GREY:LSTMF - Post by User
Post by
highrider1on Jan 11, 2015 8:11pm
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Post# 23307833
OIL DOWN AGAIN
OIL DOWN AGAINOil is back down into the $ 47's once again as seen below. It is going to take quite awhile for demand to overtake supply as all countries are pumping out a lot more this year than previous years. They have already told us this.
Even Exxon ( one of the biggest producers in the world has said that they are going to be producing a lot more than normal this year.
Eventually all these capped off wells that they will be bringing on line will start to deplete and then the price of oil will rise.
But not anywhere back to where it was. The Saudis will not let it get back up to where Fracking becomes feasible again as that would defeat the whole purpose of this exercise.
And most traders know this and thus oil is still dropping ... not rising.
There will be lots of time to buy after oil has confirmed a bottom ... which it hasn't done yet. Eventually we all know it will but it could take a lot longer than some on the bullboards suggest.
NYMEX Crude Oil (Near Future) As of 11 Jan 2015 at 8:00 PM EST.