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Started By
Message
re: Oil hit $21 and has momentarily stabilized at 21-22. FoxBiz: Could go to $0
Posted on 3/18/20 at 3:37 pm to LSUfanNkaty
Posted on 3/18/20 at 3:37 pm to LSUfanNkaty
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.
I've got my tank fabricator on hold so I can type this post.
0
Posted on 3/18/20 at 3:39 pm to cokebottleag
Here's hoping for 60 dollar oil again!
Posted on 3/18/20 at 3:43 pm to cokebottleag
What happens when no one wants to buy the oil? The demand for refined products is going in the shitter with the quarantines and economy tanking.
Posted on 3/18/20 at 3:45 pm to Pelican fan99
That is OK with the way people are dying in Iran, there will be very few of them left. They just found 50 billion barrels
Posted on 3/18/20 at 3:46 pm to TT9
Are you all in for the companies just to stop producing all together because it’s not profitable? I bet your arse would cry uncle then.
Posted on 3/18/20 at 3:48 pm to soccerfüt
quote:
Saudis don’t play.
They will or it won’t be Saudi Arabia in the long-run.
Can’t have a nanny state without cash flow.
Posted on 3/18/20 at 3:50 pm to Oilfieldbiology
quote:
Lifting costs for a lot of countries is much lower than most fields here in the US. Sure the old fields in Texas and Oklahoma are decently cheap, but anything offshore, especially deep, and anything fracking isn’t.
I’ve heard estimates that the saudis have a lifting cost in the low teens, but due to their domestic spending they need oil to be around $45 a barrel. Who knows though.
One report I read,I think in Forbes, that number was in the low 80s.
Posted on 3/18/20 at 3:50 pm to White Roach
(no message)
Posted on 3/18/20 at 3:50 pm to Oilfieldbiology
quote:
I’ve heard estimates that the saudis have a lifting cost in the low teens, but due to their domestic spending they need oil to be around $45 a barrel. Who knows though.
LINK
quote:
The Saudi fiscal breakeven - the oil price at which it would balance its budget - is at around $80 a barrel, double that of Russia, said Malik at Tellimer.
Saudi Arabia enjoys foreign reserves of $500 billion and a low debt-to-GDP ratio of 25% that gives it ample room to borrow
Posted on 3/18/20 at 3:54 pm to White Roach
quote:
But the price at the pump hasn't dropped a penny in 10 days
You live you Roach? In Mexico?
It is $1.73 in Houston or was yesterday. May be even cheaper today. It was over $2 a week ago.
Posted on 3/18/20 at 3:57 pm to JayDeerTay84
Isn't part of Saudi's angle to test what their economy looks like with no oil?
They have been diversifying for a few years and want to see what it has done.
They have been diversifying for a few years and want to see what it has done.
Posted on 3/18/20 at 3:57 pm to Dawgwithnoname
quote:
This is why you don't buy a $60,000 truck your first hitch in from the rig. The oil market is one of the most volatile of all industries.
This isn't about some baw with a truck note.
It's about the state of Louisiana collapsing entirely. Mass exodus. Keep laughing and begging for that cheap gas.
Posted on 3/18/20 at 4:01 pm to cokebottleag
And the administration is going to fill the strategic reserves with 90 million barrels of free Saudi oil! And people say he isn't a genius lol
Posted on 3/18/20 at 4:09 pm to Hammond Tiger Fan
I saw it for 1.89 in Hammond, but you'd think it would be cheaper. I know the price of gas is only partially reflected by the price of a barrel of oil. There's refining, transportation, marketing, etc., and there's a little black magic/collusion on what price the local market will bear. But we're getting fricked in Covington. Maybe just a little, maybe a lot. But we're definitely getting fricked. Like I said in a previous post, if oil skyrocketed $25 or $30 a barrel, we'd see a corresponding increase at the pump the next morning. The price of a barrel drops? Nothing. It's bullshite. We're getting fricked.
Posted on 3/18/20 at 4:09 pm to Alltheway Tigers!
Yes. They are at 82.64 a barrel. Algeria at 109$ ouch!
Posted on 3/18/20 at 4:13 pm to Tiger Ree
Covington, La. Four stations on Hwy 21 at I-12. The price has been 1.99 at least for 10 days.
Posted on 3/18/20 at 4:15 pm to jcaz
quote:
It's about the state of Louisiana collapsing entirely. Mass exodus. Keep laughing and begging for that cheap gas
If the state actually gave a single frick about improving itself or diversifying its economy, they would get sympathy.
Posted on 3/18/20 at 4:25 pm to Oilfieldbiology
quote:
Could go to $0? Did they seriously say that?
If it does they can ship me all the barrels I can stack on my farm and I’ll resell them when it gets back to 70 dollars
Posted on 3/18/20 at 4:41 pm to TH03
I agree. I'm sick of the baws and oilfield wives with less intelligence than a rock but improvement starts in Baton Rouge. The idiots there are half the problem. Basing your budget off of the price of oil is laughable.
Posted on 3/18/20 at 4:42 pm to Salmon
quote:
Both mine and my wife's businesses are getting completely fricked right now.
Sorry to anyone who is going through this. If anyone needs help, ask.
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