Sometime in the next year or so it is expected that oil will be at $35 a barrel. I'm wondering just how low it can go and still have Saudi Arabia break even (even though most oil drillers and shale oil people might eventually go bankrupt at that level unless they are really well financed and efficient in all their decisions? It is thought that Saudi Arabia can still make some profit on a sustained $25 a barrel for awhile (maybe a year or so)? I'm thinking prices that low would make gasoline around $1 a gallon here in the U.S. for awhile. When it goes that low maybe storing it in your underground tanks might be useful for farmers and fleet owners to keep going when it gets more expensive later.
Tue, Aug 25, 2015, 8:18pm EDT - US Markets are closed
Tue, Aug 25, 2015, 8:18pm EDT - US Markets are closed
The Latest: Oil logs biggest gain in more than 2 months
The Latest: Oil rebounds, closing with biggest gain in more than 2 months
5 hours ago
A fund manager looks at screens displaying activities of shares on the
French Stock Exchange, in a financial analysis office in Paris, France,
Tuesday, Aug. 25, 2015. Chinese stocks fell Tuesday for a fourth day,
hitting an eight-month low amid signs Beijing was no longer buying
shares to stem a price slide, and Japanese stocks also dropped. But
other Asian and European markets bounced back from a day of heavy
losses.(AP Photo/Francois Mori)
___
3:04 p.m.
The price of oil logged its biggest gain in more than two months, as it rebounded from its lowest closing level in more than six years.
The price of U.S. crude rose $1.07, or 2.8 percent, to $39.31, its biggest one-day gain since June 9. Brent crude, a benchmark for international oils used by many U.S. refineries, gained 52 cents, or 1.2 percent, to $43.21.
Natural gas and heating oil prices also rose, and wholesale gasoline dropped.
___
2:13 p.m.
U.S. stocks are paring their gains, after surging in early trading on news that China had cut interest rates to shore up its economy.
The Dow Jones industrial average rose 213 points, or 1.4 percent, to 16,088 as of 2: 18 p.m. Eastern time. It was up as much as 430 points earlier in the day.
The Standard & Poor's 500 index is up 27 points, or 1.5 percent, at 1,920 and the Nasdaq composite index gained 105 points, or 2.3 percent.
Metals have closed for the day;
Gold fell $15.30 to $1,138.30 an ounce. Silver dropped 15.2 cents to $14.61 an ounce. Copper rose 5.5 cents to $2.31 per pound.
___
12:01 p.m.
-
Best Buy Profit Rises More Than Expected
The Wall Street Journal q 5 mins ago
-
Best Buy beats Q2 views, expands Apple Watch sales
Investor's Business Daily q 2 hrs 8 mins ago
The Dow Jones industrial average was up 333 points, or 2.1 percent, at 16,204 as of 12:01 p.m. Eastern Tuesday. The Standard & Poor's 500 index rose 43 points, or 2.2 percent. The Nasdaq composite gained 141, or 3.1 percent, to 4,668.
Oil also rose, but was still trading below $40 a barrel.
Treasury notes fell, pushing up the yield on the 10-year benchmark note to 2.10 percent.
Best Buy's stock surged 14 percent after it reported earnings that handily beat analysts' estimates. The consumer electronics chain benefited as shoppers picked up major appliances, large screen televisions and mobile phones.
___
11:14 a.m.
The New York Stock Exchange invoked a rarely-used rule both on Monday and Tuesday to help ensure a smoother open to the stock market. "Rule 48" allows designated market-makers to forgo their obligation to circulate price indications before the opening bell. It is only used when there is the potential for extreme market volatility.
___
10:13 a.m.
Stocks stay higher in the U.S. after a report shows that Americans stepped up their purchases of new homes in July, with sales surging in the Northeast.
The Commerce Department says new-home sales rose 5.4 percent last month to a seasonally adjusted annual rate of 507,000, recovering from a slide in purchases in June.
All 10 sectors in the S&P 500 index are higher, led by gains for technology stocks.
___
9:30 a.m.
U.S. stocks jumped at the open after China's central bank cut interest rates to support its economy.
The Dow Jones industrial average rose 296 points, or 1.9 percent, to 16,180.61, as of 9:45 a.m. Eastern time. The Standard & Poor's 500 index climbed 38 points, or 2 percent, to 1,932. The Nasdaq composite rose 109 points, or 2.4 percent, to 4,635.
Oil prices are up, but U.S. crude is still trading below $40 a barrel.
Treasury notes are falling, pushing up the yield on the 10-year benchmark not to 2.08 percent.
Best Buy was the biggest gainer in the S&P 500 index. The stock surged 16.4 percent after its fiscal second-quarter results handily beat analysts' estimates as shoppers picked up major appliances, large screen televisions and mobile phones
___
8:30 a.m.
China's
interest rate cuts will not be enough to ease concerns about the
country's economy, says Kamel Mellahi, professor at Warwick Business
School in Britain."The Chinese economy is going to be on this bumpy road for a while and it will have ebbs and flows that will no doubt have a serious impact on the global economy," he says.
The Chinese central bank cut its key interest rate and deposit rate on Tuesday after its main stock market plunged for a fourth day. The move boosted markets around the world.
Mellahi says that while the rate cuts may buoy markets in the short-term, the underlying causes of investors' concerns — the slowdown in the Chinese economy — will last for some time.
___
8:00 a.m.Wall Street futures are rallying further after China's central bank cut interest rates to support its economy.
Dow futures are up 600 points, or 3.8 percent, while the broader Standard & Poor's 500 futures are up 72.8 points, or 3.9 percent.
The
jump follows a stomach-churning day on Monday, when the Dow plunged
more than 1,000 points at one point before finishing down 588.40 points,
or 3.6 percent. The Standard & Poor's 500 index slid 77.68 points,
or 3.9 percent, into "correction" territory — jargon for a drop of at
least 10 percent from a recent peak. The last market correction was
nearly four years ago.
end quote from:
http://finance.yahoo.com/news/latest-oil-logs-biggest-gain-191124297.html
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