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Oddly there's a crossover point where cheaper gas doesn't make a better economy. The price of oil needs to be up around 60 bucks a barrel or more.
The economy wouldn't benefit from cheaper gas?
Oddly there's a crossover point where cheaper gas doesn't make a better economy. The price of oil needs to be up around 60 bucks a barrel or more.
now minus two bucks
So can I just take possession of a 1000 barrels May 1st and get paid $7300? Then I could just dump it all on my neighbor's yard.
I didn't want to be the first to say that.
RIP US Shale
its gone poof
at these prices, you cant afford not to buy oil
I'm going to eat oil the next six months.
INO moving again. Hit almost 20 on speculation a month or so ago, should get back there with their latest moves.
Get boots in here to explain how a market can do this.
Why o why boots?
You complained mightily about price fixing
I like the sludge as well.
what? when? link?
Are you happy about this?
the volatility and unstability is bad for the market
not to mention looks like demand will be very low for the next few months which is bad for business
oh and not to mention the complete destruction on an entire industry: US shale
called itthe Opec+ deal touted by Orangegutan is meaningless. it will be as succesful as his mid east peace deal
the promised cuts in production are minimal and countries will cheat
plus the low demand in oil due to quarantines will not help oil prices to stabilize. they will stay < $30
US shale is kaput
called it
the Opec+ deal touted by Orangegutan is meaningless. it will be as succesful as his mid east peace deal
the promised cuts in production are minimal and countries will cheat
plus the low demand in oil due to quarantines will not help oil prices to stabilize. they will stay < $30
US shale is kaputNot really. I'd say this is a partial call, what really happened is:called it
https://oilprice.com/Energy/Crude-Oi...es-Hit-10.htmlFlood Of Saudi Oil To Hit U.S. Shores As Prices Hit $10
By Tsvetana Paraskova - Apr 20, 2020, 11:00 AM CDT
The highest number of Saudi oil shipments in years are making their way to the United States this month, threatening to make an already dire situation in the U.S. oil industry even worse.
With oil demand crashing in the lockdown and storage capacity filling up fast, more Saudi oil imports is the last thing the U.S. oil market needs right now.
In times of lockdowns and social distancing, inventories in the U.S. are soaring, storage capacity is stretching thin in many areas, producers are idling rigs and curtailing production, and some regional grades are priced so low that they could soon turn negative. In other words, producers may have to pay their customers to help them get rid of the oil they have pumped.
As if this wasn’t enough to depress U.S. benchmark oil prices, a wave of Saudi oil is making its way onto tankers, headed for America this month, various tanker-tracking data estimates show.
In early April, tanker-tracking data compiled by Bloomberg showed that Saudi Arabia – the world’s top oil exporter – was making good on its promise to flood the world with oil even as demand collapses, with a surge in tankers carrying Saudi crude to the United States.
Last week, The Wall Street Journal reported that the volume of Saudi crude en route to the United States is seven times higher than the typical monthly intake of Saudi oil in 2019.
The tankers were loaded before OPEC+ struck a new agreement to take 9.7 million bpd off the market in May and June when Saudi Arabia had embarked on an aggressive price war for market share after the previous OPEC+ deal collapsed in early March.
On April 1, when the previous agreement expired, Saudi Aramco boasted that it was “breaking records to supply 15 tankers with over 18.8 million barrels of oil,”
“As the world demands economic stability, Aramco remains committed to supplying the world with energy.”
However, three weeks later, the world demands anything but more oil—demand is crashing by 30 million barrels per day (bpd), and even the new production reduction agreement can’t do anything to erase the glut in April and the coming weeks.
Saudi Arabia more than doubled its shipments to the U.S. in March—to 829,540 bpd from 366,000 in February, according to TankerTrackers, which tracks oil flows via satellite images. In the first two weeks of April, Saudi Arabia sent 1.46 million bpd to the U.S., TankerTrackers data showed, as cited by CNBC. An unnamed Saudi official, however, refuted the March and April data.
The Saudi official told CNBC that the Kingdom was targeting 600,000 bpd in exports to the U.S. in April.
Saudi Aramco owns the 600,000-bpd Motiva refinery in Port Arthur, Texas—the largest U.S. refinery in terms of crude oil processing capacity.
According to tanker tracking data compiled by Bloomberg, Saudi Arabia had loaded seven supertankers for the U.S. in the first week of April, but just two more tankers since then.
But even 600,000 bpd of Saudi oil flows to the U.S. in April would be more than a year-high, as per EIA data. After June last year, U.S. crude oil imports from Saudi Arabia had not exceeded 500,000 bpd, as per the latest available data updated to January 2020.
The increased Saudi shipments in April come at the worst possible time for the U.S. oil industry. With plunging consumption and growing global glut, everyone in the industry is suffering
“We are seeing fast and furious gasoline demand destruction. The latest data reveals demand levels not seen since spring of 1968,” AAA spokesperson Jeanette Casselano said at the beginning of last week.
U.S.refineries are reducing production, although gasoline prices are the cheapest in years, leading to record-breaking inventory builds in recent weeks, and to shrinking storage capacity in America.
Prices of some grades in Texas are nearing negative territory, with customers bidding to pay only $2 per barrel for South Texas Sour and $4.12 a barrel Upper Texas Gulf Coast last week, Bloomberg reported, citing pricing bulletins.
“The pressure on storage capacity in North America is becoming intense, with the tanks at Cushing, Oklahoma, set to reach effective limits by the end of next month; companies are running out of places to put the unwanted oil that they are producing. In the physical crude markets many US blends are selling at deep discounts to WTI futures,” Ed Crooks, Vice-Chair, Americas, at Wood Mackenzie, wrote last week.
More Saudi oil will aggravate this already dire market situation, potentially speeding up additional and deeper forced production curtailments in the U.S. shale patch in the coming months.
some of you oil experts explain
If SA is shipping so much oil to USA,
who is ordering it?
who is going to refine it and
sell it when the demand has evaporated?
Is SA trying destroy the US oil/gas producers so they will no longer be players against SA in the world market?
As it was 30 years, ago the world oil glut reduced the price of oil so much that USSR, whose main source of hard currency was exporting oil, collapsed, with help from the myth that St Ronnie and Capitalism "beat" USSR and communism.
We start pumping that back into the ground from Saudi. That way we have our own sweet crude. Will just transfer all the oil reserves from the Middle East to the United States and sit on it.
RIP Neiman Marcus tbqh
expensive overhyped clothing garbage
cue in the avalanche of clothing manufacturers/department stores filing bankrupcy
the investment equity market (billionaire funds that buy up failing companies) will make a damn killing
billionaires will get richer everyone else will shine shoes
Up 10% yesterday, another 10 today.
Needless Markup
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