- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Oil suffers record plunge below $11 amid historic glut
Posted on 4/20/20 at 1:45 pm to redstick13
Posted on 4/20/20 at 1:45 pm to redstick13
I’m hearing at least four hedge funds blew up which is why we now have a massive glut oil flooding the market.
1
Posted on 4/20/20 at 1:46 pm to Ross
quote:
I'm guessing their deal didn't cut production by enough.
Too little too late. They had the opportunity for a cut when they met earlier this year, they declined to do so and pretty much shot themselves in the face. They agreed to what amounted to a nominal cut at an emergency meeting a couple of weeks ago. The market brushed it off.
Could this have been avoided on the supply side? Maybe, or at least mitigated. But there's no way anyone could have foreseen the rapid demand destruction caused by the Covid19 response.
Posted on 4/20/20 at 1:46 pm to Nado Jenkins83
quote:
I already said I'm on call doing work for pads that I wont see drilled.
Design all the wells with a SF of zero. What do you have to lose?
Posted on 4/20/20 at 1:46 pm to redstick13
quote:
They lost control of the outcome when the global pandemic happened.
I want to know more about why the hell the timing of this feud of theirs had to line up with the start of a global pandemic. There wasn't a way for them to just keep the status quo until the world wasn't on fire?
I know that probably came across as extremely naive, but it seems like they committed suicide with their moves to ramp up production, and to what ends?
Posted on 4/20/20 at 1:47 pm to redstick13
I go way back with the DE. He would drive across houston and come to my residence. He came to our crawfish boil last sat
Posted on 4/20/20 at 1:48 pm to Ross
Their feud started long before the pandemic and they were already sending prices to dangerously low levels. They had no way of knowing the pandemic would come along and destroy demand on the oil they had already devalued the price of.
Posted on 4/20/20 at 1:49 pm to Ross
Is this the equivalent of the financial/housing crisis for bear sterns and Lehman bros for Houston and Louisiana?
Posted on 4/20/20 at 1:50 pm to 13SaintTiger
gotcha, so basically since it costs money to store oil that is why the price is negative. damn
Posted on 4/20/20 at 1:50 pm to Adam Banks
Not sure. Hopefully not
Posted on 4/20/20 at 1:51 pm to Walking the Earth
quote:
is somebody about to make a shitload of money stockpiling
No, it can't be stored that's why they are literally paying for it to be taken off their hands but it has to be processed.
Posted on 4/20/20 at 1:52 pm to redstick13
quote:
Their feud started long before the pandemic and they were already sending prices to dangerously low levels. They had no way of knowing the pandemic would come along and destroy demand on the oil they had already devalued the price of.
alright
I admit the first time I was clued into this whole deal was like early March when Saudi Arabia announced they were ramping up production to choke out the market. I don't know much about the background of this issue past that point.
Posted on 4/20/20 at 1:52 pm to dbeck
Trying to climb out of the hole.
Only down $23.50 now.
Only down $23.50 now.
Posted on 4/20/20 at 1:53 pm to Ross
quote:
There wasn't a way for them to just keep the status quo until the world wasn't on fire?
I know that probably came across as extremely naive, but it seems like they committed suicide with their moves to ramp up production, and to what ends?
This is probably going to get me banned but, here it goes...
Saudis and Russians are quite possibly the most unscrupulous motherfrickers on the planet and IMO, most Middle Easterners I've dealt with in this business are stupid spoiled brats. There's an old saying from some Saudi oil sheikh that goes like, "my grandfather rode a camel, I drive a Mercedes, my son drives a Mercedes, but my grandson will ride a camel" - meaning those goat frickers will absolutely piss away the good thing they have going by living in extreme excess. As long as they can keep importing Instagram models to service them and their camels at parties, they absolutely do not give a frick what happens.
This post was edited on 4/20/20 at 1:54 pm
Posted on 4/20/20 at 1:53 pm to Walking the Earth
quote:
Should we actually all run out and put barrels in our garage? What does this mean on a day to day level?
Barrels of what? Do you have a well in your backyard?
Posted on 4/20/20 at 1:53 pm to Ross
quote:
I admit the first time I was clued into this whole deal was like early March when Saudi Arabia announced they were ramping up production to choke out the market. I don't know much about the background of this issue past that point.
It all started when the Chinese economy didn't meet forecast and they caused the first dip in global demand. The three big producers, KSA, Russia, US got into a production war of sorts and the US never stood a chance to compete.
So once again, China fricked us.
This post was edited on 4/20/20 at 1:55 pm
Posted on 4/20/20 at 1:54 pm to RummelTiger
quote:
RummelTiger
If 08 got banned can I have his TD t-shirt?? That’s what he would want
Posted on 4/20/20 at 1:54 pm to redstick13
quote:
meat forecast
I love unintentionally funny typos
But yeah if the world could go ahead and break up with China, that would be fan-fricking-tastic.
Posted on 4/20/20 at 1:54 pm to redstick13
This used to work pretty well back in the day...
Posted on 4/20/20 at 1:55 pm to Ed Osteen
quote:
Barrels of what? Do you have a well in your backyard?
You fill a 50gal barrel with 42 gallons of oil duh
Posted on 4/20/20 at 1:55 pm to Boring
quote:
This. It's like working at Target in Las Vegas and being giddy that all the casinos suddenly close down. Too stupid to realize the impact it'll have on everything around you locally, regionally, and nationally.
Your comparison would have made sense... 20 years ago.
Those hotels don’t depend on their casinos anymore. Their biggest money makers are food. Then live events. Vegas learned from the Great Recession about putting all your eggs in one basket. Houston learned back in the 70s and made the necessary changes in the 80s
Louisiana is a failure because it’s leadership is made up of failures. It’s leadership is made up of failures because it’s people are failures. Until you change your people, you will continue to be failures.
You can be mad at me, downvote me all you want, it doesn’t change the fact that what I just said is correct and deep down, you know I’m right. Focus your anger on the solution now that you know the problem.
Page 14 of 19
Popular
Back to top
Follow TigerDroppings for LSU Football News