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Message
re: Oil suffers record plunge below $11 amid historic glut
Posted on 4/20/20 at 3:04 pm to GRTiger
Posted on 4/20/20 at 3:04 pm to GRTiger
quote:
My only follow-up question to that good explanation is this part, the people buying the contracts at negative prices don't just store the oil for contract holders, but actually take ownership of the product, right?
It’s never happened before, so who knows?
Someone smarter than me would have to comment on the actual mechanics. I’m not sure if buyers are taking ownership when the product is delivered in May, or charging a fee for storage so the future can be rolled over to a later month. The end result is the same though.
I think the only difference would be: they are either buying it at a price of $0 minus a small storage fee, or they are buying it at the (for example) June futures price minus a large storage fee.
0
Posted on 4/20/20 at 3:04 pm to 337tigergirl
quote:
337tigergirl
I think I make it to monday only because I'm on call
Posted on 4/20/20 at 3:08 pm to Nado Jenkins83
I got laid off on 4/20... but can’t partake in 4/20 bc I have to try to get a new job lol
Good luck!
Good luck!
Posted on 4/20/20 at 3:09 pm to 337tigergirl
You too. I'm driving to Colorado if I get laid off. Then taking a trip down the devils river for 5 days. In 2015 I did the same thing after getting laid off
Posted on 4/20/20 at 3:09 pm to 337tigergirl
quote:
I just got laid off. This is horrible and there will be many more layoffs coming.
Sorry to hear. My furlough was ended suddenly last week. I can tell you that it's much less stressful on this side of the scenario.
Posted on 4/20/20 at 3:11 pm to redstick13
I kind of figured it's over last week. I'm not coming back to this again. Too many things I can do that I actually enjoy
Posted on 4/20/20 at 3:12 pm to 337tigergirl
Good luck and sorry to hear about the lay off. 
Posted on 4/20/20 at 3:12 pm to ClampClampington
quote:
The big A.. Arbitration. Very costly for anyone involved to bring to court, and not a fun process. It almost always is better for 2 parties to work out a price to wash and void contracts for non-delivery
So from the buyer’s side, who ultimately pays the price if things go south? In other words, if a retail investor buys crude oil futures are they bearing contract risk or does that all fall on the bankers running the fund?
Posted on 4/20/20 at 3:15 pm to Nado Jenkins83
I was the same way. I knew my furlough was coming when the travel restrictions kicked in and I didn't expect the furlough to go the full 90 days. I made 13 days.
Posted on 4/20/20 at 3:16 pm to Nado Jenkins83
This is getting serious.
I am fairly certain I’m safe, but who knows. I’m IT management in O&G Houston. Before today there was reasonable optimism we would come out of all of this fairly unscathed.
We also kick off our 2Q planning event tomorrow. Hard to plan in the face of uncertainty.
I am fairly certain I’m safe, but who knows. I’m IT management in O&G Houston. Before today there was reasonable optimism we would come out of all of this fairly unscathed.
We also kick off our 2Q planning event tomorrow. Hard to plan in the face of uncertainty.
Posted on 4/20/20 at 3:17 pm to redstick13
wow. i doubt i even get that. its obvious that we will not need many people in my role. canada kept 2 and has 1 rig. i bet one of those guys gets my spot. they been with the company for 10 years each and im at 18 months. maybe im selling myself short but had to argue with the demand for out services.
Posted on 4/20/20 at 3:17 pm to redstick13
Well.. I have been in talks with a company that I interviewed with last year. Waiting on them to meet me halfway on pay but i think they will. So I’m super lucky to have reached out a couple weeks ago when i was drunk.
The pay is not oil and gas and I’m taking a slight pay decrease , but not many places pay like O&g.
Nado- nice! Enjoy. I want to go somewhere but we are all stuck inside.
Red stick- I applied for unemployment but I have no idea if/when it will kick in. My friend that worked for nextTier got laid off in March and still hasn’t been approved.
Thanks Glass!
The pay is not oil and gas and I’m taking a slight pay decrease , but not many places pay like O&g.
Nado- nice! Enjoy. I want to go somewhere but we are all stuck inside.
Red stick- I applied for unemployment but I have no idea if/when it will kick in. My friend that worked for nextTier got laid off in March and still hasn’t been approved.
Thanks Glass!
Posted on 4/20/20 at 3:19 pm to 337tigergirl
quote:
got laid off in March and still hasn’t been approved.
what state? thats ridiculous
Posted on 4/20/20 at 3:20 pm to Nado Jenkins83
quote:
what state? thats ridiculous
Ridiculous? Must be Louisiana.
Posted on 4/20/20 at 3:21 pm to Nado Jenkins83
Texas.
She’s been checking the system weekly and she still hasn’t been approved. Applied March 23
She’s been checking the system weekly and she still hasn’t been approved. Applied March 23
Posted on 4/20/20 at 3:22 pm to 337tigergirl
Sorry to hear about some of y'all having job issues due to all of this. Hopefully it will be short lived.
Posted on 4/20/20 at 3:23 pm to 337tigergirl
they will back pay if they don't run out of money. still crazy
Posted on 4/20/20 at 3:25 pm to 337tigergirl
How the hell does anyone go about getting a job right now? I assume people aren't hiring or conducting interviews? 
Also if anyone knows how regulatory compliance "skills" transfer out of O&G, I'm all ears
Also if anyone knows how regulatory compliance "skills" transfer out of O&G, I'm all ears
Posted on 4/20/20 at 3:26 pm to Nado Jenkins83
Yeah. Unemployment will be through the roof in the next couple weeks.
Posted on 4/20/20 at 3:27 pm to Boring
i broke out my old laptop and applied to 10 jobs today. can't apply on company issue surface pro while logged into the network. got a call back from one an hour ago.
im not saying shite about 3 of them. people i work with in oil and gas could easily do them
im not saying shite about 3 of them. people i work with in oil and gas could easily do them
This post was edited on 4/20/20 at 3:28 pm
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