Volvobrick Supersonic October 2, 2014 Share October 2, 2014 Oil drops under US$92 to 27-month low as supply glut grows (BUT Petrol Prices in Singapore Never Drop!!!) [LONDON] Oil fell by more than US$2 a barrel on Thursday to its lowest since June 2012, with benchmark Brent dropping under $92 a barrel, as price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data. Oil declined alongside European stocks as the European Central Bank left interest rates unchanged on Thursday, as expected. Investors were waiting to see the extent of an asset purchase plan, which bank chief Mario Draghi is due to discuss at a news conference due at 1230 GMT, which could inject confidence into the eurozone economy. Sharp cuts in official selling prices from state producer Saudi Aramco to Asian customers on Wednesday came as the clearest sign yet that the world's largest exporter is trying to compete for crude market share, amplified supply concerns. "This is a structural change in the oil market, with Saudi Arabia explicitly stating that they are willing to compete on price," said Bjarne Schieldrop, chief commodities analyst at SEB in Oslo. "I think Brent will fall below US$88 before we see the bottom of the market." Brent oil for November delivery was down US$1.76 at US$92.40 a barrel by 1156 GMT. It earlier hit US$91.55, its lowest since June 2012. ↡ Advertisement 5 Link to post Share on other sites More sharing options...
Jamesc Hypersonic October 2, 2014 Share October 2, 2014 We live in a parallel universe. Its like the real world but the price of everything just keeps going up. 4 Link to post Share on other sites More sharing options...
ins1dious Turbocharged October 2, 2014 Share October 2, 2014 On the other hand, the USD became stronger so made imports more expensive. Even with local refining, crude still imported. 4 Link to post Share on other sites More sharing options...
Porker Turbocharged October 2, 2014 Share October 2, 2014 (edited) US gas price has dropped below US$3 a gallon (approx. S$1 a liter). Edited October 2, 2014 by Porker 3 Link to post Share on other sites More sharing options...
Ktglfc Hypersonic October 2, 2014 Share October 2, 2014 I am waiting for - petrol price to drop, and - electricity price to drop Hope to see some this week :) 2 Link to post Share on other sites More sharing options...
macrosszero Turbocharged October 2, 2014 Share October 2, 2014 When pump prices rise, they cite rising cost of crude. When cost of crude falls, they cite increased costs of doing business, exchange rate, etc., hence pump prices don't fall. Maybe they will say next that pump prices don't fall because your salary doesn't fall either? 6 Link to post Share on other sites More sharing options...
Typhoonz 4th Gear October 2, 2014 Share October 2, 2014 So what will price of crude falls? Petrol prices here will just drop a little and go back up even higher... 2 Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged October 2, 2014 Share October 2, 2014 They will say the prices of petrol now that you are pumping are stocks of higher prices... Wait a few months later you will get these stocks after refinery. By then if the price of crude oil increase, we all LLST. 1 Link to post Share on other sites More sharing options...
RadX Moderator October 2, 2014 Share October 2, 2014 They will say the prices of petrol now that you are pumping are stocks of higher prices... Wait a few months later you will get these stocks after refinery. By then if the price of crude oil increase, we all LLST. i am waiting for the day when eletcric cars and hybrid cars are the majority, then karma will be sweet.....these suckers 3 Link to post Share on other sites More sharing options...
Maxus-MIFA9 Supersonic October 2, 2014 Share October 2, 2014 I am waiting for - petrol price to drop, and - electricity price to drop Hope to see some this week :) At current situation, wait long long ...... Infrastructures for 6.9m require $$$$$ to build, year end bonus coming for ruling gov, new MRT lines, ..... etc... If they triple the number of COE & price harbour at $20k, thanks sky - thanks earth leow ... 2 Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged October 3, 2014 Share October 3, 2014 i am waiting for the day when eletcric cars and hybrid cars are the majority, then karma will be sweet.....these suckers But these vehicles need electricity so it still goes back to these guys, unless all our generators run on gas.I'm only waiting for the day my grandson drive cars that is powered by Thorium... 1 Link to post Share on other sites More sharing options...
Evillusion Supersonic October 3, 2014 Share October 3, 2014 I am waiting for - petrol price to drop, and - electricity price to drop Hope to see some this week :) i read somewhere this week electricity tariff went up......no? Funny market we have here in Singapore! 1 Link to post Share on other sites More sharing options...
Watwheels Supersonic October 3, 2014 Share October 3, 2014 (edited) i am waiting for the day when eletcric cars and hybrid cars are the majority, then karma will be sweet.....these suckers Provided Sgp has already switch to nuclear energy as the main power source. In the mean time we are burning barrels of fossil fuel to produce electricity. Anyway fossil fuel running out is old news so if the oil cartels don't profit now when are they going to do it? IMO this is the real issue... Edited October 3, 2014 by Watwheels 8 Link to post Share on other sites More sharing options...
Evillusion Supersonic October 3, 2014 Share October 3, 2014 i am waiting for the day when eletcric cars and hybrid cars are the majority, then karma will be sweet.....these suckers the petrol giants have ways and means to scuttle any projects that may hurt their interest. Who killed the electric car projects in the 80s and 90s? The guy in Nat Geo said it was those big company and gov who have their interest in the oil industries. 1 Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged October 3, 2014 Share October 3, 2014 Provided Sgp has already switch to nuclear energy as the main power source. In the mean time we are burning barrels of fossil fuel to produce electricity. IMO this is the real issue... China is trying hard to make a Thorium Reactor in less than 10 yrs time.It's half life is so long, you can hold in your hand and won't get radiation. If they succeed, nuclear reactor will be made defunct and brought underground probably to produce plutonium. Link to post Share on other sites More sharing options...
Ktglfc Hypersonic October 3, 2014 Share October 3, 2014 At current situation, wait long long ...... Infrastructures for 6.9m require $$$$$ to build, year end bonus coming for ruling gov, new MRT lines, ..... etc... If they triple the number of COE & price harbour at $20k, thanks sky - thanks earth leow ... So, we can only suck thumbs and LL No matter how the prices move either up or down, we are always at the losing side and the profits will go to the petroleum companies and garmens... Well, pay and pay , and burnt a hole in pockets. Hmm... Time to buy these companies stocks? Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged October 3, 2014 Share October 3, 2014 the petrol giants have ways and means to scuttle any projects that may hurt their interest. Who killed the electric car projects in the 80s and 90s? The guy in Nat Geo said it was those big company and gov who have their interest in the oil industries.The main objective is to make you a product that you will be addicted that they can sell you.It's proven that there are many other energy sources that are viable but there is no money in it for them. 1 Link to post Share on other sites More sharing options...
Evillusion Supersonic October 3, 2014 Share October 3, 2014 The main objective is to make you a product that you will be addicted that they can sell you. It's proven that there are many other energy sources that are viable but there is no money in it for them. yup and having governments supporting and protecting them makes them invincible! ↡ Advertisement Link to post Share on other sites More sharing options...
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