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Oil Prices Swept Lower After Brussels Blasts Spook Investors - IceWizard - 03-22-2016
MAR 22 2016, 7:04 AM ET
by REUTERS
Oil prices fell on Tuesday, swept lower by investor nervousness after deadly blasts in Brussels prompted a flight towards so-called safe-haven assets such as gold.
As many as 13 people were killed on Tuesday in explosions in Brussels and another 35 were severely injured, Belgian broadcaster VRT said.The Belgian crisis center confirmed there were two explosions at Brussels airport and several victims.
Oil had risen earlier in the session following a drop in U.S. inventory levels that helped ease some of the concern around oversupply that could dampen future price recoveries.
![[Image: oil_0b002ebf88c0f6cdc706041eec16c6b5.nbc...20-320.jpg]](http://media4.s-nbcnews.com/j/newscms/2016_12/1467751/oil_0b002ebf88c0f6cdc706041eec16c6b5.nbcnews-ux-320-320.jpg)
Brent crude futures fell 14 cents to $41.40 a barrel by 0909 GMT, having risen to a session high of $41.75. Brent has gained more than 50 percent from 12-year lows hit in January.
U.S. May crude futures were down 11 cents at $41.41 a barrel.
"The stocks (fall) in Cushing (U.S. oil delivery hub) helped ... but obviously now you have these headlines from Brussels and that can lead to some risk-off positioning. But the movements for now are not very significant," Petromatrix strategist Olivier Jakob said.
The dollar index, gold and German Bunds , all perceived to be less risky options at times of geopolitical or financial uncertainty, rallied in price, while equities and other industrial commodities such as copper came under pressure following the explosions.
Stockpiles at the Cushing, Oklahoma hub for U.S. crude fell 570,574 barrels to 69.05 million in the week to March 18, traders said on Monday, citing data from market intelligence firm Genscape.
Cushing inventories had previously risen towards 70 million barrels, causing market participants to fear they could hit capacity.
"Oil and a number of other markets have reached a bit of a pause phase," said Ric Spooner, chief market analyst at CMC Markets. "For oil we have had a substantial rally. A lot of that has been preemptive in nature, preempting production cuts, and assisted by the weaker U.S. dollar," he said.
"We have arrived at the situation where the market is waiting for news to catch up with it a little," Spooner said.
Producers from OPEC and non-members meet on April 17 in Qatar to discuss an output freeze.
Iran is keen to increase its oil exports, which fell by more than half during sanctions over Tehran's disputed nuclear program, and has said it should not be bound by a production freeze until it can recover its market share.
RE: Oil Prices Swept Lower After Brussels Blasts Spook Investors - Grandote - 03-22-2016
The chances of opec setting a cut and sticking with it are nil. Iran will put its oil on the market come what may. To hell with the greedy oil producers, let the price fall further. Lucky for us the world is facing an oil glut. They still have fleets of oil tankers moored offshore and onshore storage is near capacity too. But any news that might possibly hint at more demand sends prices shooting up. They need to go below 30 a barrel to give us a break at the pump.
RE: Oil Prices Swept Lower After Brussels Blasts Spook Investors - IceWizard - 03-22-2016
I remember the "oil shortage" in the 70's... Where I lived were bunches of refineries (beaumont, port arthur, houston) and I saw those "tank farms" 1000's of them ... Each tank at least a fooball field across and a few stories high... The tops float on the oil, so when you could see the top, they were full... And they were full....
Railcars sat on dern neer every track... Ships in every port... FULL OF OIL!... They just wouldn't let them refine it... My dad worked in those refineries and he was laid off because of that ...
I was getting gas (before that happened) for 30-50 cents a gallon... During a "gas war" I bought it for 22 cents....
Then the long gas lines started... Stations ran out... Fights started in every line... But as soon as the price went up.. Magic happened... There was plenty of oil to refine!
Now if we were "low on oil" some 40 years ago, with many fewer cars and trucks, then how come we've had it soooo long?! And now we have a glut? Hmmmmm ...
There's something a stinkin in the woodpile...
Ice
RE: Oil Prices Swept Lower After Brussels Blasts Spook Investors - Grandote - 03-22-2016
If govt wasn't crooked and sold out to the highest bidder, they would have put a stop to that but no. Politicians are nothing but parasites for the most part.
I remember buying gas at 17 cents during a gas war. The usual top price was 25 cents with discount stations selling a little below. People today never heard of a gas war. They think it means some conflict going on in middle east. All the competition has been mostly done away with via big mergers and dirty deals winked at by the administration.
RE: Oil Prices Swept Lower After Brussels Blasts Spook Investors - anxiety_sucks - 03-23-2016
icewizard thats mad, just completely shows you the real way the world turns
RE: Oil Prices Swept Lower After Brussels Blasts Spook Investors - Grandote - 03-23-2016
And yet today I see oil prices have gone up again. Hopefully they will drop tomorrow.
RE: Oil Prices Swept Lower After Brussels Blasts Spook Investors - Lechter - 03-23-2016
So consider a scenario where an inspired administration mandates that the US uses domestic oil first, then applies a fixed $10/barrel tax to be used exclusively for infrastructure and reduction of national debt.
Citizens see a minimal increase in the cost of gas, we fix our roads and bridges and significantly pay down our national debt whilst forcing foreign suppliers to compete in other markets.
Think about how that would positively impact US jobs and international balance of trade, not to mention economically diminishing OPEC and terrorist funding countries who hate us.
Lets let go of political correctness and climate change for a moment and do something practical and simple for our country and its people...
RE: Oil Prices Swept Lower After Brussels Blasts Spook Investors - Cricket - 03-23-2016
(03-23-2016, 10:42 PM)Lechter Wrote: So consider a scenario where an inspired administration mandates that the US uses domestic oil first, then applies a fixed $10/barrel tax to be used exclusively for infrastructure and reduction of national debt.
Citizens see a minimal increase in the cost of gas, we fix our roads and bridges and significantly pay down our national debt whilst forcing foreign suppliers to compete in other markets.
Think about how that would positively impact US jobs and international balance of trade, not to mention economically diminishing OPEC and terrorist funding countries who hate us.
Lets let go of political correctness and climate change for a moment and do something practical and simple for our country and its people...
What gets me is, awhile back everyone was jumpin' up and down about peak oil. We were running out fast. What happened there? You don't hear a word about that anymore. Probably just another made up scare tactic by government (their MO) to have an excuse to raise oil prices.
I believe most, if not everything government tells us is lies, lies, lies.
RE: Oil Prices Swept Lower After Brussels Blasts Spook Investors - anxiety_sucks - 03-27-2016
as proven time and time again, cricket.
RE: Oil Prices Swept Lower After Brussels Blasts Spook Investors - G.Elias - 03-30-2016
Watched a short doc about Venezuela last night,the low oil price is really messing up the countries economy,is there maybe something else behind low oil prices?Maybe trying to make a country with a left wing government fail?We all know how the US loves democratically elected left wing socialist governments in South/central America,wouldn't surprise me if certain agencies were in Venezuela stirring up opposition to the current government,there has been a rise in opposition to Venezuelas socialist government of late,so if/when a more right wing party becomes the new government there i'll be having doubts about its real legitimacy.