Oil closes below $100

[SVT Lurch]

By Laura Mandaro
SAN FRANCISCO (MarketWatch) -- Oil futures for June delivery -9.29% sank $9.44, or 8.6%, to settle at $99.80 a barrel on the New York Mercantile Exchange Thursday, deepening a slide sparked by a selloff in precious metals and weak jobs data. For a most-active contract, it was the first time since mid-March that oil closed below $100. Natural-gas futures for June delivery -6.77% fell 32 cents, or 6.9%, to $4.26 per million British thermal units.

From here

[mstng86]

Sweet, so now we can have 3.00 gas?




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nope still $4.00

[Denny]

Gas has decoupled from the crude price a long time ago.

[Sean88gt]

Keep falling.

[Broncojohnny]

People are selling everything, it is May, no one is holding this shit over the summer. There is too much uncertainty for that. You got a weak dollar, the federal government debt issue, the jobs situation, the end of QE2 taking liquidity out of EVERYTHING and to top all that off you got a fucktard in charge of the country.

The jobs number will be shit tomorrow, probably 8.9% unemployment and over the long term we will be fine but for this summer the market is going to suck.

I am going to buy me some cheap ass shares this summer, that is for damn sure! In October I am going to build me a little fort in my office made out of $100 bills. lol

[Denny]

Right. This is nothing but a summer sale!

[Vertnut]

It's about halfway there...

[SVT Lurch]

Even an 8+% drop in one day?

[stevo]

My $150 a barrel prediction by July may be way off.
I did meet my $4 per gallon (or really close to it) prediction by May though.

Stevo

[mustangguy289]

so why does gas follow oil so closely when it goes up... but not down. fuckers.

[Sean88gt]

Exxon wants the top spot in the fortune 500 back.

[FreightTrain]

I don't care what oil does. They will come up with every excuse in the world to keep gas at or above $3.50 a gallon.

[IHaveAMustang]

Well they still can't whistle and ignore the oil prices falling, At this level or below, I predict $3.39 by Mid to Late June.

But of course someone, somewhere, will fart on an oil pipeline in a country that produces >5% of the world's oil and it will be at $130/bbl

[jasonw_2005]

I wonder what would happen if about 10 million people marched up on these oil companies and speculators with A/K"s in hand and said "aight assholes if gas aint back down to 2 dollars a gal in 1 hour we start pulling triggers".

[Sean88gt]

They would appease until the group was arrested then double the price to fuck everyone.