“Mon, Aug 17, 2015 – 8:15 AM
Bill Baruch, chief market strategist, iiTrader joins BNN to discuss why he’s watching crude oil to move sharply higher today.”
“oil will rally today” is the BNN video title, but I didn’t hear the trader say that, but he did say a rally by midweek. In the video he notes $35 oil is realistic in the near term (which was actually a better prediction), and it will be unlikely to rebound to $60 if production levels stay similar to now.
Crude’s drop below $38 marks ‘epic’ time in the oil market
Published: Aug 24, 2015 11:27 a.m. ET
The MarketWatch graph shows there was no rally on the 17th, oil finished the day down.
Quite the “midweek” “rally”.
In early trade on Monday morning, the price of West Texas Intermediate was down about 5.7% and traded as low as $38.13 a barrel, a new post-financial-crisis low for the commodity that has been getting hacksawed this year.
WTI prices are down about 60% against a year ago, and after finding some stability earlier this year,
If oil gets down to below about $30, the Tarsands are no longer profitable to exploit! No wonder the Premier of Sask is shitting bricks about his bet on oil while totally neglecting renewable energy investments.
CBC is a funny beast now. Along with their story parroting what the latest Canadian Energy Research Initiative report says, is RBC/tarsands shill Amanda Lang staring at you from the sidebar. Also we learn about “Dollarama’s winning formula” of selling Chinese mass produced garbage to Canadians, a “retail success story”, and again with “Amanda Lang takes you inside the world of business.”
Back to the oil train story. Outpacing oil trains apparently are wheat and coal. Coal shouldn’t even be burned anymore, now that we know how deadly and damaging it is. The report makes no mention of the unsafe DOT-111 cars used to ship petroleum. It doesn’t mention climate change, instead calling it “climate concerns”.
Coal currently is the most commonly moved commodity across Canada, accounting for nearly a quarter of rail traffic in some parts of the country, but that number is likely to fall as coal falls out of use because of climate concerns.
Anyway, oil-by-rain shipments are not “set to boom”, they already have boomed (and exploded too), and will continue to according to the CETI report.
When I read about the $9 computer on Crash Bang Labs’ Facebook page, I was ready to help kick start that CHIP. But I got to the payment screen when the shipping amount came up. How much could it cost I’d thought to ship a computer smaller than a couple of AA batteries? I braced myself for an exorbitant $5. If I was American, I’d have that somewhat greedy option. No, the over-popular CHIP computer (shipping next year) comes to Canada and most of the world for $20US (19% more than CAD right now)! It’s literally twice as expensive to ship a damn computer you could fit into your mouth, or into a tiny bubble wrapped envelope, than the cost of the damn computer.
Considering I can get “free” shipping from China for a $5 item on Amazon, the $5 to ship this within the USA is a bit much already, nevermind the 4 times too costly $20 to here.
Yes, CHIP looks really cool, and would work for all sorts of projects and not suck power. It’s basically the next version of the OLPC One Laptop Per Child computer for which I spent $400, years ago to get one, and give one to a child in Mongolia. So why did I baulk at paying $29 for CHIP now? Because I’m cheap? Because I dislike consumerism and buying things just because they are trendy and cool? Because I have a smaller computer inside me already? I don’t know.
And I thought Saskatchewan/Alberta’s oil royalties were too low. I wonder how much we make on salt, compared to Ontario.
Here’s a very interesting and instructive blog post about American food waste.
As my last blog entry on food waste, Rob Greenfield brought the previous link to my attention. Canada’s $31,000,000,000.00/year of wasted food has to change, as does America’s “food waste fiasco“.
Regina lost one of its few grocery stores without a food wasting compactor, a couple years ago. A pickup truck’s worth of unwanted food could be going to food banks in Regina every day from each grocery store here. As long as the food isn’t spoiled, they are protected in law.
Acknowledging that an important feature in Saskatoon was constructed by the government, then bragging that construction of a future valued feature (a wind turbine) was avoided by the government instead of an opportunity seized upon, is a repugnant attitude. People like Sandra are not leaving a better world for our children, and Stephen Harper’s grand-daughter.
It’s not easy for a long-time politician to leave public life, even if they have a golden parachute.