Saudi Arabia Declares Cease-Fire in Oil War

[ZeeOSix]

Originally Posted By: fdcg27
No, the verdict that the UK was unlikely to vote to leave the EU calmed world markets.


Looks like the vote is winning to leave the EU ... so the US stock market will probably crash for awhile. Guess the market guys were a little too confident the vote would fail.

http://www.bobistheoilguy.com/forums/ubb..._leaving_the_EU

 

[John_Conrad]

http://www.upi.com/Business_News/Energy-.../3551466775616/

"Crude oil prices lost major ground in early trading in New York. The price for Brent crude oil, which originates from four oilfields in the North Sea, lost 4.7 percent to start trading Friday at $48.48 per barrel. West Texas Intermediate, the U.S. benchmark price for oil, was down 4.5 percent to open at $47.86 per barrel.

Oil prices broke through the $50 per barrel threshold in mid-June amid signs the energy market was returning to balance. Some downward pressure emerged early this week, however, after data from the U.S. Energy Information Administration on crude oil storage, an indication of demand, was lower than analysts had expected."

 

[fdcg27]

"Oh oh, we're in trouble.
Someone's come along and they've burst our bubble."
The EU can ill afford to lose one of its rich nation members.
As one Englishman put it, the country has survived far worse during its many centuries of existence.
This will spark a huge negotiation among every state with the Brussels Eurocrats uninvolved and ignored.
Problem is that most of the remaining EU nations are enslaved to the Euro and that will be very difficult to unwind.
I do look for a return to the era of the EC and a dismantling of the European regulatory regime. Sovereign states should not be expected to yield to an unelected and unaccountable Eurocracy.
This is what the Brits really wanted and most other members want it as well.
A free trade zone made huge sense then and now.
This is a harsh wake-up call.

 

[Tempest]

http://www.telegraph.co.uk/business/2016...o-a-standstill/

 

[John_Conrad]

Originally Posted By: Tempest
http://www.telegraph.co.uk/business/2016...o-a-standstill/


that is a good read, thanks for posting it.

 

[Oilmanjean]

so where is persia actually? anyone seen that on a map recently?

 

[DoubleWasp]

Originally Posted By: Tempest
http://www.telegraph.co.uk/business/2016...o-a-standstill/


Quote:
Consultants Wood Mackenzie estimated in a recent report that full-cycle break-even costs have fallen to $37 at Wolfcamp and Bone Spring in the Permian, and to $35 in the South Central Oklahoma Oil Province. The majority of US shale fields are now viable at $60.

This is a cold douche for Opec.


That alone made that article worth reading.