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What in tarnation is going on with the Oil Markets? WTI down $10.00
Posted on 3/8/20 at 10:44 am
Posted on 3/8/20 at 10:44 am
"In case a global viral pandemic wasn't enough of a concern, on Saturday Saudi Arabia launched a global oil price war, when Aramco announced unprecedented discounts on Brent shipments to clients around the globe, with Bloomberg later reporting that the OPEC nation was set to flood the world with excess production potentially to as much as a record 12 million barrels a day, which in a world where oil demand has cratered due to China's economy remaining paralyzed due to the pandemic, assures that when Brent reopens for trading tonight it will be in freefall, tumbling into the $30s if not lower as OPEC is no more and every producer now scrambles to undercut everyone else in price, unleashing another deflationary massacre and forcing central banks to pull another market-supporting rabbit out of their hat."
"Until they do, however, traders in the Middle East where markets have already reopened, decided to sell first and ask questions later, as stocks cratered ahead of the first official oil price prints, which will come after what was already the biggest one day drop in Brent since 2008 on Friday after news that the OPEC+ alliance had fractured. And now oil will have a Saudi oil price war to deal with, prompting some to speculate that the price oil could drop into the high teens, if not lower."
LINK
"Until they do, however, traders in the Middle East where markets have already reopened, decided to sell first and ask questions later, as stocks cratered ahead of the first official oil price prints, which will come after what was already the biggest one day drop in Brent since 2008 on Friday after news that the OPEC+ alliance had fractured. And now oil will have a Saudi oil price war to deal with, prompting some to speculate that the price oil could drop into the high teens, if not lower."
LINK
This post was edited on 3/8/20 at 9:15 pm
Posted on 3/8/20 at 11:08 am to tigerpawl
Saudis about to force out all the weak hands.
Long term should finally stop the free fall in natural gas.
Long term should finally stop the free fall in natural gas.
Posted on 3/8/20 at 12:17 pm to tigerpawl
Truck nuts about to go on sale. Load up on the cheap and sell when the market swings back up.
This post was edited on 3/8/20 at 1:17 pm
Posted on 3/8/20 at 12:29 pm to tigerpawl
When oil prices spike higher I hear how it's going to destroy our economy.
When oil prices drop I hear how it's going to destroy our economy.
I get people like the status quo, but change is inevitable.
When oil prices drop I hear how it's going to destroy our economy.
I get people like the status quo, but change is inevitable.
Posted on 3/8/20 at 12:52 pm to tigerpawl
quote:
What in tarnation is going on with the Oil Markets?
quote:
on Saturday Saudi Arabia launched a global oil price war
Posted on 3/8/20 at 12:55 pm to tigerpawl
I bought XOM on Friday at what I thought was a good price. I may double down tomorrow and wait it out.
Posted on 3/8/20 at 12:56 pm to tigerpawl
Well this should be fun. Hang on folks.
This will actually help the rest of the economy outside of O&G but a lot of people will be hurt.
This will actually help the rest of the economy outside of O&G but a lot of people will be hurt.
Posted on 3/8/20 at 1:06 pm to tigerpawl
High 20`s by market close tuesday
Posted on 3/8/20 at 1:40 pm to tigerpawl
Any predictions when the major operators shares will bottom out?
Posted on 3/8/20 at 1:46 pm to tigerpawl
Just got word that Saudis are harboring some terrorists. Should be confirmed here in about 5 minutes.
Posted on 3/8/20 at 1:51 pm to jerryc436
quote:
I bought XOM on Friday at what I thought was a good price. I may double down tomorrow and wait it out.
I thought the same thing buying MRO under $7 Friday.
Posted on 3/8/20 at 1:55 pm to TigerDeBaiter
I bought some MRO also. I think we may have that panic selling tomorrow. Hopefully we hit a bottom soon.
Posted on 3/8/20 at 2:57 pm to tigerpawl
This will get ugly for major shale players
Posted on 3/8/20 at 4:11 pm to tigerpawl
Russia told OPEC to pound sand last week when initially they wanted to cut production. Now it looks like they are going the opposite way. Interesting. I wonder what their play is.
This post was edited on 3/8/20 at 4:15 pm
Posted on 3/8/20 at 5:04 pm to rintintin
Holy shite. Oil down 30% already.
Posted on 3/8/20 at 5:09 pm to TigerDeBaiter
I know that O&G industry gets hurt by lower prices, but this should provide more stimulus benefit for a much larger and broader cross-section of the economy. LA and TX will feel pain for those in the industry but everyone else benefits.
Posted on 3/8/20 at 5:15 pm to LigerFan
quote:
This will get ugly for major shale players
Good, the easy money driving these bubbles keep fricking everyone, they do it again and again.
Posted on 3/8/20 at 5:32 pm to Strannix
Wow we could see lows 20's tomorrow, it's crashing
Posted on 3/8/20 at 5:33 pm to lynxcat
quote:
I know that O&G industry gets hurt by lower prices, but this should provide more stimulus benefit for a much larger and broader cross-section of the economy. LA and TX will feel pain for those in the industry but everyone else benefits.
Perhaps normally, but not while 9 out of 10 news stories are telling you to hunker down in a bunker.
Posted on 3/8/20 at 6:12 pm to tigerpawl
This post was edited on 3/8/20 at 6:14 pm
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