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Message
re: US running out of room to store oil; price collapse next?
Posted on 3/4/15 at 5:29 am to Degas
Posted on 3/4/15 at 5:29 am to Degas
quote:
Maybe we should deploy troops in the Midwest so that corn prices can drop.
OPEC is a cartel that has artificially inflated prices for decades by throttling the supply of crude. Big bad evil "Big Oil" companies have sharply increased the supply through fracking which has lessened the cartel's ability to keep prices inflated. OPEC (specifically Saudi) is dumping oil on the market to drop prices more in an effort to stem the growth of US fracking. Saudi's end game is to make oil higher than it previously was by shutting down the US fracking infrastructure.
2
Posted on 3/4/15 at 6:14 am to The First Cut
Cushing is still at only about two-thirds capacity. Refinery workers are on strike, which has to be curtailing demand for crude. And there is a buttload of floating capacity that's about to free up as the contango ain't looking as good as it once did. Plus, I bet people have been busting arse to refurbish some old tankage that hasn't been used in a while.
Nah. I just don't see it. The question is whose agenda does it serve to say prices are about to crash?
Nah. I just don't see it. The question is whose agenda does it serve to say prices are about to crash?
Posted on 3/4/15 at 6:45 am to The First Cut
Saudis haven't increased production, they just haven't decreased like they did in 09 to get prices back up
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