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re: Oil Price War Ends With Historic OPEC+ Deal to Cut Output
Posted on 4/15/20 at 9:58 am to okietiger
Posted on 4/15/20 at 9:58 am to okietiger
quote:
Can anyone smarter than I shed light on why oil prices haven’t really changed since the OPEC agreement?
too much supply and very little demand...it'll hold like this until the country gets going again
1
Posted on 4/15/20 at 10:00 am to okietiger
quote:
Can anyone smarter than I shed light on why oil prices haven’t really changed since the OPEC agreement?
Oh the price is about to change, just not in the direction many seem to be hoping for, look out $10.
Posted on 4/15/20 at 10:01 am to okietiger
quote:
Can anyone smarter than I shed light on why oil prices haven’t really changed since the OPEC agreement?
Cut production by 10 million. Demand down 35 million
Posted on 4/15/20 at 10:02 am to hollowpoint
Price war isn’t over. They just started it at the worst time possible.
Posted on 4/15/20 at 10:03 am to East Coast Band
quote:
But, isn't demand off by more than 10%?
US refinery utilization are down from high 90% to mid 70’s right now
Posted on 4/15/20 at 10:05 am to hollowpoint
Bloomberg link! No thanks.
1. I do not believe anything they publish
2. I do not want to give them "clicks"
I look it up somewhere else.
1. I do not believe anything they publish
2. I do not want to give them "clicks"
I look it up somewhere else.
Posted on 4/15/20 at 10:06 am to Oilfieldbiology
Do you have a link? Would love to follow.
Posted on 4/15/20 at 10:07 am to bnb9433
quote:
too much supply and very little demand...it'll hold like this until the country gets going again
I’m reading they can’t give oil away right now and that each barrel is now a negative loss leader to produce and warehouse.
Posted on 4/15/20 at 10:11 am to okietiger
I do not have a link at the moment as the number came from an internal report but I’ll look and see where his raw data came from and see if I can’t supply it.
It wasn’t private data, but it was a private presentation to our management
It wasn’t private data, but it was a private presentation to our management
This post was edited on 4/15/20 at 10:12 am
Posted on 4/15/20 at 10:38 am to Redbonebandit
quote:
is because we are all consumers of goods impacted by oil prices. High prices benefit a few special interests
Yeah, but O&G is a major natural resource as well that we can consider in our GDP. Not to mention the goods and services associated with the industry that come out of the US. So that industry failing is a hit to the entire economy. When we have to stop producing energy due to low cost, that means we have to get that cheap energy from another country that can produce it cheaply. And now we are doing the same thing with the energy sector that we did with China on manufacturing. Net user and not producer. Money leaving the country and not coming in. Cheap now for an unstable situation in the future.
This post was edited on 4/15/20 at 10:39 am
Posted on 4/17/20 at 8:00 am to hollowpoint
Crude oil is now 17.xx
Posted on 4/17/20 at 8:06 am to castorinho
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