Oil Price Down Below 36 Dollars

[Mali1964]

Just Noticed Oil Price down to $35.88 a barrel today, its stayed level in the low forty's for quite some time it did fall as low as $32.41 a while back.

Lets hope it sticks & we get another price fall to compensate for the 2nd part of the Fuel Tax levy return in a few weeks

Source http://www.oil-price.net/

Edited February 12, 2009 by Mali1964

[britmaveric]

$20's here we come

[marquess]

Just Noticed Oil Price down to $35.88 a barrel today, its stayed level in the low forty's for quite some time it did fall as low as $32.41 a while back.

Lets hope it sticks & we get another price fall to compensate for the 2nd part of the Fuel Tax levy return in a few weeks

Source http://www.oil-price.net/

I doubt it, the price here seems to be being kept artifically high for someones benefit!

[Mali1964]

Just Noticed Oil Price down to $35.88 a barrel today, its stayed level in the low forty's for quite some time it did fall as low as $32.41 a while back.

Lets hope it sticks & we get another price fall to compensate for the 2nd part of the Fuel Tax levy return in a few weeks

Source http://www.oil-price.net/

I doubt it, the price here seems to be being kept artifically high for someones benefit!

Pump prices of Diesel are at least 10 baht a litre down on this time last year, oil price was in the 60/70 dollar range then, take a look at the UK if you want to see real artificially high figures its still not adjusted to the levels pre oil spike.

Typical UK corporate greed.

I think the price here as fell quite well in-line with the reduction in the oil price.

[dumball]

Well , it would appear that should you have a few spare bucks to spare in your back pocket , now is the time to invest in a few billion barrels , cannot see Iran letting it stay that low too long , need the money to build the nuke to turn Israel into a 'Glassland' .

[Freddie_fly]

Just Noticed Oil Price down to $35.88 a barrel today, its stayed level in the low forty's for quite some time it did fall as low as $32.41 a while back.

Lets hope it sticks & we get another price fall to compensate for the 2nd part of the Fuel Tax levy return in a few weeks

Source http://www.oil-price.net/

I doubt it, the price here seems to be being kept artifically high for someones benefit!

Pump prices of Diesel are at least 10 baht a litre down on this time last year, oil price was in the 60/70 dollar range then, take a look at the UK if you want to see real artificially high figures its still not adjusted to the levels pre oil spike.

Typical UK corporate greed.

I think the price here as fell quite well in-line with the reduction in the oil price.

I wouldn't call it corporate greed so much as the corporations taking their cue's from the government. The UK Government has had ample opportunity to reduce taxes on petroleum products but will simply never take it. As ALL major players in the UK Petroleum market saw significant increases in Profits, with no major reduction in consumption, the concensus has to be that "we havnt bled them enough".

As an aside, while prices have stabilised somewhat, there is really more doom and gloom on the horizon. As far as Oil companies are concerned Production is King, thus when demand or prices dictate a change in fiscal policy the first to suffer is the Exploration division of the companies. So, the first budget cuts are in exploration, of both new/potential finds and of re-definition of existing reserves. When this happens, it generally takes a while to ramp back up.

Most major seismic research companies, both offshore and onshore have over the last 5-10 years moved their focus from speculative exploration to reservoir management, ie instead of looking for new finds they are redefining existing reservoirs in an attempt to extend their life. When exploration budgets are cut then the periodic re-evaluation of reservoirs (generally termed 4D or timelapse surveys) is curtailed, as is bidding on new opportunistic blocks that governments are attempting to lease.

This will result in some exploration companies cutting back on staff and (of more concern) of research into new techniques and equipment. While Seismic research companies have become used to the cyclic nature of the industry the explosive growth in new companies and vessels since 2004 has led to a glut in that market. If seismic companies fail (which they will) then new finds and better definition of existing finds will slow down rapidly. So if economies start to re-flate then they will be constrained again by poor figures from the energy companies of reserves, thus the Price will rebound and keep rising.

Expect to see Oil up around 100 US$ by the end of the year.

Freddie

[britmaveric]

Well , it would appear that should you have a few spare bucks to spare in your back pocket , now is the time to invest in a few billion barrels , cannot see Iran letting it stay that low too long , need the money to build the nuke to turn Israel into a 'Glassland' .

Unfortunately no one is buying so Iran has little say over it. They are fked - dbl edge sword, try shutdown production and price goes lower instead of going higher. They can't go stop production because they want to sell the oil, better to make some dosh then none at all.

[Spee]

Just Noticed Oil Price down to $35.88 a barrel today, its stayed level in the low forty's for quite some time it did fall as low as $32.41 a while back.

Lets hope it sticks & we get another price fall to compensate for the 2nd part of the Fuel Tax levy return in a few weeks

Not sure which threads bring out the most conspiracy nuts or koolaid drinkers, ones about oil or ones about global warming.

If reduced world oil prices cause the price of diesel to fall in Thailand, that's good enough for me.

[Brigante7]

The price in the UK has risen twice in the last 4 weeks

[Mali1964]

What did i do? what did i say? Diesel up 60 Satang this morning

So much for wishful thinking

http://www.pttplc.com/en/nc_oi.aspx

Edited February 13, 2009 by Mali1964

[NanLaew]

Pump prices of Diesel are at least 10 baht a litre down on this time last year, oil price was in the 60/70 dollar range then, take a look at the UK if you want to see real artificially high figures its still not adjusted to the levels pre oil spike.

Typical UK corporate greed.

I think the price here as fell quite well in-line with the reduction in the oil price.

The price in the UK has risen twice in the last 4 weeks

The greater part of the UK fuel cost is government excise duties, not oil company mark up.

I guess Gordon Brown has to pay for these bank rescues one way or another.

[aussiejosh]

I think the OPEC and other organizations are going to cut output to try and stimulate a price rise soon anyway, they don't like the fact they were begged and poked to increase production for it to drop this low. They need their billion dollar mansions guys!

[soundman]

What did i do? what did i say? Diesel up 60 Satang this morning

So much for wishful thinking

http://www.pttplc.com/en/nc_oi.aspx

Today's price increase on diesels and gasohols was an excise tax adjustment.

[samuibeachcomber]

Well , it would appear that should you have a few spare bucks to spare in your back pocket , now is the time to invest in a few billion barrels , cannot see Iran letting it stay that low too long , need the money to build the nuke to turn Israel into a 'Glassland' .

another war would suit everyone then.The Americans would have bought up,the arabs will be desperate for an increase,a war to end all wars of course.

[thaihome]

Oil futures for next year are trading in the $55-60 range now. Read what you want into that.

TH

[mdechgan]

$50-60 is about right and where it should be.

$150 last year was just ridiculous. I think prices that high started the economic downturn.

It can go down to 20 but its too late for the economy, it should never have been that high in the 1st place.

However pump prices are still rather high compared to oil barrels. I think PTT are raising its prices soon.

[sorensen]

Oil futures for next year are trading in the $55-60 range now. Read what you want into that.

TH

Jep, oil futures are nice and high, that is also one of the reasons commercial inventories are at historical high levels. They buy now, because they know it will be more expensive in the future.

[Mali1964]

What did i do? what did i say? Diesel up 60 Satang this morning

So much for wishful thinking

http://www.pttplc.com/en/nc_oi.aspx

Today's price increase on diesels and gasohols was an excise tax adjustment.

Thanks for that soundman I was expecting 1.5 baht again for the excise increase at least their breaking that back in gently, do you have any idea when the next one is & will it be the last?

Cheers Shaun

[Sakeopete]

Considering oil companies are run by bean counters and the lack of available credit there will be the usual brakes put on exploration. This will cause the usual surge in oil prices in the near future, oil execs know this but they have to keep their share holders happy. They only look at the bottom line today- save a penny now so you spend a dollar tomorrow "Rinse and Repeat". The industry will kill itself off because the huge jump in prices puts people off oil and lets not forget climate change has been added to the formula which wasn't part of the past cycles.

[Mali1964]

Well i was nearly right Diesel back down again 40 Satang that must be oil price related.

Lets just enjoy these low price's while they last hey speculating/dreaming of the future is no use to no one take it while ya can.

Edited February 14, 2009 by Mali1964

[soundman]

Well i was nearly right Diesel back down again 40 Satang that must be oil price related.

Lets just enjoy these low price's while they last hey speculating/dreaming of the future is no use to no one take it while ya can.

Yes today's PTT diesel price drop was price, not tax related.

Link to current and historical pricing for all Thailand oil retailers.

Likelt to expect a price increase on Benzene & Gasohol products in the next few days.

[marquess]

Well i was nearly right Diesel back down again 40 Satang that must be oil price related.

Lets just enjoy these low price's while they last hey speculating/dreaming of the future is no use to no one take it while ya can.

Yes today's PTT diesel price drop was price, not tax related.

Link to current and historical pricing for all Thailand oil retailers.

Likelt to expect a price increase on Benzene & Gasohol products in the next few days.

Well how much was that tax increase? I have seen Benzene 91 go from 21.39 to 26.74 in just over a month!

[sorensen]

Well how much was that tax increase? I have seen Benzene 91 go from 21.39 to 26.74 in just over a month!

Great new and if we extrapolate Benzene-91 should be back over 40 baht in 3 months time. The sweet days will soon return to the oil industry..