Canadian dollar sinks below 88 cents as Saudis cut oil to $77

[FlamesAddiction]

Some guy was telling me that the reason oil prices went down was to punish Russia and the effects on our economy are just collateral damage. I am not sure how much truth there is to that... is that just conspiracy theory BS?

[oilyfan]

Someone posted an article (not sure in this thread) that talks about the Saudis game plan. It theorizes that the Saudis want to punish three countries: US - for trying to work a nuclear deal with the Iranians, Iran - by reducing the price of oil and their revenue, and Russia who they see as supporting Syria.

I see this as Saudis trying to regain market share, and if the shale and oil sands boom is disrupted, and the Russians are hurt in the process it's a bonus.

[Drummer]

I wonder if the SW ring road will get canceled or put "on hold"

[Krovikan]

Originally Posted by Drummer

I wonder if the SW ring road will get canceled or put "on hold"

Doubtful, debt would be preferable pill to swallow then renegotiations with Natives

[oilyfan]

Originally Posted by 1stLand

Yes, and to be fair it wasn't Prentice who made the budget based on an optimistic oil price.

I actually like the direction Prentice is taking the party.

I think the Government is going to have make some big cuts.
Time to trim the fat.

At $70 a barrel the Alberta government is going run a $6 billion deficit. There isn't that much fat to cut. Alberta desperately needs a sales tax.

[TurdFerguson]

Originally Posted by Drummer

I wonder if the SW ring road will get canceled or put "on hold"

If the Saudis F-this up for us...so help me...

[Ducay]

Good thing I don't need to retire in the next 25 years.

[Bob]

Originally Posted by Drummer

I wonder if the SW ring road will get canceled or put "on hold"

I believe it's somewhat advantageous for the city to undertake large construction projects in a downturn due to cheaper labor and material costs. I worked on a large project with the city that spanned the GFC in 2008-2009 and that's what I heard from several of their engineers.

[1stLand]

What happens if American just invades Saudi Arabia and just takes their oil?

[ben voyonsdonc]

The TSX is down 470 today. Holy.

[chemgear]

Originally Posted by ben voyonsdonc

The TSX is down 470 today. Holy.

http://business.financialpost.com/20...ak-china-data/

The S&P/TSX composite index tumbled 472.53 points to 14,001.17 on top of a slide of almost two per cent last week. That’s the biggest drop on Canada’s top index since Aug. 8, 2011.

The psychology is extremely negative. We’re back into panic mode,” said David Cockfield, managing director and portfolio manager at Northland Wealth Management. “The market in Canada is becoming more and more irrational.”

“People are selling because the market is down and they think it’s going to go down further,” he said. “They’re probably going to be right because they’re selling.”

Cockfield, who is waiting on the sidelines until the dust settles, said the oil and gas selloff has unnerved the market and now “investors are selling everything”.

[oilyfan]

http://www.bloomberg.com/news/2014-1...-near-end.html

Hedge Funds Bet That OPEC-Led Oil Rout Is Near End

Speculators boosted their net-long position in West Texas Intermediate crude by 14 percent in the week ended Dec. 2, the most in 20 months, U.S. Commodity Futures Trading Commission data show. Short bets contracted by 15 percent as long wagers expanded 4 percent.

[Fire]

Originally Posted by chemgear

http://business.financialpost.com/20...ak-china-data/

The S&P/TSX composite index tumbled 472.53 points to 14,001.17 on top of a slide of almost two per cent last week. That’s the biggest drop on Canada’s top index since Aug. 8, 2011.

The psychology is extremely negative. We’re back into panic mode,” said David Cockfield, managing director and portfolio manager at Northland Wealth Management. “The market in Canada is becoming more and more irrational.”

“People are selling because the market is down and they think it’s going to go down further,” he said. “They’re probably going to be right because they’re selling.”

Cockfield, who is waiting on the sidelines until the dust settles, said the oil and gas selloff has unnerved the market and now “investors are selling everything”.

There should be some really good deals once tax loss selling is done for the year.

[chemgear]

Originally Posted by oilyfan

Speculators boosted their net-long position in West Texas Intermediate crude by 14 percent in the week ended Dec. 2, the most in 20 months, U.S. Commodity Futures Trading Commission data show. Short bets contracted by 15 percent as long wagers expanded 4 percent.

WTI was around $68 I think, we might cut through $58 by the end of this week.

[macker]

The recent move is helping the big net importer countries of oil like India/Turkey but is really hurting the big net exporters like Mexico/Russia where the Ruble is turning to Rubble. Canadian Dollar isn't looking too good either. No more Amazon.com with the correction Amazon.ca

$45 next? http://www.cnbc.com/id/102263738?trk...tack:topnews:1


What would Buffett do?
http://www.fool.ca/2014/12/09/what-s...gy-inc-shares/

[cam_wmh]

Originally Posted by 1stLand

What happens if American just invades Saudi Arabia and just takes their oil?

They could probably use some freedom

[FlameOn]

OPEC member speak regarding the lower price of oil. Member from UAE states they do not plan to cut production even if oil drops to $40/bbl.

OPEC won't rush to cut oil production even if prices fall as low as $40 per barrel, one of the cartel's members said Sunday.
The energy minister for the United Arab Emirates told Bloomberg at a Dubai conference that the middle eastern oil producers believe "the market will stabilize itself."
"We are not going to change our minds because the prices went to $60 or to $40," Suhail Al-Mazrouei said.

http://money.cnn.com/2014/12/14/news...ice/index.html

[Swift]

Originally Posted by oilyfan

Someone posted an article (not sure in this thread) that talks about the Saudis game plan. It theorizes that the Saudis want to punish three countries: US - for trying to work a nuclear deal with the Iranians, Iran - by reducing the price of oil and their revenue, and Russia who they see as supporting Syria.

I see this as Saudis trying to regain market share, and if the shale and oil sands boom is disrupted, and the Russians are hurt in the process it's a bonus.

There was a guy on BBC World last night (didn't catch who) suggesting that the punishment of Russia, Iran and Venezuela is the case and that it's being done with US backing.

[corporatejay]

Originally Posted by Cameron Swift

There was a guy on BBC World last night (didn't catch who) suggesting that the punishment of Russia, Iran and Venezuela is the case and that it's being done with US backing.

Yup, I think we are collateral damage.

[Violator]

Originally Posted by FlameOn

OPEC member speak regarding the lower price of oil. Member from UAE states they do not plan to cut production even if oil drops to $40/bbl.



http://money.cnn.com/2014/12/14/news...ice/index.html

I'm hearing alot of those facilities production cost are 5 dollars a barrel