Tom Kirkman

Oil Slide Worries Traders. *relax* This Should Get Sorted by Year End.

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On 11/26/2018 at 8:49 AM, Tom Kirkman said:

If anybody here hasn't heard my hundreds of ad nauseum comments this entire dang year about my hope for $65 oil [Brent] for 2018 and my hope for $70 oil [Brent] for 2019, please raise your hand, and I can reiterate yet again.

Meanwhile, I'll gently remind that I already warned repeatedly this year that $80 is simply not sustainable, and that the higher that oil goes above $70 then the harder the eventual crash would likely be.

And over to the news, would everyone kindly lay off guzzling the pots of coffee and stop artificially panicking.  Near as I can tell, $70 - ish oil for 2019 still seems about the right balance between the global economy and oil producers.  I hope the current over-reaction on the oil price See Saw will settle back to around $70 by end of this year or early next year.  Just my opinion; as always, you are free to disagree.

Anyway, after all my blathering, here's the Australian Financial Review for you to consider:

Oil slide rings alarm bell for global economy

Another collapse in the oil price late last week is sending worrying signals about the health of the global economy, with the picture for the commodity further clouded by supply and demand trends and the US President publicly backing lower prices.

By the end of the regular trading session on Friday, West Texas Intermediate crude had dropped 7.7 per cent to $US50.42 a barrel, while Brent crude fell 6.1 per cent to $US58.80 a barrel.

If you want $80/B then leave that frecking oil from Canada and the US out of the market ;)
Let us Norwegians and the Saudis pump Brent quality alone and its gonna be back to $100 again tomorrow

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Pumping WTI, flooding the market and driving oil prices down, all on an ever increasing credit bubble that will burst, is our own (USA) unique socialism scheme.  Kind of like TARP was except this time, the beneficiaries aren’t just corporate chrony executives at the top of the “too big to fails”. 

Where Norway and Saudi citizens are direct recipients of oil wealth whether working in oil production or not, our little scheme keeps many average joe’s willing to work hard at every point of production of WTI, employed and earning a paycheck.  From the land men and geologists, to the well-head workers, critical component transportation companies, welders on the pipeline and everything else involved in bringing the oily stuff out of the ground and to market.

When the bubble bursts the American Taxpayer will likely absorb the debt to be added to the debt we’ve already absorbed and can’t pay back.  It’s a truly genius socialistic scheme.  Let’s call it indirect socialism in that as long as we don’t initially call it socialism, instead insisting it’s the risk of loss in capitalism, who’s the wiser.  Pay now or pay later.  

It’s like ordering round after round for everyone at the bar with abandon because you have no intent or ability to pay when it’s time to tab out.  No matter, somebody else will take care of it, right.  

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On 1/13/2019 at 6:59 PM, NWMan said:

You are correct people involved in drug trafficking and human trafficking are "more rude" than the American president, however his actions are still rude and disrespectful to Mexico.  He is obviously setting a high standard for himself soaring like a eagle above the moral standards of drug trafficker.

who cares if mexico thinks something is rude. that's life and part of being an adult. how about this for rude: “In the last two years, ICE officers made 266,000 arrests of aliens with criminal records, including those charged or convicted of 100,000 assaults, 30,000 sex crimes, and 4,000 violent killings,” 

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“I hate rude behavior in a man.  I won’t tolerate it” - Captain Woodrow F. Call

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From one year ago.

Too soon after the Aramco attack to bring up an average of $70 Brent again for 2019?

A reminder, Brent ended up averaging $72 in 2018.

On 11/26/2018 at 3:49 PM, Tom Kirkman said:

If anybody here hasn't heard my hundreds of ad nauseum comments this entire dang year about my hope for $65 oil [Brent] for 2018 and my hope for $70 oil [Brent] for 2019, please raise your hand, and I can reiterate yet again.

Meanwhile, I'll gently remind that I already warned repeatedly this year that $80 is simply not sustainable, and that the higher that oil goes above $70 then the harder the eventual crash would likely be.

And over to the news, would everyone kindly lay off guzzling the pots of coffee and stop artificially panicking.  Near as I can tell, $70 - ish oil for 2019 still seems about the right balance between the global economy and oil producers.  I hope the current over-reaction on the oil price See Saw will settle back to around $70 by end of this year or early next year.  Just my opinion; as always, you are free to disagree.

 

 

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