Brent Crude Oil Tops $80!

Brent crude oil on Thursday topped $80 a barrel for the first time since November 2014, as the market grew concerned that the Trump administration's effort to sanction Iran's crude exports could be more successful than originally thought. Yesterday,  Energy Information Administration reported that oil in storage in the United States fell more than expected, dropping by about 1.4 million barrels. Stockpiles of refined products like gasoline and distillates also fell. $90 is not far away.

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What a wonderful world: high crude price, high corruption, high looting, nothing more...

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Everything's getting costly, the world is coming to the end...
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Two years ago: $49.2
One year ago: $52.3
Six months ago: $63.5
Three months ago: $65
One month ago: $73.5
Now: $80.1

Tomorrow:???

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Economic hitman in full actions

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So, we'd better buy oil companies shares.

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Yep, remember OPEC is also cutting back on production to ensure the cost goes up, interesting times. Ramadhan started with blessings for the Saudis.

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9 minutes ago, pinto said:

Two years ago: $49.2
One year ago: $52.3
Six months ago: $63.5
Three months ago: $65
One month ago: $73.5
Now: $80.1

Tomorrow:???

Target 100$

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Bad times... Here's U.S. (and OPEC) gift to the world -  high oil and gas prices.   

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Happy to be part of the Oil and Gas community 

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5 minutes ago, PaulRow said:

Happy to be part of the Oil and Gas community 

@PaulRow welcome aboard!

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51 minutes ago, Tim Shea said:

Glad to be part of the oil & gas community

Welcome @Tim Shea

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(edited)

I strongly suggest watching this - good piece of information on oil outlook in next 12-24 months.

https://www.energyaspects.com/company/media-article/the-outlook-for-oil-after-trump-pulls-out-of-iran-nuclear-deal

I think three digit price is long term not good for anyone - nor oil importers nor exporters.

But  someone said - in this cyclical industry low prive is best cure for low price and high price for high price.

Its natural consequence of huge underinvestments in last downturmn.

Well I can be pround that I"ve never believed in "lower for longer"- for next 20 years I rather believe in "rather higher for longer"- we no longer have  a lot of easy fields with low cost we need unconventional oil like shale,  oil from sands, deep sea oil, arctic oil. So we need higher price that's all.

 

Excellent news for Russia - jpZelabal wrote

Well I think they need structural reforms now badly - 80-100 $ per barrel may give them 2 % growth of gdp - not bad  and good envirnment for painful reforms but they need higher growth as emerging market that wants to be regional leader in former CIS and Euroasia.

Edited by Tomasz

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Just a reminder that Brent averaged $110 for 2011 to 2013 inclusive, and averaged $99 in 2014.  

2015 was $52, 2016, $44 and 2017, $49.  

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Anyways!! Who cares...If it helps in the Aramco IPO and OPEC...It is not a natural Oil increase...and everyone knows this that somewhere the Geopolitical situation helped to increase oil prices...So now can we say that Artificial Hikes in oil prices grabs crude market and makes their way through Geopolitics??

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Well I would say that oil should go higher bacause of Venezuela and underinvestment but not so high this year and not so fast. I agreed with IEA that price should be  about 80 $ in 2020- but in 2020 not 2018.

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This will be interesting. I'm glad to be a part of the Oil and Gas community.

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10 minutes ago, Barb-E said:

This will be interesting. I'm glad to be a part of the Oil and Gas community.

@Barb-E Welcome to the community.

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Im happy to be part of this community

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Don't forget, oil creates wars too!

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Agreed. Of course they do, it's a strategic resource. Will be interesting to try and read between the lines of what’s said in the next OPEC meeting in June..

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(edited)

5 hours ago, Harsh vardhan singh said:

Anyways!! Who cares...If it helps in the Aramco IPO and OPEC...It is not a natural Oil increase...and everyone knows this that somewhere the Geopolitical situation helped to increase oil prices...So now can we say that Artificial Hikes in oil prices grabs crude market and makes their way through Geopolitics??

Actually..
The rise in price is not artificial.. its a natural renormalization..
It was geopolitics that created an artificial price drop..
As the US and its Wuhabi Allies intended to thwart Russia and Irans Economies..
That isn't working so well as Russia seems to be able to outlast our efforts..
Aramco IPO probably has something to do w Saudis lack of resolve to continue our evil plan..
These efforts also destroyed the Energy Engineering and Design Sector in the US..
Atleast fas far as American Engineers and Designers jobs are concerned..
You know.. the ones who engineered and designed our energy infrastructure for the last 30-50 yrs..

Im all for a renormalization of oil prices..
Hundreds and Hundreds of Billions of dollars in cap ex
and hundreds of thousands of jobs lost in 4 yrs..
Time to pay

Edited by Structural Master

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