Where do you think Crude Oil prices are going?

[Roadhouse]

Finally a (small) draw down at Cushing reported the other day.

A bit of a surprise that even just 'flattening out' production seems to have pushed up prices this far. Not complaining though! ;D

Trading around $59 now.

No complaints here, either! Trying to fund a racecar build. Keep going up!! ;D

 

[four-walling]

No complaints here, either! Trying to fund a racecar build. Keep going up!! ;D

Time to think outside the box?

 

[Jabooh]

Ditto!! I tell my wife all the time, never complain about gas prices.

 

[Grant 302]

Time to think outside the box?

It's *always* time to think out of the box! I eventually want to buy and electric FORD!

No complaints here, either! Trying to fund a racecar build. Keep going up!! ;D

Racecar budget funded. Still working on the GT350 funding...

Sold a little today...hoping to sell more tomorrow!

 

[Grant 302]

WTI over $60.50 right now!

 

[Jabooh]

$60.60 for WTI and $67.97 for Brent.

The scary thing is that no major event happened to explain the jump. That means it could correct again just as easily.

 

[Grant 302]

$60.60 for WTI and $67.97 for Brent.

The scary thing is that no major event happened to explain the jump. That means it could correct again just as easily.

It's all in the technicals! Just tipped over $61! My target for today/tomorrow is the WTI $62 level.

 

[Jabooh]

API numbers this afternoon show Cushing declining 336k barrels, but overall storage declining 1.5MM barrels. Upon release of the API numbers, WTI jumped from $60.44 to $60.83 in 10 minutes. DOE numbers which should be released tomorrow will determine if we hole at these levels.

 

[Grant 302]

Saw that small spike after hours. I think if the EIA report confirms or betters those numbers, we'll see a push for $62. (I hope)

In the absence of any bad news or reversal of the draw-down. I think WTI will hit $65 to $66 by the end of the month.

 

[VoodooBoss]

My bet is we're back to $80 by July and I'll close out my position with a nice profit.

 

[Grant 302]

My bet is we're back to $80 by July and I'll close out my position with a nice profit.

And I was going to be happy with $75 by then!

Oh, and the more volatile on the way there, the better for me...

 

[Grant 302]

Testing $58 now.

First thing this morning I was thinking this was possible, but I thought it would pause/bounce at $59.

 

[Fomoco302]

Furniture store in Houston has this promo-buy $7k+ worth of furniture now and if oil closes above $85 on 12/31 you get your money back? Would y'all take the deal??

 

[Backorder]

Furniture store in Houston has this promo-buy $7k+ worth of furniture now and if oil closes above $85 on 12/31 you get your money back? Would y'all take the deal??

I wouldn't...(1) don't like their furniture and (2) I don't see that happening lol

 

[Jabooh]

I don't like the furniture there either. Also $85 is a stretch.

 

[Grant 302]

I wouldn't.

Invest the money you'd spend on oil. Buy furniture at the end of the year. Pocket the rest.

Just kidding!

 

[Grant 302]

Buy, buy, buy, BUY!

Dropped below $58 for a bit today.

 

[Grant 302]

Buy, buy, buy, BUY!

Dropped below $58 for a bit today.

Over $60 now. hit $60.50 earlier.

 

[Jabooh]

Right or wrong Goldman Sacks said $50 oil for the end of the decade.

 

[Grant 302]

Right or wrong Goldman Sacks said $50 oil for the end of the decade.

: And it'll be funny to hear OPEC's forecasts next week.

My guess: API numbers are going to be short of EIA numbers on Wednesday and we're all going to be surprised at how much gas was consumed over the Memorial day weekend. I know many of us BMO east and west were doing our part! 850 miles for the trip and about 110 on track.