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Posted on 4/20/20 at 11:37 am to MrLSU
7.71 now
Posted on 4/20/20 at 11:38 am to MrLSU
Where are y’all tracking the prices at?
Posted on 4/20/20 at 11:39 am to 3rdgentgr
Well, looks like the KSA did the worst thing for their economy possible.
Posted on 4/20/20 at 11:39 am to 3rdgentgr
Truck nuts fire sale. 7 truck nuts for the price of one.
Posted on 4/20/20 at 11:41 am to 3rdgentgr
May futs expire tomorrow, it's a full blown fire sale by anyone long May contracts right now. June is trading $22/bbl and at 7x the volume as May as most of the industry has already rolled their positions. But June is definitely going down into the teens
Posted on 4/20/20 at 11:41 am to WaWaWeeWa
quote:
What happens when the price of a gallon of gas is more than a barrel of oil?
Last time I filled up on DEF it was more than diesel by about ~.30 per gallon.
Posted on 4/20/20 at 11:42 am to Modern
Posted on 4/20/20 at 11:44 am to Major Dutch Schaefer
Just want to post a Tweet I saw earlier that sums this up:
I wish everyone well during this time. Things really suck for a lot of people right now and don't show any signs of getting better.
quote:
For all the clucking about how much money one makes shorting stocks, or rooting for bankruptcy or ridiculing proration ideas and those that have the balls to want change... there is somebody on the other end, with a family, now scared to death.
I wish everyone well during this time. Things really suck for a lot of people right now and don't show any signs of getting better.
Posted on 4/20/20 at 11:45 am to WaWaWeeWa
Shut down the wells
Posted on 4/20/20 at 11:48 am to Bow08tie
Cost of Production per Barrel of Oil:
US 36.20 vs Russia $17.20 and Saudi Arabia $9.90
Current Crude Oil Price $22.76
US 36.20 vs Russia $17.20 and Saudi Arabia $9.90
Current Crude Oil Price $22.76
Posted on 4/20/20 at 11:52 am to Modern
On Fox business news
5/20 Crude Oil
$5.58
5/20 Crude Oil
$5.58
Posted on 4/20/20 at 11:53 am to 3rdgentgr
Now would be a good time for Iran to sink a few Saudi ships or hit their refineries
Posted on 4/20/20 at 11:58 am to MrLSU
$36.20 is a blended average. Some fields in the US are profitable at 19. Some are not porfitable below the 60s.
Posted on 4/20/20 at 12:00 pm to 3rdgentgr
$4.04. CME says it would be possible for May to trade negative if it gets there
Posted on 4/20/20 at 12:02 pm to MrLSU
I am no economist. But for a producing well, the only question would seem to be whether the lease operating expense is above or below the amount of production times the price.
Say you have invested $10 million in a well. You expedcted a price of $50 to get your money back. It dropped to $10. You will never get your money back. Do you stop producing?
Maybe not. If it costs $10,000 a month to produce the well, and you are producing 2000 barrels a month, then you would keep producing at $10 per barrel. You will at least get some money back that way.
You damn sure will not drill the next well. But as long as cash flow stays above LOE, it seems like you will keep producing the ones you have.
Say you have invested $10 million in a well. You expedcted a price of $50 to get your money back. It dropped to $10. You will never get your money back. Do you stop producing?
Maybe not. If it costs $10,000 a month to produce the well, and you are producing 2000 barrels a month, then you would keep producing at $10 per barrel. You will at least get some money back that way.
You damn sure will not drill the next well. But as long as cash flow stays above LOE, it seems like you will keep producing the ones you have.
Posted on 4/20/20 at 12:03 pm to JudgeHolden
Yeah I get all of that, but they are still saying there is no place to send the oil that they are producing
Posted on 4/20/20 at 12:04 pm to JudgeHolden
They said they’ll let it go negative if that happens 
Posted on 4/20/20 at 12:04 pm to TigerDog83
Another issue will be lease maintenance, particularly in Louisiana. Most leases require production in paying quantities. If the price stays low for a year to 18 months, attorneys will begin filing suits for lease cancellation due to the lack of paying quantities. The companies will have to show that they are making money. You can count on the courts to side with their citizens over the out of state foreign corporations.
Posted on 4/20/20 at 12:05 pm to tiger1014
Funny stuff baw. And original.
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