Oil price dictated by mentally unstable lemmings

[NWMan + 89]

I believe that for every barrel produced something like 400 barrels are traded- or something like that.  Therefore the price of oil is dominated by traders.  A short conversation with these guys indicates there lack of technical knowledge and reveals they all believe the same thing.  These are the guys who shot the price of oil up to $85 and have now dropped it to $50!.  So OPEC plus agreed a 1.2 million barrel cut, Canada cuts 300,000, Libya's production has dropped 200,000, Iran sanctions continue to increase, offshore investment is still unbelievably low and Venezuela continues to head south.  China has just imported record high volumes of oil, oil consumption continues to rises towards 100 mbopd but based on some sort of rumour that the world is heading for recession the lemmings head for the cliff taking the oil industry with them.

[John Gammage + 19]

Hopefully the lemmings will all tumble over the edge and pricing will return to a more logical situation. 

[NWMan + 89]

Unlike oil, hope springs eternal! Merry Xmas

[Karl V + 33]

🍔 🍟 🍺 No popcorn icon available ... 

Year's end , the contracts have been made , idle times on 24/7 standby , while in older times the markets had been closed and shutdown and no trade could happen .

We will see , what next year will bring , especially in regards to Power-to-Gas by air , sea water , plants . Then crude oil prices could even be pushed down below the $40s . Makes one wonder , why the oil prices had climbed that high , as like the Bitcoin for example . The keyword could be 'Market Makers' .

[NWMan + 89]

The lemmings are back at their desks and "life is not that bad", "what do you think", "no your right the world is not going to end" "maybe we will need some oil", "your right, we will need some", "have you got any", "no", "Oh no", "The world is going to end, if we don't have any oil", "lets buy some", "yeah!!!"

For FxxK Sake!!