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Started By
Message
Oil Glut is Over
Posted on 5/21/20 at 5:24 pm
Posted on 5/21/20 at 5:24 pm
I couldn't make a sale on a barge terminal with 650,000 bbls of crude oil storage due no one needs it.
That being said, there is a lot of production shut in up in Bakken due they get far less than WTI price. Cost of transportation is their achilles heel
That being said, there is a lot of production shut in up in Bakken due they get far less than WTI price. Cost of transportation is their achilles heel
15
Posted on 5/21/20 at 5:25 pm to CitizenK
quote:
CitizenK
K...CitizenKeep me posted.
Posted on 5/21/20 at 5:26 pm to CitizenK
Market got Surprisingly tight for May due to the shut ins but we will have to see what big companies nominate to transport for June and really into July. You’re right about bakken clear brook is trading at a huge discount. Gulf coast production as usual will get the premium prices. Far off oil could remain really challenged.
Posted on 5/21/20 at 5:27 pm to CitizenK
Exxon is still hovering in the mid 40s so... IDGAF.
This post was edited on 5/21/20 at 5:28 pm
Posted on 5/21/20 at 5:40 pm to CitizenK
Where you selling out of, baw? There’s always oil to be sold.
Posted on 5/21/20 at 5:41 pm to PrivatePublic
Within a hour by barge from 800,000 BPD refining capacity. No rail or pipeline. I had an Houston based indie oil/petrochem trader all over it last week. Monday he said, there is no need for extra storage space, no interest even for free
Posted on 5/21/20 at 5:41 pm to HoustonGumbeauxGuy
I don't sell oil, I buy and sell plants and process equipment.
Posted on 5/21/20 at 5:59 pm to CitizenK
Y’all generate mechanical integrity documentation?
Posted on 5/21/20 at 6:08 pm to CitizenK
I work in storage and we are/have been for a month steady taking in oil for several big name companies
Posted on 5/21/20 at 6:39 pm to CitizenK
They are shutting in production offshore like crazy.
Posted on 5/21/20 at 7:34 pm to CitizenK
Money board?
Posted on 5/21/20 at 7:43 pm to Gaston
Nope, that is for buyers to do
Posted on 5/21/20 at 7:51 pm to CitizenK
I'm not sure this necessarily mesns the glut is over. We still have the Saudi "gift" sitting on tankers all out on the water.
May be making room for that.
May be making room for that.
Posted on 5/21/20 at 7:54 pm to CitizenK
So we not longer have a glut of oil?
Posted on 5/21/20 at 8:13 pm to KiwiHead
I think he means the contango is over
Posted on 5/21/20 at 8:16 pm to CitizenK
Ive worked my a large portion of my career in that field and Im not entirely sure what you're talking about.
Posted on 5/21/20 at 8:19 pm to CitizenK
Is our Strategic oil reserve maxed out?
Posted on 5/21/20 at 8:26 pm to DomincDecoco
quote:
Ive worked my a large portion of my career in that field and Im not entirely sure what you're talking about.
He doesn’t know what he’s talking about. He sells nothing to no one.
Posted on 5/21/20 at 8:55 pm to CitizenK
quote:
I couldn't make a sale
You suck at your job. I suggest seppuku.
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