CNBC: Oil to retreat, US crude may drop to $100 (that sound you hear are GOPers cursing)

[DCBob]

Benchmark crude oil prices will likely extend their losses this week as investors questioned whether the recent rally which sent Brent crude to a multi-year high is warranted by the fundamentals, CNBC's weekly survey showed.

-snip-

"Fear and speculation" drove the gains in Brent crude last week to its highest level since July 2008, said Jonathan Barratt, CEO, of commodities newsletter Barratt's Bulletin. "We see the Middle Eastern premium being built in plus speculators looking to actually take advantage of it." Barratt told CNBC Asia last week. Though U.S. crude inventories continue to build "we're not seeing that flowing through in terms of fundamentals really pushing the price," he explained.

http://www.cnbc.com/id/46623279

=============

This may not impact gas prices unless this lower price is sustained. However, this indicates that oil and gas prices will at least stabilize for the time being.

Republicans will be terribly distressed about this. They were hoping high gas prices would save them in the coming elections.

[Fumesucker]

1. There's a great deal of noise in the signal but the trend is upward on gas prices..

This is just another example of the noisy signal.

And you're right both times, lowered oil prices don't automatically turn into lower prices at the pump and Republicans want a bad economy.

My theory is that every time the economy starts to show signs of life the oil companies descend like giant vampire squid and suck the momentum out with higher gas prices.

With practical electric cars at least beginning to show on the market the writing is on the wall for gasoline, it will take a long time but internal combustion engines are a dead technology driving.

[DCBob]

2. Of course the biggest factor is Iran and how that "crisis" is dealt with.

The Israelis are a "loose cannon" literally and they could cause some major havoc by bombing Iranian nuke sites.

[Fumesucker]

4. Bibi got five standing ovations in Congress in only two minutes..

I bet Obama couldn't touch that..

[BumRushDaShow]

3. It's all crap

They were trying to use this as a talking point against President Obama but it was drowned out by contraception and transvaginal ultrasounds, a poor strategic mistake by rethugs.

The oil prices no longer accurate reflect supply/demand fundamentals, the "Iran problem" notwithstanding. The day that futures buyers are required to take some X% of delivery, then the prices will start to stabilize.