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Oil drops 13% in worst day of 2021, breaks below $70

Phys251

Phys251

Purge evil with Justice
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www.cnbc.com

Oil drops 13% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns

Oil prices came under pressure on Friday amid demand concerns after the WHO warned of a new Covid variant.
www.cnbc.com www.cnbc.com

U.S. oil settled 13.06%, or $10.24, lower at $68.15 per barrel, falling below the key $70 level. It was the contract’s worst day since April 2020. WTI also closed below its 200-day moving average — a key technical indicator — for the first time since November 2020.
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There go the "high" gas prices that the Right has been whining about. All without President Biden having to do a thing.
 
highroller said:
Who knew 50 million barrels was enough to collapse the oil market?
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"See, Biden probably came up with the new variant, which was paid for by a George Soros-funded lab, in order to bring down gas prices for political purposes, and we know that the new variant, which is also a hoax, but is actually simultaneously not a hoax, was actually engineered to destroy American conservatives."
 
highroller said:
Who knew 50 million barrels was enough to collapse the oil market?
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It's not that. It's the concerns about a new COVID variant found in South Africa. Speculators get spooked by this kind of thing because they're anticipating a decline in demand if this variant impacts economies.
 
ElChupacabra said:
It's not that. It's the concerns about a new COVID variant found in South Africa. Speculators get spooked by this kind of thing because they're anticipating a decline in demand if this variant impacts economies.
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I know. I’m just being a little snarky
 
highroller said:
Par for the course for the instant gratification generation
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This isn't about instant gratification. It's about idiotic stuff spouted off by the OP.

There go the "high" gas prices that the Right has been whining about.​
 
Any downward trend in oil prices is good. But I wouldn't call $70 per barrel a "collapse".

Assuming that oil prices don't rebound in a couple of weeks, we should start seeing a reduction in prices very soon. Retailers tend to hold off on reducing the pump prices for as long as possible, unless they have a lot of local competition. So, if you live in a one horse town like I do, don't hold your breath.
 
Plasmaball said:
I like high gas prices because it means I have work..

Don't say stupid shit.
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People that have 401Ks, IRAs, and other investment accounts that are not actively involved in their management might be surprised at how much stock they have in oil companies. Exxon-Mobile and Chevron are very widely held. Increases in portfolio value, due to oil price increases, can offset prices at the pump. CVX and XOM are up 38% and 54% respectively, year-to-date.
 
RedFishBlueFish said:
People that have 401Ks, IRAs, and other investment accounts that are not actively involved in their management might be surprised at how much stock they have in oil companies. Exxon-Mobile and Chevron are very widely held. Increases in portfolio value, due to oil price increases, can offset prices at the pump. CVX and XOM are up 38% and 54% respectively, year-to-date.
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Yup..I work at a steel mill that supplies pipe for oil..its how I'm saving for retirement and providing for my family.

People need to learn to not put their foot in their mouths
 
It's the first oil bubble I've ever seen except for all of the rest of them. Now it will probably be argued that Biden collapsed the American oil market by responding to the call to do something about the high gas prices that he also caused somehow.
 
ElChupacabra said:
It's not that. It's the concerns about a new COVID variant found in South Africa. Speculators get spooked by this kind of thing because they're anticipating a decline in demand if this variant impacts economies.
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Impact to demand if the Medical fascists act irrationally again.

If people stop caring about Covid entirely there will be no decline in demand.
 
Mycroft said:
yawn...let me know when it's half that price.
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And there's the goalpost change. Gas prices haven't gone down yet! Umm, wait. The gas isn't half price! Umm, wait. Gas isn't free!

If the FRW couldn't post logical fallacies, this board would be a lot quieter.
 
OMG Biden did... oh wait, what?
 
Phys251 said:
www.cnbc.com

Oil drops 13% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns

Oil prices came under pressure on Friday amid demand concerns after the WHO warned of a new Covid variant.
www.cnbc.com www.cnbc.com



There go the "high" gas prices that the Right has been whining about. All without President Biden having to do a thing.
Click to expand...
First allow me to applaud some sanity returning to the crude oil industry thanks to Wall Street. Now cue big oil companies screaming for more tax breaks.
 
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