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Started By
Message
Oil hit $21 and has momentarily stabilized at 21-22. FoxBiz: Could go to $0
Posted on 3/18/20 at 2:21 pm
Posted on 3/18/20 at 2:21 pm
Iraq already calling uncle:
LINK
Fox Biz
LINK
Fox Biz
quote:
“Oil prices can go negative,” wrote Paul Sankey, managing director at Mizuho Securities.
The COVID-19 pandemic has brought the U.S. and global economy to a standstill by prompting “shelter in place” orders, social distancing between people and the cancellation of non-essential travel. The sharp slowdown in economic activity has curtailed the need for oil.
If that weren't enough, Saudi Arabia recently slashed oil prices and raised output after Russia refused to join OPEC in deepening production cuts.
Oil is a 100 million barrel-per-day market, but Sankey says it’s possible that the economic fallout from the pandemic could zap demand, creating a 20 million barrel-per-day surplus.
He says the “physical reality” of the market is that oil is pumped out of the ground and has to be consumed or stored. When the cost of storage goes high enough -- or space runs out -- companies might pay customers to take it.
This post was edited on 3/18/20 at 2:26 pm
Posted on 3/18/20 at 2:21 pm to cokebottleag
Could go to $0? Did they seriously say that?
Posted on 3/18/20 at 2:22 pm to Oilfieldbiology
No way it goes to $0.
Posted on 3/18/20 at 2:22 pm to cokebottleag
lol Louisiana is so screwed
Posted on 3/18/20 at 2:24 pm to Oilfieldbiology
quote:
Could go to $0? Did they seriously say that?
They actually even said "negative" lol
quote:
“Oil prices can go negative,” wrote Paul Sankey, managing director at Mizuho Securities.
This post was edited on 3/18/20 at 2:26 pm
Posted on 3/18/20 at 2:25 pm to cokebottleag
Short term- nice time to fill up the gas tank with cheap gas!
Long term- Not good for our economy or oil industry...
Long term- Not good for our economy or oil industry...
Posted on 3/18/20 at 2:25 pm to soccerfüt
Thinking my son, in the oil business, told me a few yrs ago that the actual cost to physically make a barrel itself was $23 or so? Do that math.
Posted on 3/18/20 at 2:25 pm to LSUfanNkaty
Not sure what’s funny about that
Posted on 3/18/20 at 2:25 pm to cokebottleag
quote:
FoxBiz: Could go to $0
Jesus fricking Christ.
I hate the media so much.
Posted on 3/18/20 at 2:26 pm to LSUfanNkaty
quote:
They actually even said "negative" lol
Free oil!
Posted on 3/18/20 at 2:26 pm to cokebottleag
I just riding this bitch till the wheels fall off.
Frick it.
Atleast if we are gonna crash and burn, let’s go hard and really frick some shite up
Frick it.
Atleast if we are gonna crash and burn, let’s go hard and really frick some shite up
Posted on 3/18/20 at 2:26 pm to cokebottleag
quote:
“Oil prices can go negative,” wrote Paul Sankey, managing director at Mizuho Securities.
quote:
When the cost of storage goes high enough -- or space runs out -- companies might pay customers to take it.
Sign me up. Gonna start saving milk jugs.
Posted on 3/18/20 at 2:26 pm to cokebottleag
Both mine and my wife's businesses are getting completely fricked right now.
This is fine.
This is fine.
Posted on 3/18/20 at 2:27 pm to Hamma1122
quote:
Not sure what’s funny about that
Chill the frick out, Nancy. Myself, my brother and my father are all in O&G...
Posted on 3/18/20 at 2:27 pm to Keltic Tiger
(no message)
This post was edited on 10/22/20 at 6:04 pm
Posted on 3/18/20 at 2:28 pm to LSUfanNkaty
I’m not. Still not something to lol about
Posted on 3/18/20 at 2:28 pm to cokebottleag
Need to bomb somebody real quick to get the oil prices up
Posted on 3/18/20 at 2:29 pm to Hamma1122
quote:
I’m not. Still not something to lol about
Cool. GFY all the same
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