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re: Oil suffers record plunge below $11 amid historic glut
Posted on 4/20/20 at 1:39 pm to thadcastle
Posted on 4/20/20 at 1:39 pm to thadcastle
LA will cut education and health care's budget.
LSU state aid will get cut a ton, tuition will fo up.
Hospitals will cry about reimbursement.
LSU state aid will get cut a ton, tuition will fo up.
Hospitals will cry about reimbursement.
1
Posted on 4/20/20 at 1:40 pm to tgrbaitn08
I've been monitoring this thread since this morning and holy shite what an immense crash.
Is this still attributed to Russia/Saudi Arabia's deal not cutting production by enough?
Is this still attributed to Russia/Saudi Arabia's deal not cutting production by enough?
Posted on 4/20/20 at 1:40 pm to rocket31
quote:
can someone ELI5 why this is happening wtf
Too much supply and no demand. Spurred on by a combination of everyone producing irresponsibly and record low demand thanks to Covid19 panic.
Posted on 4/20/20 at 1:40 pm to lsu xman
Posted on 4/20/20 at 1:41 pm to Ross
Just too much supply. I can fly from houston to denver for 35 bucks right now
Posted on 4/20/20 at 1:41 pm to Ross
That helped cause it, but there is no demand for oil and hardly anywhere to place it right now
Posted on 4/20/20 at 1:41 pm to Ross
quote:
Is this still attributed to Russia/Saudi Arabia's deal not cutting production by enough?
It's primarily a result of low demand and overproduction by the US causing storage to fill up. Saudi and Russia lost control of the narrative once COVID 19 kicked in.
This post was edited on 4/20/20 at 1:43 pm
Posted on 4/20/20 at 1:42 pm to texag7
quote:
texag7
Posted on 4/20/20 at 1:42 pm to Nado Jenkins83
quote:
Just too much supply. I can fly from houston to denver for 35 bucks right now
Yeah I get that, I just thought Russia and Saudi Arabia had come to a deal where they agreed to cut production to help alleviate the supply side part of the problem. Not much you can do about the demand right now during the lockdown.
I'm guessing their deal didn't cut production by enough.
Posted on 4/20/20 at 1:42 pm to dbeck
quote:
Just found a few hundred barrels of crude in my couch cushions.
Jokes aside (and time for me to ask a really dumb question), is somebody about to make a shitload of money stockpiling because oil has to be worth, say, two bucks a barrel at some point in the near future. Right?
Should we actually all run out and put barrels in our garage? What does this mean on a day to day level?
This post was edited on 4/20/20 at 1:43 pm
Posted on 4/20/20 at 1:43 pm to Ross
(no message)
This post was edited on 10/22/20 at 8:02 pm
Posted on 4/20/20 at 1:43 pm to Ross
They cant cut it enough. More being pumped out the earth from existing wells than is needed.
Posted on 4/20/20 at 1:43 pm to Nado Jenkins83
quote:
Just too much supply. I can fly from houston to denver for 35 bucks right now
I have nothing else to do, want to split the cost of a round trip?
Posted on 4/20/20 at 1:43 pm to rocket31
quote:
can someone ELI5 why this is happening wtf
The May futures contract price went negative, because of a lack of buyers. If they can't unload those contracts by tomorrow, they must take delivery. Speculators never planed to take delivery... so they're panicking.
This post was edited on 4/20/20 at 1:49 pm
Posted on 4/20/20 at 1:44 pm to Ross
It’s not just them. The entire world would have to cut production significantly at this point.
Posted on 4/20/20 at 1:44 pm to Nado Jenkins83
quote:
They cant cut it enough. More being pumped out the earth from existing wells than is needed.
Gotcha, I didn't realize the demand-side part of the problem was that dire. I knew it had to be hurting, but didn't realize the magnitude.
Posted on 4/20/20 at 1:44 pm to redstick13
I already said I'm on call doing work for pads that I wont see drilled.
This post was edited on 4/20/20 at 1:45 pm
Posted on 4/20/20 at 1:44 pm to Ross
quote:
I'm guessing their deal didn't cut production by enough.
They lost control of the outcome when the global pandemic happened.
Posted on 4/20/20 at 1:44 pm to Nado Jenkins83
Who do you work for?
Posted on 4/20/20 at 1:45 pm to Oilfieldbiology
DIR service company. I would never say exactly who on here. I've made enough enemies on the internet
These wells are for shell though
These wells are for shell though
This post was edited on 4/20/20 at 1:46 pm
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