The Saudis lowered their oil prices again, and West Texas Intermediate Crude (the US benchmark) for December delivery fell $1.95 to $76.83 a barrel this morning. Intraday, that's a three-year low. And last night's close was the lowest close since August 2nd 2010. Let's look at a chart ...
Morgan Stanley estimates the average breakeven oil price for these US plays to be around $76-$77 per barrel. Goldman Sachs puts that number at closer to $75. Read that story HERE.
Here are some useful stories I've written on oil recently.
3 Things You Must Know About Oil Prices. Published on October 17th, this one is on target.
Nice Oil Cartel You Got There. Be a Shame if Something Happened to It. Published on October 16th, this explains why the Saudis are thumbing their nose at the rest of OPEC.
The Energy Sector Says 'Merry Christmas'. Published on October 23rd, this explains what kind of stocks you should be buying now.
We've seen this coming. We've positioned for it. You should be positioned for it, too.