$3 Oil

[shaz]

Looks like the public is done being scared of this shinola and wants to get back to work before we all go broke.

 

[ga.prime]

Anybody paid $3 for oil paid $3 too much.

 

[Bestoutwest]

I apologize, snowflake.

What are you, 12? Who hurt you? I've never understood people who find enjoyment in just being miserable to others.

 

[ga.prime]

I apologize, snowflake.

What are you, 12?

Yes, same age as Donald Trump.

 

[haase]

Dont worry if sleepy gets elected he'll take charge of China, just put his son in charge, its a fine line you have to walk with them, what happens if they're the first to come out with a vaccine for the virus, what do you think the odds are, not a betting person, but I'd say its pretty good.

 

[jltrent]

 

[jltrent]

This oil price crash isn't as bad as it seems................

https://www.msn.com/en-us/money/markets/this-oil-price-crash-isnt-as-bad-as-it-seems-%e2%80%94-heres-why/ar-BB12WbRO?li=BBnb7Kz

 

[sstterry]

This oil price crash isn't as bad as it seems................

https://www.msn.com/en-us/money/markets/this-oil-price-crash-isnt-as-bad-as-it-seems-%e2%80%94-heres-why/ar-BB12WbRO?li=BBnb7Kz

Futures contracts are tied to a specific delivery date. Toward the end of a contract's expiration date, the price typically converges with the physical price of oil as the final buyers of these contracts are entities like refineries or airlines that are going to take actual physical delivery of the oil.

That is why I originally asked the question now, I am now sorry I did.

 

[jltrent]

This oil price crash isn't as bad as it seems................

https://www.msn.com/en-us/money/markets/this-oil-price-crash-isnt-as-bad-as-it-seems-%e2%80%94-heres-why/ar-BB12WbRO?li=BBnb7Kz

Futures contracts are tied to a specific delivery date. Toward the end of a contract's expiration date, the price typically converges with the physical price of oil as the final buyers of these contracts are entities like refineries or airlines that are going to take actual physical delivery of the oil.

That is why I originally asked the question now, I am now sorry I did.

I went back and read your OP and your question was "What will this do to the long term future of the US oil industry?"

IMO short term it will bankrupt some of the smaller companies of which Saudi Arabia and Russia will gain market share. In the long term when oil prices rebound the oil is here we will get back close to pre-virus capacity production. My question is how long will this take?

 

[BFE]

Looks like the Russians and Saudis are killing it. Couple that with every industry's foe, Lack of Demand, and we've got $3 oil. I'm not sure I'm celebrating just yet, that's pretty low, and it will be interesting to see the ramifications.
https://wamu.org/story/20/04/20/free-falling-oil-prices-keep-diving-as-demand-disappears/

Whoever attached the picture to this story knows even less about the oil industry than I do. Anyone else know why?

The domestic oil industry is resilient. I've seen small producers weather years of storms to come roaring back. However, it has to hurt. My cousin, a seventeen year employee, has been laid off from a large local oil producer for close to a month now. There aren't a whole lot of seventeen year employees in the patch anymore.

 

[Brute 23]

Looks like the Russians and Saudis are killing it. Couple that with every industry's foe, Lack of Demand, and we've got $3 oil. I'm not sure I'm celebrating just yet, that's pretty low, and it will be interesting to see the ramifications.
https://wamu.org/story/20/04/20/free-falling-oil-prices-keep-diving-as-demand-disappears/

Whoever attached the picture to this story knows even less about the oil industry than I do. Anyone else know why?

The domestic oil industry is resilient. I've seen small producers weather years of storms to come roaring back. However, it has to hurt. My cousin, a seventeen year employee, has been laid off from a large local oil producer for close to a month now. There aren't a whole lot of seventeen year employees in the patch anymore.

:lol: Its magic!

 

[TCRanch]

Looks like the Russians and Saudis are killing it. Couple that with every industry's foe, Lack of Demand, and we've got $3 oil. I'm not sure I'm celebrating just yet, that's pretty low, and it will be interesting to see the ramifications.
https://wamu.org/story/20/04/20/free-falling-oil-prices-keep-diving-as-demand-disappears/

Whoever attached the picture to this story knows even less about the oil industry than I do. Anyone else know why?

The domestic oil industry is resilient. I've seen small producers weather years of storms to come roaring back. However, it has to hurt. My cousin, a seventeen year employee, has been laid off from a large local oil producer for close to a month now. There aren't a whole lot of seventeen year employees in the patch anymore.

Our wells are still pumping but when the tanks are full they're shutting them off and just going to hold it until the prices go up. And we still have to pay taxes based on last year's production and the 7 year average. That's gonna hurt.

 

[WFfarm]

I don't see sides, I only see facts.

You mean like when China covered up and denied the extent of the Wuhan virus and even "disappeared" a few of the early whistleblowers? You condone that?

Not at all, they did all of that, and it is unforgivable!

But, we knew there was a serious potential problem as early as November and we chose not to follow the Pandemic Playbook. The intelligence report said specifically that our "Analysts concluded it could be a cataclysmic event."
This administration knew and chose to listen to Jared Kushner rather than our own intelligence and the experts.
Couple that with the fact that we turned down the blueprint to mfg test kits from the WHO (which is also not without fault because they took China's word) in order to make our own. Then the CDC tried to make them and failed because they had contaminated one of the key components.

This catastrophe rests on the shoulders of many and not just one, but this Administration was ill-prepared and has been a complete failure in its response.

Doesn't Congress have an Intelligence Committee that would have been getting the same reports about the virus in China. Wouldn't they have been sounding the alarm back in November and December.

Oh wait, what was the House Intelligence Committee doing back in November and December???......

 

[jltrent]

You mean like when China covered up and denied the extent of the Wuhan virus and even "disappeared" a few of the early whistleblowers? You condone that?

Not at all, they did all of that, and it is unforgivable!

But, we knew there was a serious potential problem as early as November and we chose not to follow the Pandemic Playbook. The intelligence report said specifically that our "Analysts concluded it could be a cataclysmic event."
This administration knew and chose to listen to Jared Kushner rather than our own intelligence and the experts.
Couple that with the fact that we turned down the blueprint to mfg test kits from the WHO (which is also not without fault because they took China's word) in order to make our own. Then the CDC tried to make them and failed because they had contaminated one of the key components.

This catastrophe rests on the shoulders of many and not just one, but this Administration was ill-prepared and has been a complete failure in its response.

Doesn't Congress have an Intelligence Committee that would have been getting the same reports about the virus in China. Wouldn't they have been sounding the alarm back in November and December.

Oh wait, what was the House Intelligence Committee doing back in November and December???......

Kinda hard in November and even December to know the unknown............if Chinese authorities had acted three weeks earlier than they did, the number of corona-virus cases could have been reduced by 95% and its geographic spread limited.

The first death China reported that was corona-virus related was January 11, 2020. The US of A has already spent over 2 trillion dollars fighting it since. I am glad to be an American and our government cares about up peons. There are virus check points everywhere, people wearing masks galore, people are not left in the dark about the virus.


The early days of China's coronavirus outbreak and cover-up


https://www.axios.com/timeline-the-early-days-of-chinas-coronavirus-outbreak-and-cover-up-ee65211a-afb6-4641-97b8-353718a5faab.html

 

[sstterry]

Doesn't Congress have an Intelligence Committee that would have been getting the same reports about the virus in China. Wouldn't they have been sounding the alarm back in November and December.

Oh wait, what was the House Intelligence Committee doing back in November and December???......

No they don't get the same information that the President receives in his daily briefings.

Finished intelligence that is not published for general circulation is not routinely shared with Congress. For example, the Hill does not receive copies of the President's Daily Brief (PDB), prepared daily by CIA. Nor does it receive copies of the daily intelligence summaries prepared for the Secretary of State, the Secretary of Defense, or the Chairman of the Joint Chiefs of Staff. Moreover, it does not receive "memo dissems" prepared by CIA for use by White House

https://www.cia.gov/library/center-...kers-congress-as-a-user-of-intelligence/3.htm

 

[ccr]

Remember the gas shortage of the 70'S?


Yesterday the commodity traders were paying to get rid of oil.

Now it's up to $14 a barrel. Who would a thunk it.

 

[Dave]

I am glad to be an American and our government cares about up peons. There are virus check points everywhere, people wearing masks galore, people are not left in the dark about the virus.

Virus check points? Is this America you are talking about? Things are not far from normal here. There are some people wearing masks but not over 25%. The restaurants are open for carry out only. Churches are doing service online or parking lot. Schools are closed. The rest of things is life like normal.

 

[greybeard]

I am glad to be an American and our government cares about up peons. There are virus check points everywhere, people wearing masks galore, people are not left in the dark about the virus.

Virus check points? Is this America you are talking about? Things are not far from normal here. There are some people wearing masks but not over 25%. The restaurants are open for carry out only. Churches are doing service online or parking lot. Schools are closed. The rest of things is life like normal.

About the same way here Dave. Probably 1/2 wearing masks, depending where one happens to be.
I don't really see much decrease in vehicle traffic. I haven't seen any 'virus checkpoints' but did see they count the number of customers entering and leaving bigger grocery stores.

 

[jltrent]

I am glad to be an American and our government cares about up peons. There are virus check points everywhere, people wearing masks galore, people are not left in the dark about the virus.

Virus check points? Is this America you are talking about? Things are not far from normal here. There are some people wearing masks but not over 25%. The restaurants are open for carry out only. Churches are doing service online or parking lot. Schools are closed. The rest of things is life like normal.

I have not been tested as not sick, but testing should not be a problem around here as a check point is going on right now at the local school, went to Walmart and like going into a hospital as myself and a handful of others did not have masks, but a lot did. As Greybeard said traffic has not slowed down. It beats Kenya as those poor people probably have not been told what is going on.

 

[Dave]

We have had a lot more traffic on weekends. This is a terrible dirt road that goes to other ranches in the middle of no where. We think it is people getting out and going for a drive that are tired of sitting at home.

Not much traffic on the freeway. Yesterday morning I had to run to town. Only drove 8 miles on the freeway. I got passed by 3 cars. All of them had out of state plates. We have zero cases of covid-19. i feel like we need signs on the freeway that say, "if you are not from here just keep driving".