Crude Oil drops below $100

[Ultegra134]

Brent Crude Oil dropped below $92 today, while WTI Crude Oil at $86. However, for obvious speculation reasons, prices at the pumps won't change in the next few days, especially now that demand is increased due to August vacations. I'm really hoping that the oil prices will stay at least below $90/barrel, but I have serious doubts whether such price can be maintained. Despite the falling gas prices, inflation is still rocking high, with no intention of slowing down.

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[GeorgeJohn]

  The price of crude oil has dropped down due to the fear of recession in the world. In my country petroleum and gasoline price still remains the same because our government is looting from the crude oils funds. My country has never reduced the price of petroleum product of gasoline instead they always increase the price time to time for their own benefit.
  Crude oil is my country major export commodity, with the declination in crude oil price this might lead to more inflation and hardship in the country.

In actual sense the price of crude is not suppose to drop everything time in the market indecencies that, crude oil comprises many products we use for manufacturing of different kinds of things that we use in the world. Both machine and any other bye products.

[Sithara007]

Brent Crude Oil dropped below $92 today, while WTI Crude Oil at $86. However, for obvious speculation reasons, prices at the pumps won't change in the next few days, especially now that demand is increased due to August vacations. I'm really hoping that the oil prices will stay at least below $90/barrel, but I have serious doubts whether such price can be maintained. Despite the falling gas prices, inflation is still rocking high, with no intention of slowing down.

As long as it remains above $80 per barrel, oil importing nations will be under a lot of pressure. Here in India, it is like a double whammy. Indian Rupee has gone down against the USD by as much as 5% during the last 12 months. This further adds to the burden for common people. A lot of the commercial vehicle owners had converted to CNG, and now CNG here costs more than diesel. And to further exacerbate the issues, GCC nations (except Iraq) are selling their crude at a considerable premium. The EU nations are ready to pay more for Gulf oil, so the prices have gone up.

[Paul Pogba]

I think this is because the economy is getting more and more difficult, which makes the demand for crude oil decrease, the global recession has caused many countries to go into recession and the industries that use crude oil also decline, causing prices to fall.

[darewaller]

As long as it remains above $80 per barrel, oil importing nations will be under a lot of pressure. Here in India, it is like a double whammy. Indian Rupee has gone down against the USD by as much as 5% during the last 12 months. This further adds to the burden for common people. A lot of the commercial vehicle owners had converted to CNG, and now CNG here costs more than diesel. And to further exacerbate the issues, GCC nations (except Iraq) are selling their crude at a considerable premium. The EU nations are ready to pay more for Gulf oil, so the prices have gone up.

As long as the supply/demand mechanism stands the way it is, we are going to see richer nations end up increasing the price because there isn't enough supply but a lot of demand. This will result with nations like ours end up not getting it because it is too expensive, I mean we still do buy it because w have to, but at a price that we can't afford and that causes a lot of trouble for all of our citizens.

There isn't a way out of this, we just need to make sure that we need oil a lot less, because it is not going to get super cheap, it is going to be terribly problematic for all of us. Just switch to electric on everything, even planes if we can invent it, because oil will never be a solution, it will always be the trouble.

[STT]

Alot of the price is speculation and will vary from that, you have a higher and lower boundary.  All I see right now is us hitting that lower boundary, I dont think its seriously restricted by excessive supply or lower demand globally.
  The price today as we begin Thurs trading in Japan is just the same kind of pricing as seen on Monday though the decline then was sharper, now its just negative churn as price action repeats and fails to take back higher prices.
  At the same time as Oil apparently pulls back we are seeing Natural gas prices move to maybe double what was true a year ago in some countries.    I dont think energy is going to fall in just one particular type as usage is generally universal via electricity production or similar business and national usage.

[DrBeer]

Brent Crude Oil dropped below $92 today, while WTI Crude Oil at $86. However, for obvious speculation reasons, prices at the pumps won't change in the next few days, especially now that demand is increased due to August vacations. I'm really hoping that the oil prices will stay at least below $90/barrel, but I have serious doubts whether such price can be maintained. Despite the falling gas prices, inflation is still rocking high, with no intention of slowing down.

As long as it remains above $80 per barrel, oil importing nations will be under a lot of pressure. Here in India, it is like a double whammy. Indian Rupee has gone down against the USD by as much as 5% during the last 12 months. This further adds to the burden for common people. A lot of the commercial vehicle owners had converted to CNG, and now CNG here costs more than diesel. And to further exacerbate the issues, GCC nations (except Iraq) are selling their crude at a considerable premium. The EU nations are ready to pay more for Gulf oil, so the prices have gone up.

You never fail to surprise
The price of Urals oil at the auction fell below $70, this is the spot price, and you are all about "oil costs at least $80"
Understand that the oil market is a very specific topic. The spot price means that you will be sold right now and right there on the stock exchange at $69 per barrel. And for example, large buyers also receive discounts, and this is not 1-3-5%, but 10-20-50%. By the way, India and China are buying out the oil that has become unnecessary from a terrorist country, at a price .... already in the range of $ 33-35 per barrel! So I agree with your early persistent argument that "India does not buy oil from Russia for $40."

And most importantly, this is just the beginning!

PS By the way! Many thanks to India, for the fact that it has reduced the purchase of oil from the country of the world terrorist by 40%, and Indian banks refuse to work with banks from the same country!

[Ultegra134]

Brace yourselves for massive price increases in fuel. Brent crude oil has surpassed $98.5/barrel while WTI is just over $92.5/barrel, compared to $82.6 and $76.6, respectively, a little over a week ago. That's a significant increase in oil prices, while at least here in Greece, we never saw the corresponding decrease at fuel pumps. However, prices have already started increasing at gas stations. This situation is not only tiring but also depressing. There is no longer any stability in life; everything is rapidly shifting. You can no longer make any plans for the future and every asset has become way too volatile, from commodities to cryptocurrencies and stocks. Only real estate is holding up, but that doesn't help the average Joe who's renting.

[Hydrogen]

For US markets, an infusion of crude oil from the (SPR) strategic petroleum reserve was the only thing stabilizing gasoline prices and dwindling supply. Unfortunately, they recently hit a regulatory limit on how much crude they can pull from the SPR. Which means that oil prices are definitely headed back up, as supply declines.

It could be a good idea to hustle and seek alternatives to crude oil and gasoline. As there is no guarantee that prices will stabilize anytime soon.

Global markets and trade could be in jeopardy. At a certain tipping price, it becomes unfeasible to ship goods over long distances. Considering how reliant many nations have become upon imports from offshore sources. A transition back to local sources of supply could be difficult, but entirely necessary.

In terms of food, if it isn't grown locally. It could become unavailable. Rising oil prices and cost of shipping could potentially break any supply chain that relies on oil. I hope people recognize what this means and prepare accordingly.

[Sithara007]

Excellent new coming in. Brent crude is inching towards three digit mark. The last time I checked, it was trading at $97.92 per barrel. The price rally resulted from two developments - 1. the decision by OPEC+ to implement a massive cut of 2 million barrels per day, and 2. the bombing of Kerch bridge that connects Crimea to mainland Russia. And here in India, we are being hit by a double whammy. The local currency (Indian Rupee) has gone down by more than 5% this week and the exchange rate now stands at 1$ = ₹ 82.83.

[Maidak]

Excellent new coming in. Brent crude is inching towards three digit mark. The last time I checked, it was trading at $97.92 per barrel. The price rally resulted from two developments - 1. the decision by OPEC+ to implement a massive cut of 2 million barrels per day, and 2. the bombing of Kerch bridge that connects Crimea to mainland Russia. And here in India, we are being hit by a double whammy. The local currency (Indian Rupee) has gone down by more than 5% this week and the exchange rate now stands at 1$ = ₹ 82.83.

These are hot news in the past 2 days but in my opinion the information that made oil prices rise again is because OPEC + decided to reduce 2 million barrels of oil / day, this is a very large number, while last month they also cut 100,000 barrels of oil per day. With this decision, it can be seen that the OPEC group wants to maintain high oil prices and this will benefit Russia, Russia is also a member of OPEC +, this is considered a failure of the US government. The world energy situation has not cooled down, there will be many changes affecting the whole world. Today's attack on the Crimean bridge will make the conflict unlikely to end anytime soon.

[Bitcoin2009]

My country targets oil prices to be around $110, if it's now below $100 then there's a lot of profit or money to be saved so I'm hoping it can be used for health subsidies which are currently reportedly running a very high deficit.

[South Park]

Excellent new coming in. Brent crude is inching towards three digit mark. The last time I checked, it was trading at $97.92 per barrel. The price rally resulted from two developments - 1. the decision by OPEC+ to implement a massive cut of 2 million barrels per day, and 2. the bombing of Kerch bridge that connects Crimea to mainland Russia. And here in India, we are being hit by a double whammy. The local currency (Indian Rupee) has gone down by more than 5% this week and the exchange rate now stands at 1$ = ₹ 82.83.

These are hot news in the past 2 days but in my opinion the information that made oil prices rise again is because OPEC + decided to reduce 2 million barrels of oil / day, this is a very large number, while last month they also cut 100,000 barrels of oil per day. With this decision, it can be seen that the OPEC group wants to maintain high oil prices and this will benefit Russia, Russia is also a member of OPEC +, this is considered a failure of the US government. The world energy situation has not cooled down, there will be many changes affecting the whole world. Today's attack on the Crimean bridge will make the conflict unlikely to end anytime soon.

The US is definitely not happy about this, they expected the OPEC to at least keep things as they were as this will keep the status quo when it comes to the benefits Russia can get from selling their oil, but with this cut then Russia will definitely benefit, not only that with raising oil prices this will mean more inflation and greater logistic problems, so this raises the chances of the most powerful economies of the world to enter a recession and complicate matters even more for Europe.

[Ultegra134]

Excellent new coming in. Brent crude is inching towards three digit mark. The last time I checked, it was trading at $97.92 per barrel. The price rally resulted from two developments - 1. the decision by OPEC+ to implement a massive cut of 2 million barrels per day, and 2. the bombing of Kerch bridge that connects Crimea to mainland Russia. And here in India, we are being hit by a double whammy. The local currency (Indian Rupee) has gone down by more than 5% this week and the exchange rate now stands at 1$ = ₹ 82.83.

These are hot news in the past 2 days but in my opinion the information that made oil prices rise again is because OPEC + decided to reduce 2 million barrels of oil / day, this is a very large number, while last month they also cut 100,000 barrels of oil per day. With this decision, it can be seen that the OPEC group wants to maintain high oil prices and this will benefit Russia, Russia is also a member of OPEC +, this is considered a failure of the US government. The world energy situation has not cooled down, there will be many changes affecting the whole world. Today's attack on the Crimean bridge will make the conflict unlikely to end anytime soon.

That is great news *sarcasm*. OPEC is basically cutting down on oil production, leading to massive price increases. I honestly at least expected Brent oil to stay below $90 a barrel, which is still expensive but a little more sustainable at least. If these new prices remain, they will trigger a new round of price increases in every day's goods, sending inflation to the moon.

Things are not looking good at all. And winter hasn't even started.

[STT]

Many years back way before they printed 25% more dollars into existance and so on, the members of OPEC basically said they were happy with oil at $100.  They werent kidding around it appears, that is their rough guide for where they want oil to be at some kind of minimum for years.   When we slip below 80 heading for 60 they start to lose the balance to their fiscal budgets.    All of these questions will alter in future without a doubt as I know Saudi Arabia especially has massive growth in its population, its entirely different to alot of western countries with sedate or quite severe population decline in some cases.  The demographics or age profile of the country altering changes alot of things, Saudi Arabia moves away from oil apparently they dont intend to expand their production seems like just this maintained $100 oil.
  Iraq is the best chance for large oil increased production in the middle east, its been a wasteland for decades in investment terms.   They could relieve alot of pressure on demand if they uncover and develop a new large oil field, it'd still  take near to 10 years I guess.

[YUriy1991]

Have you seen any significant drop in gas prices in your area? Will oil drop even further, despite the ongoing war?

If seen, the most significant impact of oil is psychological. As consumers become more aware of their purchasing decisions, experts believe that oil companies may experience a serious crisis of confidence as people begin to make choices based on factors other than just fuel economy.

As a result of the drop in oil, you can probably expect to see lower gas prices at your local gas station. In addition, there is renewed confidence in the economy as a whole, which will lead some experts to predict a surge in small business investment, which could also lead to more hiring opportunities in the months ahead.

[Maidak]

Excellent new coming in. Brent crude is inching towards three digit mark. The last time I checked, it was trading at $97.92 per barrel. The price rally resulted from two developments - 1. the decision by OPEC+ to implement a massive cut of 2 million barrels per day, and 2. the bombing of Kerch bridge that connects Crimea to mainland Russia. And here in India, we are being hit by a double whammy. The local currency (Indian Rupee) has gone down by more than 5% this week and the exchange rate now stands at 1$ = ₹ 82.83.

These are hot news in the past 2 days but in my opinion the information that made oil prices rise again is because OPEC + decided to reduce 2 million barrels of oil / day, this is a very large number, while last month they also cut 100,000 barrels of oil per day. With this decision, it can be seen that the OPEC group wants to maintain high oil prices and this will benefit Russia, Russia is also a member of OPEC +, this is considered a failure of the US government. The world energy situation has not cooled down, there will be many changes affecting the whole world. Today's attack on the Crimean bridge will make the conflict unlikely to end anytime soon.

That is great news *sarcasm*. OPEC is basically cutting down on oil production, leading to massive price increases. I honestly at least expected Brent oil to stay below $90 a barrel, which is still expensive but a little more sustainable at least. If these new prices remain, they will trigger a new round of price increases in every day's goods, sending inflation to the moon.

Things are not looking good at all. And winter hasn't even started.

This will certainly not only cause trouble for Europe but trouble for the whole world again. It is difficult to understand why OPEC + made this decision, in the end national interests still come first, not the general situation of the world. I don't think OPEC+ will want oil prices to fall below $90 or below.

Although the world oil price has decreased in the past 2 months, actually in my hometown I have not seen a decrease and today I am even more surprised when gas stations in my area are closed because there is no gas for sale. This is the first time this has happened in my area, although when oil prices hit record highs in March/April, we still had enough supply.

[DrBeer]

Now there will be a huge number of attempts to destabilize the oil market. The reasons are trivial - one terrorist country not only loses income, but also loses influence in some countries where the influence of the terrorist country is extremely necessary. Cancellation of OPEC's additional 2 million, one such attempt. Yes, you will not argue, now it will be difficult in the market. But all this is being done only in order to lift the embargo on Russian oil supplies to the EU, which is introduced from January 1, 2023, and this is just 3 months later. Nordic pots blown, EU refuses oil ? How can a totalitarian-terrorist regime exist without a lot of money? No, that's why they will use both conditionally legal and illegal measures to destabilize the oil market.
For example, I’ll even assume that from now until about the middle of next year, there will be terrorist attacks in oil supply countries, oil tankers, and other elements of the infrastructure intended for pumping oil ...

[el kaka22]

The funny thing is, it’s around 90's right now, at around 92-93 range give or take, but it was somewhere between 60-130 all year, that’s a WILD difference. Normally we do not have that kind of difference in a single year, get it at 60, increase it to 130, and drop it to 90 doesn't happen all too often.

Sure, it does happen time to time when there is a big issue, I do not know how it was in 2008 for example when the crash happened, but I know that it’s not going to be that easy for anyone to accept the current situation that easily. You can't make a plan with oil prices like this, because you do not know how much you will pay for it next time you buy it.

[Ultegra134]

The funny thing is, it’s around 90's right now, at around 92-93 range give or take, but it was somewhere between 60-130 all year, that’s a WILD difference. Normally we do not have that kind of difference in a single year, get it at 60, increase it to 130, and drop it to 90 doesn't happen all too often.

Sure, it does happen time to time when there is a big issue, I do not know how it was in 2008 for example when the crash happened, but I know that it’s not going to be that easy for anyone to accept the current situation that easily. You can't make a plan with oil prices like this, because you do not know how much you will pay for it next time you buy it.

Even when crude oil had plummeted below $90, we still saw insignificant reductions at gas stations. Not only is this situation bad, but speculation makes it worse than it actually is. I don't know if the same situation occurs in other countries too, but here at least, inflation is to some degree speculative. We're talking about an energy crisis, but in the meantime, electricity providers are soaring in profit. Don't get me started on oil companies.

Volatility is a huge issue. You can't plan anything in advance. Gas, electricity, and groceries constantly change prices, and it's usually for the worse. Our quality of life is worsening, and so is our mental health. We're headed towards the great recession, this is only the beginning. This will be a harsh winter.