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Started By
Message
re: Oil suffers record plunge below $11 amid historic glut
Posted on 4/20/20 at 12:31 pm to lostinbr
Posted on 4/20/20 at 12:31 pm to lostinbr
quote:
The Saudis’ entire national budget is effectively additional overhead for Aramco, which they can’t sustain at $9.90/bbl (even if they are still “profitable” on paper).
Correct, they can pull oil out the ground for under $10 but then they couldn't fund their government, yachts, and other projects.
0
Posted on 4/20/20 at 12:31 pm to ClampClampington
quote:
$4.04. CME says it would be possible for May to trade negative if it gets there
It's about to drop below $4. We may see zero or negative today.
Posted on 4/20/20 at 12:33 pm to redstick13
This is unreal
Posted on 4/20/20 at 12:33 pm to lostinbr
(no message)
This post was edited on 10/22/20 at 7:48 pm
Posted on 4/20/20 at 12:33 pm to redstick13
Lowest I saw was $2.99. I am all for cheap oil, but this is concerning.
Posted on 4/20/20 at 12:33 pm to Major Dutch Schaefer
Will any of this affect someone who is looking to get a job in IE Tech within the next 2 years?
This post was edited on 4/20/20 at 1:06 pm
Posted on 4/20/20 at 12:33 pm to armsdealer
Yea it's dropping faster than I can post updates.
Posted on 4/20/20 at 12:34 pm to sta4ever
Probably
Posted on 4/20/20 at 12:34 pm to redstick13
1.05
Posted on 4/20/20 at 12:35 pm to Mud_Till_May
I'll have to decide between buying a barrel of oil or beer this afternoon
Posted on 4/20/20 at 12:35 pm to redstick13
It's traded in the $2's, I don't even know how trading negatives on the market would work, but I'm kinda curious now.. June still holding on around $22
Posted on 4/20/20 at 12:37 pm to ClampClampington
I don't know how June hasn't dropped, oil isn't going to recover 10X in a locked down world in 30 days. Lowest I saw was $2.40, the site I was using can't seem to update the days lows below $4, that is low as their chart goes...
Posted on 4/20/20 at 12:37 pm to Major Dutch Schaefer
Serious question: if we were to, oh I don’t know...bomb the shite out of some Middle Eastern country right now...would that help stabilize the oil price?
Posted on 4/20/20 at 12:38 pm to Tyga Woods
Fox business has a ticker on it
Just hit $1
Just hit $1
Posted on 4/20/20 at 12:39 pm to Tyga Woods
quote:
Serious question: if we were to, oh I don’t know...bomb the shite out of some Middle Eastern country right now...would that help stabilize the oil price?
Three things could stabilize or boost the price of oil IMO
1) open the economy back up ASAP
2) a ton of shale companies go bankrupt ASAP
3) World War 3 begins ASAP
Posted on 4/20/20 at 12:40 pm to armsdealer
Physical prices are all over the board. I have some locked in for April at 21$ a barrel because our purchaser has enough storage available not to shut us in. I know of other people who were already getting 12$ last month due to pipeline access only and not refinery so they have already shut in. Anything over 50 gravity is absolutely F'd right now.
This post was edited on 4/20/20 at 12:41 pm
Posted on 4/20/20 at 12:40 pm to ClampClampington
No point to looking at May Futures contracts.
June futures and spot oil @$22-23.
June futures and spot oil @$22-23.
Posted on 4/20/20 at 12:41 pm to sta4ever
quote:
Will any of this affect someone who is looking to get a job in IE Tech the within the next 2 years?
yes, although a really good automation professional will likely be able to keep a job.
Posted on 4/20/20 at 12:42 pm to armsdealer
I think June is going to the teens, but the May trading is relatively small volume by people caught long that can't take physical delivery or sniff a bid because everyone is in the same boat. May is a shitshow but don't think June immediately jumps down to single digits Just my opinion
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