fried1765
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What is the source of information on the Arizona "oil still leaking"?
1$/gal. gasoline? Maybe, but what does it mean really?
- Thread starter NoTrespassing
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What is the source of information on the Arizona "oil still leaking"?
smstonypoint
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k0ua
Epic Contributor
Google.
turnkey4099
Elite Member
AS Koua says, google, try "Pele's tears" since that is what the droplets are called.
OP
NoTrespassing
Veteran Member
Are we going to have $1/gal. gasoline now? It looks like we could to me. U.S. Markets Brace For Major Losses On Monday After Oil Price War. Here’s What Could Trigger The Circuit Breakers.
Over the weekend, Saudi Arabia—the world’s largest oil exporter—slashed its prices to levels not seen in 30 years after it could not convince Russia to agree to production cuts. Saudi Arabia, Russia, and the 12 other members of OPEC (the Organization of the Petroleum Exporting Countries) met last week to discuss how to respond to the lagging demand caused by the spreading coronavirus. After negotiations fell apart, Saudi Aramco, the Saudi state-owned oil company, said it will offer major discounts in order win over buyers. It’s planning to boost production to more than 10 million barrels a day and has even told some market participants that it could raise production to a record 12 million barrels a day, Bloomberg reports. Oil prices had lost more than 30% by Monday morning in response to the sudden supply shock.
Over the weekend, Saudi Arabia—the world’s largest oil exporter—slashed its prices to levels not seen in 30 years after it could not convince Russia to agree to production cuts. Saudi Arabia, Russia, and the 12 other members of OPEC (the Organization of the Petroleum Exporting Countries) met last week to discuss how to respond to the lagging demand caused by the spreading coronavirus. After negotiations fell apart, Saudi Aramco, the Saudi state-owned oil company, said it will offer major discounts in order win over buyers. It’s planning to boost production to more than 10 million barrels a day and has even told some market participants that it could raise production to a record 12 million barrels a day, Bloomberg reports. Oil prices had lost more than 30% by Monday morning in response to the sudden supply shock.
k0ua
Epic Contributor
The Russians are trying to put the American producers out of business. We are an oil exporting nation now, and Russia would like to see that stop.
OP
NoTrespassing
Veteran Member
I have to disagree. I think it's more about this; Why Saudi Arabia launched oil price war against Russia - CNN Video
Of course it's going to hit US companies hard too. If the Saudis don't back down it will surely cause bankruptcies and consolidation here.
Of course it's going to hit US companies hard too. If the Saudis don't back down it will surely cause bankruptcies and consolidation here.
herm0016
Platinum Member
it could mean massive layoffs and a huge round of bankruptcies and mergers in the oil industry. My friends and I will be in danger of loosing our jobs and being in a very hard place. many of us are well compensated and you could see consumer spending tank in places like Wyoming and Colorado and Texas. You will also see people that work in industries that support the industry loose. High end custom manufacturing, electronics and instrumentation, etc...
MinnesotaEric
Super Member
I was monitoring the Asian and futures market from about 1:30AM central time watching in real time SHTF. I shared with my trading group: "Wanna see something crazy? There is a full-on oil pricing war going on with Russia refusing to back off oil production to artificially keep oil prices high. Russia believes now is the time to bankrupt Canadian and American shale companies so as to knock out competitors. Look at oil futures priced in real-time at 1:40AM Monday morning."
the 30 year Treasury has broken below 1%, the Dow Jones futures hit its limit stop around 5:00AM. The live market DJI hit is limit stop off of the bell taking a 15 minute breather and I was thanking my lucky stars for getting stopped out on Friday. Lot's of new things I have never in my 50 years seen before.
Jobs like your's I suspect are like mining jobs in MN, each job supports about three or four ancillary jobs in other industries. Unfortunately, your industry has forces beyond your control at work. If you're layed off, collect unemployment as soon enough I expect the industry will recover as Russia needs higher Brent prices in order to service its own debt load. That said your oil stocks are going to have a rough year but we knew that three weeks ago as it was predicted that WTI was going to have a 20 handle widely enough that non-energy guys like myself were aware of an industry expectation in light of the Cornavirus fallout.
Redneck in training
Elite Member
Refineries are going to make killing. When the oil is expensive they have hard time to pass the expense on customers. But when the oil is cheap they operate with very healthy margin. If it holds my employer will also make killing because the refiners will have money to update old equipment.
