This is super bullshit. The once cosmically bearish Gartman is now sanguine over $37 crude, exclaiming that it’s ‘very pleasantly priced’ sub $40. The truth is nothing like that at all.
Sovereign budgets dependent on crude production are racked with deficits. The House of Saud is running $100 billion annual short fall. And the Bakken Shale is a fucking ghost town.
Nevertheless, we should all rejoice $37 crude, consumers AND producers alike.
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I rejoice at $37 crude. $28 crude sucked.
Interesting how some writers speculate that perhaps the House of Saud is not cutting production a bunch in order to keep oil low– so as to keep their historical enemy Iran from becoming very rich very fast. Iran recently had economic sanctions on them lifted, and now the markets are open for their oil. But I sure don’t know what is going on behind the scenes there. Nor do most other people.
Frog,
You act like Iran wasnt able to sell oil before the sanctions were lifted. Fucking ISIS is able to sell oil for godsake. Sanctions never had an effect on Iran’s oil sales. If anything, Iran is just able to sell their oil for less of a discount now, but they certainly arent going to “get rich” because of it. No doubt; Iran will benefit from less restricted trade, but they never had any problem selling their oil. Seriously, read a book, Frog. Ive read some of your comments and I’m blown away at how ignorant you are. I see why you are a Sanders guy; you NEED the promised gov’t cheese to survive. people like you arent cut out for providing for themselves.
If sanctions never had an effect then why are they doubling production?
Frog – Don’t listen to that very rude person – billiebob jones – he is Nasty! Your comments are informative & perfectly written…and always kind…keep posting! Don’t be bullied by this man!
I agree with you often & I am not quite sure Why Fly has become so enamored with the theatrical political show…but he is funny. You are right…no one really knows what is happening in that
God-for-saken oil rich part of the world except deceit & destruction! :))
Thank you, Bexpo.
Lol!!
Without a doubt we crash now. Thanks Dennis for calling the end to the horseshit rally. Get the helmets out.
Dennis looks fucking horrid. Lay off the bottle.
So is oil going to $20 or what?
I’ve got it going to $22, but the floor’s the limit.