On around June 28th the price of WTI and Brent once again began to diverge and the spread now stands at over $7. The WTI – Brent spread was a feature of the high oil price era and its reappearance could be a bullish signal for the oil price. While WTI is trading sideways the Brent chart is bullish having decisively broken through resistance at $55.
We’d better hope prices don’t recover before the election and save hair lisp.
yesterday GM anounced it will have at least 20 models that are electric by 2023 and that gas and diesel are on the way out
I doubt the transition to electric will be that fast ad that smooth
but I suppose when GM talks like that it affects the oil prices?
I still dont get why low oil prices are ‘bad for the economy’.
maybe bad for *that sector*, but real real good for everyone using energy esp oil based.
so why is it the bay street and wall street types claim low oil prices are going to bring on economic disaster?
Bogus announcement. Most of those vehicles will be plug-in hybrids – not pure electric.
The sad thing about living in The Peoples Republic of California is that lower oil prices ONLY signal another HUGE tax increase opportunity for Jerry Brown. And when I read that the National average price of gasoline is hovering near $ 2.20/gal. … I just cringe and fork out $ 3.35/gal. here in the Eco-Nirvana of CA.
That’s like the green tax applied to Vancouver BC area. It’s yer privilege jack.
@ Canadian Friend, re EVs. The standard EV today has a range of about 100 miles and with a supercharger takes about 30 minutes to recharge. And it costs about 50% more than an ICE car. And ICE car takes less than 5 minutes to refill and has a range of about 500 miles. The performance ratios are 6* on charging time; 5* on range and 1.5* on cost = 45 times better to have an ICE engine.
Of course you can buy a top of the range Tesla that will do 400 miles – so long as you have US$150,000 to spare. This is achieved by advanced technology, that being cramming 4 times as many batteries into the car, giving you a dead weight of about 2 tons to drag around. The only innovation Tesla has is to cram the batteries into the chassis hence not using space and distributing weight.
The last place you want to live in this future Marxist utopia is Canada where it might take you 2 weeks to go visit your Ma and Pa (spend 1 day there and then two weeks for return journey).
Euan
Slightly off topic, but I wonder how many of us over the years have stood on the road in that same spot and taken similar pictures. Wonder how many doing that identify the whats left of what I believe to be the old TLP.
Interesting I note the corresponding increased share price in Dr Trices company around same time as the divergence.
Euan
Scrub the last paragraph, complete nonsense. I hit Submit before Preview and was part of another question I thought I’d deleted. Somehow got stuck on the comment.
oil is about 75 dollars Canadian a barrel. Gas is running around 1.10 a liter in our area. the last time gas was above 1.10 oil was 147 dollars a barrel. I wonder how much we will be gouged for when oil goes back to 147 dollars a barrel, because it will. $3.00 a liter???
I once told a fellow who is pro electric car that I would buy one when I could travel at least 800 kilometers at 120 per hour and recharge it in 5 minutes for the same price as 50 litres of gas, and do that on a regular basis for at least 300,000 kilometers.
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