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[NH Apache]

Speculation is getting a bit crazy on oil price.

https://twitter.com/RaoulGMI

The US has upped production, adding 29 rigs last week, the highest increase since 2013:

https://twitter.com/ManuOrtizOlave/status/823555996345843712

And Business Times reports that US production reports:

US oil production has risen more than six per cent since mid-2016, although it remains seven per cent below a historic high in 2015. It is back to levels of late 2014, when strong US crude output contributed to a crash in oil prices.

http://www.businesstimes.com.sg/ene...ns-of-us-output-rise-overshadow-opec-led-cuts

Reuters article regarding the long:
http://www.reuters.com/article/us-oil-hedgefunds-kemp-idUSKBN1571ZZ

And in other news, Russia now supplies China with more oil than Saudi Arabia:

https://www.bloomberg.com/news/arti...n-of-top-china-oil-supplier-from-saudi-arabia



US has increased production hoping that market comes with. Speculation is so high right now that the short is now looking attractive for investors.

On the good side, Equatorial Guinea announced that it will be joining OPEC and vowing production cuts. OPEC has met it's target on production cuts, but it is overshadowed by the US increase.

 

[diaspora]

RIP Canada

 

[spindashing]

 

[PinkyMonkey]

In North New Jersey the gas prices dropped about $.30 in a day or so.

 

[[KoRp]Jazzman]

Really hoping that isn't true.

 

[FearMyWrench]

RIP Canada

You stole the words out of my mouth reading the thread title

 

[LegendofDragoonLives]

RIP Canada

I don't know how we can hold all these Ls dude. Our own oil is sold less in the US than in our fucking country. That is something that blows my mind every time I think about it. :S

 

[Liberty4all]

RIP Canada

RIP Alberta :*(

Massive unemployment here ... things were just starting to improve as oil prices edged up.

 

[jmdajr]

We're never going to get off oil at this rate.

 

[AndyD]

RIP Canada

And Russia.

 

[BoosterDuck]

thanks...Trump?

 

[Neo C.]

I was hoping for higher oil price, oh well.

 

[Mattlikewhoa]

RIP Canada

We keep taking these gas L's...

 

[RumblingRosco]

This is only going to crash harder when Trump removes further regulations, allowing for even more opportunities to open up new wells in previously restricted areas. I'm not sure if that's a good or bad thing in the short-term or long-term, but I'm pretty confident it is what will happen.

RIP Canada and the Middle East. USA coming for your economy inch by inch.

 

[danowat]

And yet, fuel is still rising in the UK.

 

[FeenixRising]

RIP Canada

Y'all can cop the new Nintendo Switch for $599.99 Canadian Dollars

 

[Tuck]

RIP Canada

We're fucked.

 

[Derwind]

RIP Canada

Legit my first thought. That's what you get when you invest so heavily into a single commodity.

#ThanksTrudeau.

 

[dc3k]

Wow way to go Trudeau.

 

[NH Apache]

All this being said, Iraq has cut production by 180.000 barrels a day and should cut another 30,000 bpd by end of month.

https://www.energyvoice.com/oilandgas/129499/iraq-reduces-oil-production-180000bpd/

 

[Mr. Giggles]

Because my Canadian money wasn't worthless enough

 

[Suikoguy]

Y'all can cop the new Nintendo Switch for $599.99 Canadian Dollars

Sounds like the US price after the Trump tax.

 

[Laevateinn]

Fucking oil prices are the number one reason I haven't seriously looked into moving to Canada. How long till Canada gets an economy that doesn't rely on it?

And yet, fuel is still rising in the UK.

Things are looking pretty good.

 

[Aztechnology]

Time to diversify your economies.

 

[Humidex]

RIP Canada

Possibly also (for the foreseeable future at least) any hint of an independent Scotland?

 

[Ether_Snake]

There was an article on Bloomberg last week that said Saudi Arabia will end the deal it signed recently, that it just wanted to get rid of its oversupply and it will go back to full production in a few months.

Called it, prices' new normal is in the 30s.

 

[Goro Majima]

Thank god we moved out of Houston and were fortunate enough for the relocation company to buy our house so we didn't have to sell it.

"Houston has finally separated itself from oil and gas" my ass. If this price sustains itself again, I'll probably be seeing more friends laid off.

 

[The Interrobanger]

Legit my first thought. That's what you get when you invest so heavily into a single commodity.

#ThanksTrudeau.

Wow way to go Trudeau.

Sarcasm I hope. #ThanksHarper

 

[br3wnor]

As someone with a 550 gallon oil tank for my old, heat leaking ass house, this is good news. Hope to winterize my house better this year so I can protect against an oil price increase in future winters, but it's crazy how much oil I burn heating this place.

 

[diaspora]

Legit my first thought. That's what you get when you invest so heavily into a single commodity.

#ThanksTrudeau.

W-what. Most of that investment was during the near 10 years of Tory governance.

 

[Elitist1945]

Looking forward to those $90 video games. Ugh.

 

[kevin1025]

Looking forward to those $90 video games. Ugh.

$99.99 by the fall, I'm guessing.

 

[Derwind]

Sarcasm I hope. #ThanksHarper

Sarcasm indeed. Was trying to do a play on the #ThanksObama meme.

W-what. Most of that investment was during the near 10 years of Tory governance.

That was the joke.

 

[Suikoguy]

So, could someone explain what caused the price to go up before this seemingly new normal of 30ish dollars?

 

[chrisPjelly]

Canada, we need to export our poutine ASAP

 

[jmdajr]

I feel like Trump hasn't really talked much about oil outside of taking it from Isis.

 

[NoblesseOblige]

I don't know how we can hold all these Ls dude. Our own oil is sold less in the US than in our fucking country. That is something that blows my mind every time I think about it. :S

Probably tax it more in Canada. Which honestly we should be doing more of in the US as well.

 

[diaspora]

Sarcasm indeed. Was trying to do a play on the #ThanksObama meme.



That was the joke.

I know people that say it unironically, that's why I wasn't sure.

 

[NH Apache]

Thank god we moved out of Houston and were fortunate enough for the relocation company to buy our house so we didn't have to sell it.

"Houston has finally separated itself from oil and gas" my ass. If this price sustains itself again, I'll probably be seeing more friends laid off.

I work for a Houston based O&G company. President is coming over to our office tomorrow "to say hi."

RIP

 

[shira]

RIP Canada

We used to be on par . . .

 

[TheOMan]

RIP Canada

Yeah, this along with some other factors is probably going to make the loonie take a hit.

 

[diaspora]

We used to be on par . . .

While true, it wasn't a good thing for the economy as a whole. A weaker dollar is good for manufacturing even if it softens retail spending.

 

[Derwind]

I know people that say it unironically, that's why I wasn't sure.

Ahh, well I apologize for the lack of clarity on my part. Sorry.

 

[Reckheim]

RIP Canada

So ... whats the easiest way I can buy US currency?

 

[Elitist1945]

$99.99 by the fall, I'm guessing.

If this happens I will legit give that hobby up.

 

[jstripes]

RIP Canada

Thanks Harper.

 

[Suikoguy]

Thanks Harper.

It's funnier in literal image form. 😁

 

[jmdajr]

I work for a Houston based O&G company. President is coming over to our office tomorrow "to say hi."

RIP

welp.

I saw this morning Halliburton lost insane money.

 

[Dubbedinenglish]

Well at least it makes fracking more non-viable.

 

[PK Gaming]

f u c k