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Started By
Message
re: Oil suffers record plunge below $11 amid historic glut
Posted on 4/20/20 at 12:43 pm to ClampClampington
Posted on 4/20/20 at 12:43 pm to ClampClampington
How many stocks/markets/commodities have ever dropped more than 90% in one day? Genuinely curious how many times something has happened like this historically.
1
Posted on 4/20/20 at 12:43 pm to castorinho
quote:
I'll have to decide between buying a barrel of oil or beer this afternoon
by the end of the day a 40 ounce bull will be worth more than a bbl.
Posted on 4/20/20 at 12:45 pm to ClampClampington
If spot oil was $10, Exxon would be down more than 3%.
Posted on 4/20/20 at 12:46 pm to Boring
Never seen a market move close to it in commodities that I can remember but that's only been 7ish years
Posted on 4/20/20 at 12:48 pm to ClampClampington
Have to figure whoever got caught on the trade today with no where to store the oil (and pay for it) is going to get wiped out. Our luck we will see them back door into a bailout soon. Probably some NY funds just went out over this one.
Posted on 4/20/20 at 12:48 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?
Too late at this point. Today marks the end for a lot of US oil companies.
Posted on 4/20/20 at 12:51 pm to redstick13
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?
Too late at this point. Today marks the end for a lot of US oil companies.
Which means we will be a the mercy of OPEC when demand does come back.
Posted on 4/20/20 at 12:54 pm to redstick13
just got off a conference call
we will definitely be laying off a bunch of people next week. on call for my possible last week of work has me sick to my stomach.
we will definitely be laying off a bunch of people next week. on call for my possible last week of work has me sick to my stomach.
Posted on 4/20/20 at 12:54 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?
The thing to do would be to slap a big tariff on foreign oil. There's a bunch of Saudi Oil sitting in the gulf right now waiting to be delivered to US refineries.
Posted on 4/20/20 at 12:57 pm to kjp811
dont think that would save most of the us companies even at this point
Posted on 4/20/20 at 12:57 pm to Oilfieldbiology
quote:
Yeah but lifting costs do tell you where it’s financially viable to drill for oil at which price. Which that chart reflects.
Even that’s not necessarily accurate for a few reasons:
1. Typically, lifting costs exclude exploration and development. There’s a huge difference in the cost to recomplete an existing well in a mature field compared to drilling a new well in a new area.
2. Lifting costs can vary dramatically, especially somewhere like the US where you have a lot of different types of reserves. There’s a ton of variance between shale vs. conventional vs. deepwater etc.
3. My point still stands.. the Saudis can’t withstand sub-$20 oil for long regardless of their lifting costs. If oil is $20/bbl, but they need $60/bbl at current production to balance their budget, they are screwed. They can’t just triple their output because even if they were technically capable of doing this, it would just depress prices further. They are (or have been) banking on putting competitors out of business. But it’s going to backfire on them long term when Shell, Exxon, Chevron, etc. start picking up developed fields for pennies on the dollar.
The Saudis fricked up when they got greedy and let oil get to $100+/bbl. They’ve created a monster and they are never getting that market share back, at least not without drastically reducing their national budget.
Posted on 4/20/20 at 12:57 pm to kjp811
$0.01 a barrel
wow
wow
Posted on 4/20/20 at 12:57 pm to kjp811
Less than a dime for a barrel of oil...
Posted on 4/20/20 at 12:58 pm to Nado Jenkins83
can anyone spare a dime?
Posted on 4/20/20 at 1:00 pm to Boring
Hit a penny
Posted on 4/20/20 at 1:00 pm to armsdealer
Where is everyone tracking the price?
Posted on 4/20/20 at 1:00 pm to lostinbr
(no message)
This post was edited on 10/22/20 at 7:48 pm
Posted on 4/20/20 at 1:01 pm to ClampClampington
Tough decision to make...
Grab lunch at Chick Fil A or buy 900 barrels of oil
Grab lunch at Chick Fil A or buy 900 barrels of oil
Posted on 4/20/20 at 1:02 pm to Oilfieldbiology
(no message)
This post was edited on 10/22/20 at 7:49 pm
Posted on 4/20/20 at 1:02 pm to Tyga Woods
quote:
buy
Buy? Brother you don't have to buy anything, the shite is literally free right now. You can have the lord's chicken AND the world's entire supply of oil.
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