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re: Cramer sees another oil price collapse: ‘This has to go to zero again’
Posted on 4/27/20 at 11:06 am to ExtraGravy
Posted on 4/27/20 at 11:06 am to ExtraGravy
quote:
I don't know but if you have money and don't mind waiting, buy oil stocks right now
Good way to convert something to nothing if you dont buy wisely.
0
Posted on 4/27/20 at 11:07 am to CheesyF
quote:
what is it with you and salt domes bro
It is a fascinating engineering study, plus this is where majority of crude oil stored. Not tanks.
Posted on 4/27/20 at 11:08 am to OleWarSkuleAlum
Unless you're speculating, it doesn't matter what the price is. There's more supply than demand, and almost all storage is full. So, the price is going to be too low to drill for as long as it takes for demand to get ahead of the declining supply at the wellheads, and for the surplus to get about half used up. Then, and only then, will we have a marketplace again. The price for the rest of 2020 won't matter.
Posted on 4/27/20 at 11:15 am to OleWarSkuleAlum
Truck nuts have been off since late November of 2014. The industry didn’t fully recover from that collapse and sadly this will probably be the end for a lot in the oil industry.
Posted on 4/27/20 at 11:16 am to Brazos
quote:
The industry didn’t fully recover from that collapse and sadly this will probably be the end for a lot in the oil industry.
If I had to guess, I would say the glory days of oil are gone for good. I don't think it will reach the points it did in the past.
Posted on 4/27/20 at 11:18 am to thadcastle
Oil consumption isn't exactly slowing (minus the last 2 months)
This post was edited on 4/27/20 at 11:19 am
Posted on 4/27/20 at 11:26 am to OleWarSkuleAlum
quote:
West Texas International
What dis is baw?
I bet your arse ain't ever seen a truck nut!
Posted on 4/27/20 at 11:27 am to thadcastle
I agree and I’m in the industry. It’s time to get out of it.
Posted on 4/27/20 at 11:28 am to thadcastle
quote:
I don't think it will reach the points it did in the past.
Baring some event that really mucks with supply (war or incredibl natural disaster)...I agree we won't see $100+/barrel anymore. It will rebound to $50/barrel though which is probably a pretty happy compromise for suppliers and consumers.
Posted on 4/27/20 at 11:32 am to NoSaint
quote:
And what do you do with the tanks in a few years when it’s unneeded.
Housing for the poor and illegal immigrants.
Posted on 4/27/20 at 11:34 am to thadcastle
quote:
If I had to guess, I would say the glory days of oil are gone for good. I don't think it will reach the points it did in the past.
Yeah, the halcyon days of "oilfield trash makin oilfield cash!" are over. And for anyone who joined the industry after 2014, your entire time has been spent worried about layoffs. I've been in it for going on 6 years and I look around at the extravagance and excess that people with 10-20+ years in the industry enjoy and I'm stunned. Massive homes, new vehicles, brazen optimism that "it'll bounce back", expensive Christmas light displays at the corporate offices, golf tournaments every quarter.
If those people in control had just exercised some restraint in drilling non-stop mostly garbage wells and refrained from spending like a 17 year old girl with her first credit card, the industry would be healthy and hundreds of thousands of people would have secure, steady jobs.
This post was edited on 4/27/20 at 11:38 am
Posted on 4/27/20 at 11:35 am to OleWarSkuleAlum
thanks for zero new news.
everyone with any sense and insight to what's going knew this already.
can we delete this thread?
everyone with any sense and insight to what's going knew this already.
can we delete this thread?
Posted on 4/27/20 at 11:35 am to GetCocky11
Posted on 4/27/20 at 11:35 am to Brazos
please do. 
Posted on 4/27/20 at 11:40 am to AUCE05
quote:
Hopefully this pushes us to renewables.
Cheap oil disincentivizes renewables. People will pay a little more to have renewable energy. Not a lot more
Posted on 4/27/20 at 11:53 am to Lakeboy7
quote:
I don't know but if you have money and don't mind waiting, buy oil stocks right now
quote:
It stealing to get XOM in the 30s, straight up stealing.
What makes you say this? Just bc it's in a dip and a company that big has to come back eventually? Or you have a particular reason to be bullish like you think oil demand will return in the near future and stocks will return to previous levels? I'm not disagreeing with either of you, just trying to understand the thought process
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