its underweight position in commodities for the next 12 months." @
https://www.cnbc.com/2015/11/19/goldman-sachs-underweight-commodities-for-next-12-months.html
"Oil traders prepare for next big price drop in March 2016. A recent steep rise in March put option positions tied to a $35-per-barrel strike price in Brent and West Texas Intermediate (WTI) crude suggests traders agree with the bank and expect the major benchmarks to slump in coming months. For WTI, put positions at the $30 strike price have more than doubled since Nov. 10, but have stayed flat at a more modest level for Brent. Goldman and other analysts say persistently high U.S. shale oil output that producers aren't allowed to export could overwhelm the country's storage tanks, which are already filled with near-record inventories. Compounding the production glut is an expectation of a mild winter as a result of an El Nino weather pattern, which is expected to limit heating oil demand. The market may also have to accommodate a rapid rise in Iranian oil exports if sanctions are lifted, which many analysts say could happen in the first half of 2016" @
https://uk.reuters.com/article/2015/11/19/uk-oil-prices-outlook-idUKKCN0T80XO20151119
The strong USD is a beautiful thing too @
https://www.livecharts.co.uk/ForexCharts/usdcad.php
Carry on shorting oil for profits. I am here to help. GLTA $-) :D
https://www.firstenercastfinancial.com/forums/showpost.php?p=141261&postcount=1298
Check back often for my Crude Oil News updates and more, trading actively, long and short, for profits @ https://www.firstenercastfinancial.com/forums/
Complete garbage. How many boards did you post this on? Looks like quite a few. Idiot