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Oil prices going nowhere but down and again today

Light, sweet crude for June delivery settled $47.66 a barrel on the New York Mercantile Exchange,.

Brent crude, the global benchmark is at $52.74 a barrel on the ICE Futures Europe exchange

Rig count up 5 this week after 21 last week.

I have the feeling that this time oil is going to stay at these weak levels for some time as there is too much excess supply.

Only this time round I expect less is hedged and what is hedged is hedged at lower prices than last time.

All in all I think this is going to get very painful in this sector with a whole raft of companies going bust

Crude Oil Bounces From 4-month Lows -- Tue, 4th Aug 2015 12:59

WASHINGTON (Alliance News) - Crude oil prices nudged higher Tuesday morning, trimming steep recent losses after hitting a 4-month low.

US crude oil for September was up 70 cents at USD45.87 a barrel.

Prices have plunged this summer amid evidence of rising global supplies and speculation even more oil will come to market when sanctions are lifted against Iran.

Weaker demand from China is also seen hurting oil prices.

On the economic front, the Commerce Department is scheduled to release its factory orders report for June at 10 am ET. Economists expect factory orders to have risen by 1.7% month-over-month in June.

Brent trying to hold $49.

Oil near six-year low on Japan data, oversupply

U.S. oil prices near six-year lows as China weighs

Analysis - Get used to cheap oil, derivatives markets say

OIL prices were holding into yesterday's closing prices of $41 for light and $47 for Brent after falling $2 yesterday
but just now are falling again

The low oil prices are creating pressures on economies that are dependent on oil revenues.

Among them is energy-rich Kazakhstan, the biggest economy of Central Asia, which has announced it is floating its currency, the Tenge.

As a result, the Tenge dropped by more than a third in one day

West Texas down to $38.76.

still moving lower at the end

closing prices of $38.05 for light and $42.52 for Brent

Looking a little better but still in the downtrend channel

Could someone find the blue pills please

Texas light back above $40 for now.

According to my reckoning WTI was about $39.40 at 5:25 when you found the magic blue pills and has since risen $3.

Lovely candle today on oil for those of us who are long.

What are you doing up at 05:25 btw?

US report "Oil prices staged a rebound, rising 10% to $42.56 a barrel in New York. That helped spur a recovery in oil and gas stocks."

closing prices of $42.77 for light and $47.68 for Brent

CC - I'm always up early - I normally start the Traders thread and then go to the gym - I'm going late morning today.

A big spike on gold.