Oil and Natural Gas

Do you think it's bottomed out?

yes it might if 88.36 is reached.....bearish deep crab

I really don't get it! Why isn't anyone buying oil at these prices?

hm.. look what Saudi's doing, trying to punish Russia with oil budget at 105$ and, force some US companies to close their operations of shelf development, ... that fight for Asian market can lead oil to 79$ ..., should be a bounce at 85...

I bloody hope so, this is killing my account!!

anyone buying at this point?

nice ......

Guys sorry for silly question from a newbie but where do you think this sell off will stop? Really at 79? I am watching the chart right now and it looks kind of bottomless atm

http://www.cnbc.com/id/102075519?trk...ack:topnews:10

Biondo, there's no such thing as a silly question.
This sell off is insane. I've been holding longs since 92.xx
It hasn't been this low since November 2012!!

My account is all but dead.

if you listen to that cnbc link tells you why the reason.....
how far down, who knows.
TA wise I had $5x as a bottom....would it get there maybe...but the way I see it how much faster can you get usa spending, get them driving.....
that report touches on nat gas being soo cheap that its like having a tax break....what about having cheap gas...isn't that a better incentive to get usa spending....
during the suppression of the oil cartel of middle east gas was like $15/barrel....where was usa economy then?

Bought in at 85. Thought I saw a sign. Woke up to see this thing has fallen. Hope it doesn't bust my account. Today is Friday so not really sure what the market will do to oil.

US oil will expire at the end of the next week.
i doubt whether it is the right time to long.

greed is not the friend of a trader. very stupid of me

Today low came with a quick bounce. Bulls protecting that support level.
Anything with daily close under 83.xx should get next support around $76.xx (just eyeing on my iPhone). Date is about mid June 2012......

also looks like a lot of profit taking today.

Interesting reading......

http://www.marctomarket.com/2014/10/...y-and.html?m=1

OCT
10
Dollar Firms, but Focus is on Equity and Oil Meltdown
The dollar retains a firm undertone, after yesterday's recovery in the North American session from the week's lows. For the first time in months, the dollar has lost ground against all the major currencies this week.
The Japanese yen is the strongest, gaining about 1.7% against the dollar, helped by tumbling equity prices. It is not so much that the S&P 500 is off 0.92% over the past five sessions. The complete reversal of Wednesday's gains dealt a body blow to market psychology.
Even though the major currencies have broadly stabilized, implied volatility remains firm. Option pricing suggest that some participants (hedge funds, CTAs?) are moving from long dollar spot/forward positions to buying dollar calls/currency puts. This allows the expression of a bullish dollar view, and may offer greater ability to sit through the choppy price action.
Yesterday, was the lowest close in the S&P 500 since August 7, when the last swoon ended. It may be difficult for risk sentiment to strengthen much ahead of the weekend. Moreover, Tokyo is closed on Monday, and the US has a partial holiday (Columbus Day). The fact that after the 2% fall yesterday, buyers have yet to emerge, and US shares are trading lower still weighs on sentiment. The recent S&P 500 lows in the 1925-1926 will likely be exceeded at the opening. Key support is seen near 1900.
The main narrative being told is that world growth expectations are being scaled back. The IMF revised down GDP forecasts, though of course the timing of the announcement is its meeting, not when the economic assessment changed. The OECD did it earlier, as its schedule dictates. That said, the poor German data, and reports suggesting the German government is planning on cutting 2014-2015 growth estimates play into the theme.
So too does the apparent cooling of the UK economy, with a dramatic 3.9% drop in August construction output. It is a volatile series as the upward revision in July illustrates. It initially was reported as flat and was revised to 1.9% today. Still, the 5.5% decline in house construction collaborates other recent evidence the that housing market coming off the boil.
The sharp drop in oil prices is also being linked by most to weaker demand. While there may be some role here, we encourage investors to give supply factors their due. Not only is US output adding substantially to supply, but there is something afoot in OPEC. Rather than cut output as the Saudi's typically do in such circumstances, it has signaled an increase. As the low cost producer, it will make up in volume the revenue lost by the decline in price. Last week Saudi Arabia reduced the price of Arab Light crude to Asia to six year lows.
Many pundits thought the US was the main loser in the mega-energy deal between China and Russia earlier this year. They are reducing the role for the dollar, was a common assessment. That is a side show and of little consequence as the dollar's appreciation in recent months has demonstrated. Instead, the deal may have opened a new front of competition for OPEC.
Saudi Arabia's decision that leads to increasing it market share intensifies the competition within OPEC. Today, Iran announced it will cut the price of its oil exported to Asia, apparently matching the Saudi's move. This is what a price war would look like and it is squeezing some producers, like Nigeria, already. Next week, Kuwait and Iraq will announce their prices. Not to cut prices, would see them lose market share, but to cut prices feeds the price spiral.
The drop in oil prices can only exacerbate the deflationary risk in the euro area. If sustained, it may also hamper the BOJ's effort to drive core inflation (core means excluding fresh food, not energy) to 2%. In the US, the drop in oil prices, if translated into gasoline and heating oil prices, will help boost disposable income, which may be noteworthy given the lack of real wage increases, and therefore consumption. The Fed targets core inflation (for which core excludes food and energy). Rather than focus on the impact on prices, policy makers would likely focus more on the positive impact on demand.
The North American session features the Canadian jobs report. The Bloomberg consensus calls for a 20k increase in employment and an unchanged unemployment rate (7.0%). The Canadian economy is lagging a bit behind the US economy. Although Canada reports both full- and part-time employment, the market tends to react more to the headline, which combines both parts. The US reports import prices. Import prices blipped up to 1.2% year-over-year in June, which was a two-year high. However, they fell 0.4% year-over-year in August and are expected to fall 1.4% in September, which would be the most since last November. A larger than expected decline could see revisions in estimates for next week's PPI report.

More explain action on why oil is dropping very fast......wow $50-$60. Let's see.....

Saudi Arabia to pressure Russia, Iran with price of oil
10 October 2014 15:40
Saudi Arabia will force the price of oil down, in an effort to put political pressure on Iran and Russia, according to the President of Saudi Arabia Oil Policies and Strategic Expectations Center

By Nihan Cabbaroglu
ANKARA
Saudi Arabia plans to sell oil cheap for political reasons, one analyst says.
To pressure Iran to limit its nuclear program, and to change Russia's position on Syria, Riyadh will sell oil below the average spot price at $50 to $60 per barrel in the Asian markets and North America, says Rashid Abanmy, President of the Riyadh-based Saudi Arabia Oil Policies and Strategic Expectations Center. The marked decrease in the price of oil in the last three months, to $92 from $115 per barrel, was caused by Saudi Arabia, according to Abanmy.
With oil demand declining, the ostensible reason for the price drop is to attract new clients, Abanmy said, but the real reason is political. Saudi Arabia wants to get Iran to limit its nuclear energy expansion, and to make Russia change its position of support for the Assad Regime in Syria. Both countries depend heavily on petroleum exports for revenue, and a lower oil price means less money coming in, Abanmy pointed out. The Gulf states will be less affected by the price drop, he added.
The Organization of the Petroleum Exporting Countries, which is the technical arbiter of the price of oil for Saudi Arabia and the 11 other countries that make up the group, won't be able to affect Saudi Arabia's decision, Abanmy maintained.
The organization's decisions are only recomendations and are not binding for the member oil producing countries, he explained.
Another analyst took issue with Abanmy's views, however. Caspian Strategy Institute analyst Mubariz Hasanov told Anadolu Agency (AA), that a single country cannot have much effect on oil prices.
“The U.S. and Saudi Arabia alone do not have the power to seriously affect oil prices”, Hasanov insisted. “No country has this kind of power, unless it starts a war or executes a strong embargo, as was done in 1973.”
All other efforts could only have a limited and temporary effect on oil prices, Hasanov said, "If the price of oil is going to fall by 5 percent for economic reasons, political efforts to decrease it can only make it 5.5 percent, not 10 percent.”

There she blows....$50 oil?

Not soon GN but it is coming...
The oil cartels are running all over the place to remedy the price diarrhea but OPEC has limited influence in the price of oil.
Saudi refuses to cut production.
Extra oil from America on board
Lower demand
Stronger $

All point to much lower prices