Why Oil Prices Are Headed Lower

Sep.30 -- In this edition of "Charting Futures," Bloomberg Intelligence's Mike McGlone examines crude oil prices with Bloomberg's Abigail Doolittle on "Bloomberg Markets: The Close."

[justingomez]

Great News for the Environment.
As Oil prices Dives.

[muskodine]

I heard Saudi Arabia is now fracking their last oil field and it's running dry. The claim is that the bombing of the oil facilities was to cash in in the insurance because the plants are no longer useful. That also would explain why they remain so committed to releasing the ipo for Aramco.

[walther]

Greed is driving our price at the pump... oil is down 6% yet our gas price keeps jumping for no reason... we should be paying 1.50 per gal. We are at the highest reserves ever but BP, chevron etc keep gouging is at the pump. Only put what you will need and don’t fill up... that might send a message..

[danwheeler]

isn't this the same goober who said oil was going significantly higher after the attacks? His track record seems suspect. I'm not saying it wont go lower, I'm just saying don't bet real money just because this guy has a tie on.

[John_Linn]

I hope he's not investing his own money based upon this investment logic....HE WAS DEAD WRONG!

[m.q]

OPEC has a provisional agreement for cuts in access of 1000, 000 barrels. Saudi Arabia pushing for 12000, 000 barrels cut against Russian reluctance.

[victora]

whelp, prices just skyrocketed, best time to buy the stocks

[vuelee]

Price per barrel is 1/3 it use to be back in 2008 and yet price at the pump is the same as it was in 2008. It's over $4 a gallon in Cali. They use to say it was demand from China and I dia that drove prices up. Today we export more oil than ever and yet prices are still high. These crooks are robbing us blind.

[mylastday]

Oil down....down....down ...
Sell ..sell...sell.
NOW! ..

[MaxTor]

Oil heading lower ? Does that imply the dollar is heading higher? Thx

[Joel-ifbg]

Ahahhahaha dude is using options OI, a "descending wedge" and lots of peyote to base this on. CL futures are used mainly as a hedging instrument (ie. for producers, against the USD etc) so OI isn't going to mean anything.

[m.q]

its at 52+ now and will be around 54 by end of week

[greenwhite]

Is she color blind, the green curve she said blue!

[ep]

Womp womp 4 months later oil is at $50