Oil price breaks below $80bbl

[Jim Warren]

$79.23 and dropping like a stone. This is a big NO CONFIDENCE move by traders signaling deeper recession I believe.

http://quotes.ino.com/chart/?s=NYMEX_CL.U11.E

[Skip_In_Boulder]

1. Well hopefully these speculators who have been

driving the price of oil up over the last several months are losing their shirts. :mad:

[bbinacan]

5. Two sides to the market

Those that shorted the market are making a fortune. Too many here forget that there are speculators on both sides. We berate the ones that make profits on the upside and ignore those making profits on the downside. Soros is a master at winning on the downside.

[Skip_In_Boulder]

11. Yeah I have been wondering how many of

the uber wealthy are in a short position right now.

[KeepItReal]

I hope you are right

eom

[TheWraith]

9. Some are, some aren't.

The smarter ones have been fleeing in droves for months, since the Obama admin announced the special investigative task force into commodities speculation. They knew that was the death knell for their little scam.

[William769]

2. And in other news: Gas prices rising.

[L0oniX]

3. Traders don't get us jobs.

[Spider Jerusalem]

4. Brent on the London Petroleum Exchange is at $102.16

West Texas Intermediate is a broken benchmark because of inventory buildup at Cushing, Oklahoma; Brent is the true "world market" benchmark and the true benchmark for most grades of crude oil refined in the Eastern US, especially along the coast. Louisiana Light Sweet crude is also trading at about a $24/bbl premium to WTI. So no, the oil price isn't really below $80, sorry.

[bluestate10]

6. Dumb asses that ran oil up are not selling out of patriotism.

They are selling out of fear of losing their mansions and kept people. Fuck oil traders. For once they may want to show some fucking humanity and avoid running up the price of oil when economies start rising again.

[nadinbrzezinski]

7. That is exctly what went through my mind

when it did that.

Demand going down.

[Drahthaardogs]

8. Good. Cheap gas will help us all.

May it never go above $2.50 again.

[Eddie Haskell]

16. Right.

:crazy:

[Jim Warren]

10. $78.59

.....like a rock.

http://quotes.ino.com/chart/index.html?s=NYMEX_CL.U11.E&t=&a=&w=&v=s

[scheming daemons]

12. this is a true middle class tax cut

[BeFree]

14. Thank you S&P!

You've done us a great service. Now I hope you fold up and die.

[Warpy]

13. It is, but the big drop started over a month ago

before the teabaggers started throwing their tantrum in Congress.

In fact, commodities other than precious metals have also been dropping quickly.

This was the pattern that started the Big Dump of 2008.

The only thing that can stop it is dumping the rest of the GOP out of our government. With Koch money flooding every election out there right now and likely to continue, together with other billionaire money flowing into Romney's coffers, that is far from certain. Too many folks can be bought.

[Jim Warren]

15. $77.80

4%

http://quotes.ino.com/chart/index.html?s=NYMEX_CL.U11.E&t=&a=&w=&v=s

[jimlup]

17. This means the other markets will drop again tomorrow.

We've hit the edge and are falling off folks.

[Jim Warren]

18. Blew through the $77 mark

on it's way down $76.18

http://quotes.ino.com/chart/index.html?s=NYMEX_CL.U11.E&t=&a=&w=&v=s

And some of that money has to going here:

http://quotes.ino.com/chart/?s=FOREX_XAUUSDO