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Started By
Message
re: Update, May crude oil futures now down to under $12
Posted on 4/19/20 at 8:40 pm to PrivatePublic
Posted on 4/19/20 at 8:40 pm to PrivatePublic
quote:
Gas still $1.80 here.
That’s pretty good though
0
Posted on 4/19/20 at 8:40 pm to BeepNode
quote:
Good.
Idiot alert.
Please keep this all with the loon threads.
Posted on 4/19/20 at 8:42 pm to The Boat
quote:
It’s about 70%
I’m not even going to argue the number even though it’s wrong (closer to 50%).
If Jet is a portion of your product slate that you can’t sink into diesel or mogas, what do you do? Store it and keep running to make diesel and mogas? Cool, that’s what all the other refineries are doing. What do you do what that storage capacity runs out?
Posted on 4/19/20 at 8:43 pm to cable
quote:Do you know where the raw feedstock for synthetic earl comes from?
Isn't Mobil 1 synthetic?
It’s called Petroleum, the stuff you get out of the ground.
Posted on 4/19/20 at 8:43 pm to TulaneUVA
Link
Posted on 4/19/20 at 8:45 pm to Tonio
Posted on 4/19/20 at 8:52 pm to OysterPoBoy
quote:
If you aren’t stocking up on Mobile 1 now your an idiot. I got enough to last 5 years and thinking about going back for more.
You do realize that lubricant prices do not fluctuate with crude oil prices...right? There has not been a price decrease announced by any major lubricant manufacturer yet so if you are stocking up on Mobil 1 then you are paying the same you would have 2 months ago.
Oh, and there’s a shelf life to engine oil...
Posted on 4/19/20 at 8:58 pm to lsu xman
Last trading day for May WTI contracts is Tuesday, spot contract prices typically get janky in a large carry market as everyone is rolling their position to June. My analysis:
Posted on 4/19/20 at 9:00 pm to ClampClampington
Also, gas at the pump should be significantly cheaper than it is right now
Posted on 4/19/20 at 9:07 pm to notiger1997
quote:
Idiot alert.
Please keep this all with the loon threads.
I'd be interested to see any respected economics publication that supports your firm belief that higher prices for raw materials helps the overall economy. You're calling people idiots for adhering to mainstream macroeconomic theory taught at university yet offer nothing to support your fanatical views.
Oil extraction is a small fraction of the US economy. Most people benefit from having cheaper goods, services, and transportation. These are facts.
Posted on 4/19/20 at 9:10 pm to BeepNode
Enjoy it now, once economies are running in 18 months, the oil cartels will keep demand restricted to inflate prices.
Push too many US producers out of business, it's not as easy as turning on a switch to restore the 1 to 2 million barrels per day we will lose due the lack of drilling in the USA.
Oil will be above $80/bbl where Saudi Arabia needs the price for their internal budget, with thousands of families out of a job for 18-24 months.
Push too many US producers out of business, it's not as easy as turning on a switch to restore the 1 to 2 million barrels per day we will lose due the lack of drilling in the USA.
Oil will be above $80/bbl where Saudi Arabia needs the price for their internal budget, with thousands of families out of a job for 18-24 months.
Posted on 4/19/20 at 9:13 pm to Tonio
I thought Trump just had to make a couple of phone calls and the price would jump back up.
Posted on 4/19/20 at 9:13 pm to Tonio
I just paid $1.55 for premium at Costco today. Crazy.
I;d rather pay $2.80 $3.00
I;d rather pay $2.80 $3.00
Posted on 4/19/20 at 9:28 pm to t00f
quote:
I just paid $1.55 for premium at Costco today. Crazy.
I;d rather pay $2.80 $3.00
WTF?
Do you realize how much money that is if everyone pays $1.50 more a gallon and also more for asphalt, plastics, and everything else made from oil? That's an extra $200 billion a year from gasoline alone that would normally be spent elsewhere.
$200b could pay 2,000,000 people $100k. There's only 145k people working in O&G extraction. lol
This post was edited on 4/19/20 at 9:35 pm
Posted on 4/19/20 at 9:33 pm to Tonio
If oil futures are down today does that mean Dow Jones futures are down , as well?
Posted on 4/19/20 at 9:37 pm to BeepNode
Sorry we can’t just flip a switch and go without oil, especially in la.
What do you think it was before the Saudi’s flooded the market? Don’t think too hard, was not that long ago.
What do you think it was before the Saudi’s flooded the market? Don’t think too hard, was not that long ago.
Posted on 4/19/20 at 9:40 pm to t00f
quote:
Sorry we can’t just flip a switch and go without oil, especially in la.
We literally can. It is not good economics for the rest of the country to subsidize Louisiana and their state government.
How many people do you think would be laid off in Louisiana because of cheap oil?
Posted on 4/19/20 at 9:44 pm to The Boat
quote:
It’s not from a lack of demand. I went to get gas today and every pump had a car at it.
It’s absolutely from a lack of demand. There’s a reason refineries around the country are cutting rate and shutting down conversion units.
The oversupply situation between KSA and Russo exacerbated things, but the sudden drop in demand is the biggest factor right now.
Posted on 4/19/20 at 9:45 pm to Tonio
Starting my next well in a week or so. Hopefully it lasts a few months and it’s back up by the time it’s done
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