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Author Topic: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!  (Read 6912 times)

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Crude Oil Prices Start Downward Trend

Published at 08:14AM - 23/08/16
Crude oil prices have ended a short rally of gains over hopes that members of the Organisation of Petroleum Exporting Countries (OPEC) would soon agree on a production freeze to balance prices.

Crude oil prices fell by more than 1% this morning. On Monday, Brent was already down by 2.5% to $49.59, while WTI was off 2.1% from the previous $47.9.

According to media sources, Goldman Sachs has sent out a warning that the rebound in prices had been merely caused by the news on the potential output freeze and the weakening dollar.

Crude Oil Prices Start Downward Trend

Analysts are saying that the downfall in prices has been a result of an overreacting market  and not caused by changes in oil fundamentals.    *

According to Goldman Sachs, the potential proposal by OPEC members and non-OPEC producers to cut down on oil production would result in record highs.

As a result, it would not be expected to bring more balance to supply and demand levels.

As well as this, the deal is actually not that likely, the bank adds, as previous disputes between Saudi Arabia and Iran are bringing some uncertainty regarding Russia’s actual willingness to cooperate with OPEC members.

Crude Oil Prices React to Market Uncertainty

Crude oil prices had gone up by more than 20% in the beginning of August until last week, when they started a downfall by more than 3.5%.

The beginning of the month marked the time when prices crossed the $50 per barrel threshold, an increase of more than $10 since the beginning of August.

At the time, this reaction was blamed on Saudi Arabia’s oil minister Khalid al-Falih’s comments that OPEC may act on oil production at its next meeting.

However, a freeze proposal had been on the table earlier this year but efforts fell through due to differences between the members and non-members about market share.


* Agelbert NOTE: Well yeah, I have been saying, FOR YEARS, that supply and demand does not have squat to do with the price of crude. The analysts are quick to correctly point out that the drop is unrelated to fundamentals but SILENT AS DEATH  ;) about the FACT that the rocketing rise of the price of Oil from February to June of 2016 was due ALSO to an 'overreacting'  ;) market (SEE: rigged Oil & Gas commodities futures SPECULATION ),  ALSO unrelated to supply and demand.

How absent minded of them.

How cherry picking convenient of them. How mendacious, duplicitous and perfidious of them.

At any rate, it is rather pleasant to see the Fossil Fuel Industry Crooks and Liars have to deal with ACTUAL cause and effect, instead of profiting from rigged speculation.

Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23


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