has Brent bottomed @ $78 as lots are predicting?

[ALLFARMER]

My thoughts are no, I think were headed for 60's. The more it goes down so does the canuck buck. Once the buck gets to 0.80 or so I am converting my US held stocks to Canadian.

Saudi,Russia, US, Canada and a host of other countries are pumping hard.

Just need the price at the pumps to drop below the 1/litre mark.

[bucket]

If buffet is buying oil sands the low might be close.

[phoenix64]

Nope, I'm thinking 50 bucks, Saudis will continue dumping oil on the market to break the backs of the shale producers, break even lifting costs for some of the high cost companies is approx 80, but need to bring it below 60 to kill the efficient ones to regain u.s. market share, thinking by mid to late 2015.

[ALLFARMER]

^ Thats what I was thinking. If Saudi really has the oil reserves/capacity to pump I think they will keep their budgets going by going the volume route.

[phoenix64]

Hell yah Saudis have free flowing light oil, break even lifting costs very low they can flood markets at will if needed by simply opening the valve an extra turn.

[fjlip]

Might take another year to see UNDER a buck pump prices. Lots of expensive inventory to burn yet. Oil co's so reluctant to go under that $1, it just hurts like hell to give up the millions of $$$ to dumb consumers.

[Oliver88]

Hmmmmmm.......
-buy larger fuel tanks for a possible 80 cent/litre diesel price?
-invest in decreased Suncor stocks?

[ALLFARMER]

I have some Suncor....pays a nice divy.

[Hopperbin]

Its likely time for buffet to make a bad deal. Isnt western canadian oil already 20 under market because it cannot get to market? And somehow klause can still make 1, 000 per day plus company truck so how?

[Horse]

Hopper because He works so dam hard. ha ha