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Permalink Reply by Alan Bowers on October 17, 2014 at 12:38pm

As reported by Bloomberg News today (Friday October 17th, 2014):

U.S. benchmark West Texas Intermediate settled yesterday at $82.70 on the New York Mercantile Exchange, after trading below $80 for the first time since 2012. The contract for November delivery was at $82.97 at 1:17 p.m. today.

Here is the link to the story.....

http://www.msn.com/en-us/money/markets/shale-boom-helping-american-...

So, we already broke the $80 barrier during the trading day Yesterday, even if it didn't stay there until the close of day trading.

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Permalink Reply by jason irvine on October 19, 2014 at 7:31am

Even if it goes below 80 it will not stay there for long. I think in years it will drop to 50-60 when companies convert to cheaped resources....ngl's.

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Permalink Reply by Summer Johnston on October 19, 2014 at 9:38am

I think it's hard to say. There are so many factors we aren't privileged to know.

• How low will the House of Saud drive prices to break Russia's back?
• How much is the global economy really slowing?
• How severe will the winter be?
• How long will this disturbance continue in the Middle East with ISIS?

I'm sure this is much more than just an economic supply and demand issue.

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Permalink Reply by jason irvine on October 19, 2014 at 10:47am

Opec can do what they want, but when when a barrel of oil equivalent in gas $12....that will drive change. Opec and other oil.producers are losing that monopoly fast

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Permalink Reply by OIL FINGER on October 19, 2014 at 2:18pm

OIL WILL BE @ $69.00 BY CHRISTMAS...AND THE GROUND HOG WILL SEE HIS SHADOW TWO DAYS EARLY BECAUSE OBOMBO WILL COME TO PENNSYLVANIA TO SPEAK ON BEHAVE OF THE ANTI-FRACKERS WHO CLAIM FRACKING IS DISRUPTING THE GROUND HOGS  REPRODUCTION.  HE WILL LEAD THE PROTEST THAT WILL LAST TWO DAYS TILL FEB. 2, 2015.

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Permalink Reply by Markus on October 19, 2014 at 7:07pm

The Saudis and several other Mid-East countries need $90 oil to float their ongoing budgets so I predict they will start to cut back on production. Bloomberg recently reported that the Saudis with a neighbor have already shut in a field for environmental reasons but the author alluded to the nice timing of the action to really be about taking out some production. Remember that there is always a knee jerking effect when it comes to prices and drilling in the US so the moment we see below $80 WTI for any length of time, drilling cuts back and then production lags then prices rise. I think OPEC wants stable prices around $90 to $100 and will act to maintain that as best they can.

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