jetflyer
Concerned Citizen
- Joined
- Mar 8, 2002
- Posts
- 2,040
Good post Bigred,
I agree there is no need for crude right now. There's no refineries to refine it!
I wonder if demand isn't going down since after the hurricanes though, because the economy is slowing?
Let's just hope the high prices at the pumps and low consumer sentiment doesn't pop the housing bubble.
Plus the bankruptcy laws are changing and in December the credit card companies are going to make the minimum 4% instead of 2% so someone with 10,000 in credit card debt will have to pay a minimum of $400 instead of $200.
This change to the minimum payment comes just in time for people to start seeing their NATURAL GAS BILLS virtually DOUBLE from last year. Great.
I'm also worried a lot of money going into the economy is going to be lost if the housing bubble starts to deflate, because people won't have money to pull out of their homes. This puls the natural gas prices, and the changes to the minimum payments could be a real drag on the economy.
We could see a serious slowdown in the economy reducing demand a TON for OIL, and really could see the oil prices come down significantly.
4th quarter will be interesting for sure. The original estimate for 4th quarter demand was 86 mbd, with the world producing now after Katrina 83 mbd. So this will have to be overcome, but there are a lot of crude inventories. Also with the loss of natural gas from the Gulf, Heating oil demand may actually be higher. So both these things suggest we may see a rise in crude price.
I think the prices will most likely linger around the $60 line till more clarity is seen on how cold the winter is. If it's cold they'll go higher, warm lower.
Cross your fingers.
Jet
I agree there is no need for crude right now. There's no refineries to refine it!
I wonder if demand isn't going down since after the hurricanes though, because the economy is slowing?
Let's just hope the high prices at the pumps and low consumer sentiment doesn't pop the housing bubble.
Plus the bankruptcy laws are changing and in December the credit card companies are going to make the minimum 4% instead of 2% so someone with 10,000 in credit card debt will have to pay a minimum of $400 instead of $200.
This change to the minimum payment comes just in time for people to start seeing their NATURAL GAS BILLS virtually DOUBLE from last year. Great.
I'm also worried a lot of money going into the economy is going to be lost if the housing bubble starts to deflate, because people won't have money to pull out of their homes. This puls the natural gas prices, and the changes to the minimum payments could be a real drag on the economy.
We could see a serious slowdown in the economy reducing demand a TON for OIL, and really could see the oil prices come down significantly.
4th quarter will be interesting for sure. The original estimate for 4th quarter demand was 86 mbd, with the world producing now after Katrina 83 mbd. So this will have to be overcome, but there are a lot of crude inventories. Also with the loss of natural gas from the Gulf, Heating oil demand may actually be higher. So both these things suggest we may see a rise in crude price.
I think the prices will most likely linger around the $60 line till more clarity is seen on how cold the winter is. If it's cold they'll go higher, warm lower.
Cross your fingers.
Jet
Last edited: