“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.