{"id":11386,"date":"2014-11-30T19:38:46","date_gmt":"2014-12-01T00:38:46","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=11386"},"modified":"2014-11-30T19:38:46","modified_gmt":"2014-12-01T00:38:46","slug":"crude-oil-a-zero-sum-game","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/","title":{"rendered":"Crude oil: A zero-sum game?"},"content":{"rendered":"<blockquote><p>&ldquo;The current fall in price does nothing to offset the squeeze on the total economy from rising costs,&rdquo; Grantham writes. &ldquo;It merely transfers massive amounts of income from one subgroup (oil producers) to another (oil consumers), in a largely zero-sum game&#8230;.&rdquo;[<a href=\"http:\/\/www.businessinsider.com.au\/jeremy-grantham-on-fracking-boom-2014-11\">Business Insider<\/a>]<\/p><\/blockquote>\n<p>The above quote from Jeremy Grantham made me do a double-take. His &#8220;largely zero-sum game&#8221; refers to the global playing field. Oil producers such as the Saudis, Russia, Venezuela, Nigeria and Iran will earn less per barrel, while oil consumers like China and the EU will gain an equivalent amount per barrel. More importantly, oil consumers will receive a substantial boost to their economies. The &#8220;zero-sum game&#8221; assumes that crude production will remain constant. But consumption is likely to rise significantly as plunging oil prices deliver more savings to consumers, providing a massive stimulus to local economies. That in turn will lead to increased production of crude oil. A win-win for producers and consumers.<\/p>\n<p>The Nymex Light Crude monthly chart shows a breach of long-term support at $75\/barrel. Brent crude is in a similar down-trend. Target for the (WTI) decline is $40\/barrel*.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"363\" alt=\"Nymex Crude\" title=\"Nymex Crude\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-12-01-crude.png?resize=525%2C363&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;color:#999999;\">* Target calculation: 75 &#8211; ( 110 &#8211; 75 ) = 40<\/p>\n<p>Plunging prices may slow the establishment of new wells, but existing wells are likely to continue pumping as long as the price per barrel of crude is higher than the marginal cost. Marginal costs ignore sunk (or fixed) costs like exploration and establishing a new well. They are merely the variable costs that would be saved &mdash; like wages and consumables &mdash; if production is halted. Marginal costs are far lower than the producers&#8217; total cost and are not yet threatened.<\/p>\n<p>As for the long-term viability of producers at lower prices, the following chart is worth repeating. Prior to the 2005 &#8220;China boom&#8221;, the ratio of crude prices to CPI oscillated between 0.1 and 0.2. Over the last few years it has soared to between 0.4 and 0.6. A fall back to 0.2 would harm new, marginal producers (i.e. US fracking) but should not affect core producers. Whether governments reliant on &#8220;oil-welfare&#8221; &mdash; like Russia, Iran and Venezuela &mdash; are sustainable is an entirely different matter.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"363\" alt=\"Nymex Crude\" title=\"Nymex Crude\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-11-26-brent-cpi.png?resize=525%2C363&#038;ssl=1\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&ldquo;The current fall in price does nothing to offset the squeeze on the total economy from rising costs,&rdquo; Grantham writes. &ldquo;It merely transfers massive amounts of income from one subgroup (oil producers) to another (oil consumers), in a largely zero-sum game&#8230;.&rdquo;[Business Insider] The above quote from Jeremy Grantham made me do a double-take. His &#8220;largely &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Crude oil: A zero-sum game?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41,44,17,19,26,33],"tags":[495,2220,2527,3287],"class_list":["post-11386","post","type-post","status-publish","format-standard","hentry","category-china-hk","category-crude-oil-natural-gas","category-japan-korea","category-middle-east","category-russia-former-ussr","category-uk-europe-countries-regions","tag-brent-crude","tag-marginal-costs","tag-nymex-light-crude","tag-sunk-costs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Crude oil: A zero-sum game? - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil: A zero-sum game? - the patient investor\" \/>\n<meta property=\"og:description\" content=\"&ldquo;The current fall in price does nothing to offset the squeeze on the total economy from rising costs,&rdquo; Grantham writes. &ldquo;It merely transfers massive amounts of income from one subgroup (oil producers) to another (oil consumers), in a largely zero-sum game&#8230;.&rdquo;[Business Insider] The above quote from Jeremy Grantham made me do a double-take. His &#8220;largely &hellip; Continue reading &quot;Crude oil: A zero-sum game?&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-01T00:38:46+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2014\/2014-12-01-crude.png\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Crude oil: A zero-sum game?\",\"datePublished\":\"2014-12-01T00:38:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/\"},\"wordCount\":359,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2014\\\/2014-12-01-crude.png\",\"keywords\":[\"Brent crude\",\"marginal costs\",\"Nymex Light Crude\",\"sunk costs\"],\"articleSection\":[\"China &amp; HK\",\"Crude Oil &amp; Natural Gas\",\"Japan &amp; Korea\",\"Middle East\",\"Russia &amp; Former USSR\",\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/\",\"name\":\"Crude oil: A zero-sum game? - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2014\\\/2014-12-01-crude.png\",\"datePublished\":\"2014-12-01T00:38:46+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2014\\\/2014-12-01-crude.png\",\"contentUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2014\\\/2014-12-01-crude.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2014\\\/11\\\/30\\\/crude-oil-a-zero-sum-game\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crude oil: A zero-sum game?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. Strategic. Unfiltered. \",\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thepatientinvestor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=61572934660810\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\",\"name\":\"ColinTwiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"caption\":\"ColinTwiggs\"},\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/colin58s\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Crude oil: A zero-sum game? - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Crude oil: A zero-sum game? - the patient investor","og_description":"&ldquo;The current fall in price does nothing to offset the squeeze on the total economy from rising costs,&rdquo; Grantham writes. &ldquo;It merely transfers massive amounts of income from one subgroup (oil producers) to another (oil consumers), in a largely zero-sum game&#8230;.&rdquo;[Business Insider] The above quote from Jeremy Grantham made me do a double-take. His &#8220;largely &hellip; Continue reading \"Crude oil: A zero-sum game?\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2014-12-01T00:38:46+00:00","og_image":[{"url":"http:\/\/static.incrediblecharts.com\/images\/2014\/2014-12-01-crude.png","type":"","width":"","height":""}],"author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"Crude oil: A zero-sum game?","datePublished":"2014-12-01T00:38:46+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/"},"wordCount":359,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2014\/2014-12-01-crude.png","keywords":["Brent crude","marginal costs","Nymex Light Crude","sunk costs"],"articleSection":["China &amp; HK","Crude Oil &amp; Natural Gas","Japan &amp; Korea","Middle East","Russia &amp; Former USSR","UK &amp; Europe"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/","name":"Crude oil: A zero-sum game? - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/#primaryimage"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2014\/2014-12-01-crude.png","datePublished":"2014-12-01T00:38:46+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/#primaryimage","url":"https:\/\/www.incrediblecharts.com\/images\/2014\/2014-12-01-crude.png","contentUrl":"https:\/\/www.incrediblecharts.com\/images\/2014\/2014-12-01-crude.png"},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/30\/crude-oil-a-zero-sum-game\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Crude oil: A zero-sum game?"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. Strategic. Unfiltered. ","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5","name":"ColinTwiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","caption":"ColinTwiggs"},"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/colin58s\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-2XE","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":13755,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/12\/01\/crude-oil-a-zero-sum-game-2\/","url_meta":{"origin":11386,"position":0},"title":"Crude oil: A zero-sum game?","author":"ColinTwiggs","date":"December 1, 2014","format":false,"excerpt":"\u201cThe current fall in price does nothing to offset the squeeze on the total economy from rising costs,\u201d Grantham writes. \u201cIt merely transfers massive amounts of income from one subgroup (oil producers) to another (oil consumers), in a largely zero-sum game....\u201d[Business Insider] The above quote from Jeremy Grantham made me\u2026","rel":"","context":"In &quot;Market Insights&quot;","block_context":{"text":"Market Insights","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/market-insights\/"},"img":{"alt_text":"Nymex Crude","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-12-01-crude.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-12-01-crude.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-12-01-crude.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":12100,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/22\/cold-wind-blows-for-crude-oil-producers\/","url_meta":{"origin":11386,"position":1},"title":"Cold wind blows for crude oil producers","author":"ColinTwiggs","date":"July 22, 2015","format":false,"excerpt":"Long-term June 2017 Nymex Light Crude futures (CLM2017) broke support at $60\/barrel, offering a target of $54\/barrel*. * Target calculation: 60 - ( 66 - 60 ) = 54 In the short-term, September 2015 futures (CLU15) are testing support at their March low of $50\/barrel. Breach is likely, given the\u2026","rel":"","context":"In &quot;Africa &amp; South America&quot;","block_context":{"text":"Africa &amp; South America","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/africa-south-america\/"},"img":{"alt_text":"Nymex WTI Light Crude June 2017 Futures","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-07-22-clm2017.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-07-22-clm2017.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-07-22-clm2017.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":20302,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/04\/21\/crude-oil-opportunities-and-value-traps\/","url_meta":{"origin":11386,"position":2},"title":"Crude oil: Opportunities and value traps","author":"Colin Twiggs","date":"April 21, 2020","format":false,"excerpt":"On the weekend we wrote that the bottom had fallen out of the oil market after Nymex crude broke support at $20 per barrel. Now, the previously unimaginable has occurred, with Nymex Light Crude falling below zero for the first time in history, closing at -$13.10 per barrel with reports\u2026","rel":"","context":"In &quot;Crude Oil &amp; Natural Gas&quot;","block_context":{"text":"Crude Oil &amp; Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61570,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/05\/02\/trade-war-risks-an-oil-price-war\/","url_meta":{"origin":11386,"position":3},"title":"Trade war risks an oil price war","author":"Colin Twiggs","date":"May 2, 2025","format":false,"excerpt":"Summary The threat of a global trade war precipitated by President Trump's tariffs on imports has sent oil prices plunging, anticipating a global recession OPEC+ announced a planned 411,000 barrels per day increase in output in May, three times earlier monthly increments Low oil prices have put the Saudi budget\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Brent Crude","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-02-brent.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-02-brent.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-02-brent.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":58323,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/10\/14\/stabilizing-crude-oil-prices\/","url_meta":{"origin":11386,"position":4},"title":"Stabilizing crude oil prices","author":"Colin Twiggs","date":"October 14, 2024","format":false,"excerpt":"Volatile crude oil prices damage production capacity and economic growth and cause volatile consumer price inflation. At the height of the 2020 pandemic, Nymex WTI crude oil prices fell to an unprecedented low of -$13.10 per barrel as demand dried up and oil storage facilities reached capacity. Producers faced a\u2026","rel":"","context":"In &quot;Crude Oil &amp; Natural Gas&quot;","block_context":{"text":"Crude Oil &amp; Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"Nymex WTI Crude","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-14-crude3.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-14-crude3.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-14-crude3.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":11522,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/02\/04\/oil-prices-where-to-now\/","url_meta":{"origin":11386,"position":5},"title":"Oil prices: Where to now?","author":"ColinTwiggs","date":"February 4, 2015","format":false,"excerpt":"The latest newsletter from Absolute Return Partners suggests that the fall in oil prices is temporary and oil will soon recover to around $100\/barrel: \u201cAll I know is that the price of oil won\u2019t stay below the production cost for a long period of time (as in years). Hence I\u2026","rel":"","context":"In &quot;Crude Oil &amp; Natural Gas&quot;","block_context":{"text":"Crude Oil &amp; Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"Nymex WTI Crude adjusted to November 2014 prices","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-02-05-crude-cpi.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-02-05-crude-cpi.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-02-05-crude-cpi.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=11386"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11386\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=11386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=11386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=11386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}