Debate House Prices


In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Oil dropping pretty drastically

Options
Brent Crude currently down 7.2% to $106 a barrel.

US have said they will release extra oil supplies, so it's tanking.

Lovely! Should see diesel in the 120-129p range soon! :)
«13

Comments

  • Mr_Mumble
    Mr_Mumble Posts: 1,758 Forumite
    Seems a slightly odd move considering oil prices have been falling, albeit slowly, since the beginning of May.
    LONDON (MarketWatch) -- The International Energy Agency said Thursday that its 28 member countries have agreed to release 60 million barrels of oil in the coming month because of the ongoing disruption of oil supplies from Libya. The Libyan unrest removed 132 million barrels of light, sweet crude oil from the market by the end of May, according to IEA estimates. As part of the IEA move, the U.S. will release 30 million barrels of oil from the Strategic Petroleum Reserve, which stands at 727 million barrels. This is the third time in the history of the IEA that its members have decided to release stocks. "I expect this action will contribute to well-supplied markets and to ensuring a soft landing for the world economy," said IEA Executive Director Nobuo Tanaka in a statement.

    The recent politics have been intriguing with the Saudis increasing supply by 1m barrels a day after Iran helped block an OPEC increase.
    "The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.
  • Spiv_2
    Spiv_2 Posts: 280 Forumite
    Mr_Mumble wrote: »
    Quote:
    LONDON (MarketWatch) -- The International Energy Agency said Thursday that its 28 member countries have agreed to release 60 million barrels of oil in the coming month because of the ongoing disruption of oil supplies from Libya. The Libyan unrest removed 132 million barrels of light, sweet crude oil from the market by the end of May, according to IEA estimates. As part of the IEA move, the U.S. will release 30 million barrels of oil from the Strategic Petroleum Reserve, which stands at 727 million barrels. This is the third time in the history of the IEA that its members have decided to release stocks. "I expect this action will contribute to well-supplied markets and to ensuring a soft landing for the world economy," said IEA Executive Director Nobuo Tanaka in a statement.

    The world will have used 60 million barrels of oil by midnight. The 30 million barrels being released by the USA will have be gone by 8 pm.
  • ILW
    ILW Posts: 18,333 Forumite
    When was the last time oil was this price, and what did a gallon of petrol cost then?
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    Mr_Mumble wrote: »
    Seems a slightly odd move considering oil prices have been falling, albeit slowly, since the beginning of May.


    I certainly haven't see any significant drop in prices at the pumps since the prices have been dropping, what a surprise.

    Usual story, they're quick enough to put prices up, then they never come back to their pre rise prices.
  • mynameisdave
    mynameisdave Posts: 1,284 Forumite
    So Pastor Williams was wrong then. Fancy that!

    Maybe he will revise his predictions date, rapture style.
  • Bullfighter
    Bullfighter Posts: 414 Forumite
    As Spiv mentioned this represents 17 hours of global oil consumption....
  • ruggedtoast
    ruggedtoast Posts: 9,819 Forumite
    Brent Crude currently down 7.2% to $106 a barrel.

    US have said they will release extra oil supplies, so it's tanking.

    Lovely! Should see diesel in the 120-129p range soon! :)

    Devon. You have messed up.
  • Spiv_2
    Spiv_2 Posts: 280 Forumite
    It was less than a week ago that the price of crude oil was pummelled, following a decision by the International Energy Agency to release 60 million barrels of oil from strategic reserves – a blow to energy speculators and anyone else who entertained visions of triple-digit oil prices. And now? On Wednesday afternoon, oil (CL-FT95.040.270.28%) traded close to $95 (U.S.) a barrel, up about $2 and marking a 4.7 per cent rebound from last week’s lows. That’s right, the price of oil is now higher than it was before the IEA announcement. (It settled in New York today at $94.77)

    LOL You can't buck the market....
  • Batchy
    Batchy Posts: 1,632 Forumite
    oil on the up now 110 currently... lol
    Plan
    1) Get most competitive Lifetime Mortgage (Done)
    2) Make healthy savings, spend wisely (Doing)
    3) Ensure healthy pension fund - (Doing)
    4) Ensure house is nice, suitable, safe, and located - (Done)
    5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)
  • wymondham
    wymondham Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
    I'll predict that fuel prices dont come down as quick as they went up!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.