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Started By
Message
re: Economy Opening Up and Oil at Historic Lows
Posted on 4/20/20 at 2:26 pm to Oilfieldbiology
Posted on 4/20/20 at 2:26 pm to Oilfieldbiology
quote:
refineries and chemical plants will shut down
Umm, no. Oil is feedstock. Refining is about demand and margins.
It is bad for integrated companies like Exxon, Chevron, and Shell across the board however.
0
Posted on 4/20/20 at 2:28 pm to HempHead
How does oil go into negative prices?
Posted on 4/20/20 at 2:29 pm to OleWarSkuleAlum
Freaking Oil Field Wives are going nuts on facebook while their men try to work and send them money.
It's drying up and the melt down is on
It's drying up and the melt down is on
Posted on 4/20/20 at 2:29 pm to Pintail
quote:
Why would the refinery, that buys the oil, shut down when it is cheap?
Because right now for what the price of gasoline and jet fuel are and the extreme glut in the reserves we have it costs more to produce a gallon of gasoline or jet fuel then they can sell it for.
Posted on 4/20/20 at 2:31 pm to Pintail
I just responded to someone else that right now isn’t a normal time where we have a glut of crude. We also have a glut of the refined products
Posted on 4/20/20 at 2:42 pm to OleWarSkuleAlum
First sign of bad days for America
Posted on 4/20/20 at 2:43 pm to Hamma1122
22 million unemployment claims in the last four weeks wasn’t enough?
Posted on 4/20/20 at 2:47 pm to Pintail
quote:
Are't the refineries and chemical plant the customers to the drilling companies? Thus a lower cost to make a product gets transferred over to the end user. McDonalds isn't going to shut down because someone is paying them for their chicken. They are going to either transfer that savings to themselves or their customers. Wouldn't that be the same thing here? It's not like we have no oil.
Who exactly do you think owns the majority of the refineries in the United States?
Posted on 4/20/20 at 2:49 pm to Boston911
quote:
How does oil go into negative prices?
People entered into contracts to buy oil and are about to have to take physical possession of the asset but don't have anywhere to put it (or if they do have somewhere to put it, the cost of storage is worth more than the asset). The June futures are still in the $20's though I suspect they'll start decreasing shortly.
Posted on 4/21/20 at 8:56 am to ShaneTheLegLechler
Has anyone received the federal unemployment in their payment? If so, is there any confirmation beforehand? I had to file unemployment last week due to furlough and had to report income for last week. I won't get any funds till next week so I am wanting to know if it will include the extra $600?
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