Goldman Sachs Says Oil to Remain Really Cheap in 2016

Discussion in 'The Howard Stern Show' started by MyLazyHand, Sep 11, 2015.

  1. MyLazyHand

    MyLazyHand Russia and France Know What to Do

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    A report out today suggests that WTI crude might dip as low as $20 per barrel (trading at $45 this AM), and it should stay cheap for all of 2016. There's just too much oil being produced right now.


    http://www.marketwatch.com/story/goldman-warns-oil-could-sink-to-20-a-barrel-2015-09-11




    “In fact, the oil market is even more oversupplied than we had expected and we now forecast this surplus to persist in 2016 on further [Organization of the Petroleum Exporting Countries] production growth, resilient non-OPEC supply and slowing demand growth, with risks skewed to even weaker demand given China’s slowdown and its negative [emerging-market] feedback loop,” the analysts including Damien Courvalin and Jeffrey Currie said.


    Forecast horizon New outlook Old outlook
    One month $38 $45
    Three months $42 $49
    Six months $40 $54
    12 months $45 $60
     
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  2. Tipsey Russell

    Tipsey Russell VIP Extreme Gold

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    I got a guy lives in my little neighborhood bought one them volts last year

    this makes his decision even sillier

    as a result I approve of this drop in oil prices


    fuck that guy
     
  3. MyLazyHand

    MyLazyHand Russia and France Know What to Do

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    The fracking revolution has only been around for five years or so. And nearly all of it is taking place in the USA.

    They are evolving the process, and creating "super frac" technology which is further cutting costs.

    Once the technology is utilized in areas where they're "lazy" about extracting oil, such as the Middle East, Russia and Venezuela, there is no foreseeable cap to the amount of oil they'll be able to extract. By "lazy" I mean areas where they just move to another well when things start to tail off. There are still massive amounts of oil to be had by utilizing better extraction methods.


    Here's the thing: I read many articles which suggest that the price of oil will recover when the US companies are forced out of business by low prices. Once prices climb, won't someone get right back into business to take advantage of the higher price? Of course they will.
     
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  4. isabella

    isabella VIP Extreme Gold

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    fuck goldman sucks.
     
  5. yaddc

    yaddc Well-Known Member

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    Great news 1 for the little guy
     
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  6. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    Nonsense, our benevolent and all-knowing centralized planners have caused the world economy to boom! More debt makes things better.
     
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  7. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    Nothing silly about a $40,000 Chevy Malibu.
     
  8. Tinman

    Tinman Well-Known Member

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    Does this mean I never have to hear the word "fracking" ever again?
    :pray:
     
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  9. yaddc

    yaddc Well-Known Member

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    Oil was a scam. Got it today in jersey 1.89
     
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  10. babybear

    babybear r.i.p 8/3/15, Wherewolf of AZ VIP

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    I should by a F-150 Raptor
     
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  11. yaddc

    yaddc Well-Known Member

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    What no more demand ? Fucking thieves
     
  12. Ganggreen87

    Ganggreen87 Well-Known Member

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    It's still around three dollars a gallon in Portland, wtf?!
    Sure the price drops but they never pass it to the pumps
     
  13. Snotty

    Snotty My Snothand be strong!!! VIP Gold

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    I priced a ticket today.....$1.80 to the customer/owner.....I think he tacks on 9 cents.........
     
  14. Snotty

    Snotty My Snothand be strong!!! VIP Gold

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    Ving loves to sing praises to his paper tiger Pres......But I can tell you this.......The main reason the prices are going down is this......
    People are getting poorer, And the demand is drying up.......I still see people buying 2.00 worth of gas and putting that into a shit can car/pick-up that you know is paid for.......If you watch the patterns of people in everyday life....80's/90's and up to around 2007.....I could get on I-40 at two or three in the morning and see headlights coming at me and tail lights running with me from horizon to horizon......Now, Damn near deserted....Just us big trucks, And damn few of those....Holiday traffic is just not a concern anymore....People are staying home......Just go out at night on a weeknight and check out restaurants....Used to, Full parking lots all week....Now, Just Fri/Sat.........Weekdays are a ghost town........If this current regime does not turn the economic
    policies around back to what Reagan brought into motion back in his first term.....Oil will get alot cheaper.....A whole lot cheaper.........Cause we won't have
    the discretionary income to buy gas..............Just a thought.....
     
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  15. Chicken Soda

    Chicken Soda Unknown Member

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    I blame Netflix.
     
  16. MyLazyHand

    MyLazyHand Russia and France Know What to Do

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    Fracking is here to stay, and it's the reason why our consumer economy has room to boom. It's going to be really, really difficult for the guys with towels on their heads to hold us over a barrel EVER AGAIN because of fracking.

    This reality is just starting to sink in there, and here. It's even possible that the Saudis are going to spend themselves broke inside of five little years!

    Once we get the idiot socialists out of Venezuela and build a Western Hemisphere Economic Zone, we will be kicking ass.

    AND DON'T IMPORT ISLAM or else you'll fuck it up!
     
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  17. MyLazyHand

    MyLazyHand Russia and France Know What to Do

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    I don't know where you hang your hat, but around here there are tons of jobs. There are a couple of problems:

    1) The young people are mostly idiots. Many are high school dropouts or just lazy beyond words. They have no skills or work ethic.

    2) Welfare is so generous that working is for dummies. Many ghetto types in my state of Delaware can "earn" as much as someone working for $40K per year. Why bother working?

    3) Schools are teaching SHIT in terms of real world skills. Things like Shop, FFA and Internships have been replaced with Study Hall.


    Hell, if you're a truck driver you know that any kid with a tiny bit of work ethic and the ability to steer straight can get a $50K per year truck driving job by the time he's 24 years old. But yes, the kid would have to actually WORK HARD for three or four years to get himself proven where someone would pay him that.

    And I used to be that guy hiring 24 year olds and paying them that much and more.
     
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  18. octex

    octex Well-Known Member

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    I reject your hypothesis.
     
  19. Stew Nod

    Stew Nod Hello VIP

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    Yup


    LOl, that never happens
     
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  20. Snotty

    Snotty My Snothand be strong!!! VIP Gold

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    Your right in every point......I know enough to see what is and what is not.....Many reasons for it.....I just know what I see is real, and damn sad..........