Oil plunging to unprecedented lows with more output cuts on the way


mentalfloss
-1
#1
This one's easy.

Just turn the tap further to the left.


Oil Plunges to More Than 18-Year Low in Glutted Market

Despite a near 10-million-barrel-per day production cut agreed on Sunday by the Organisation of the Petroleum Exporting Countries and its allies, crude prices continued to fall this week on concerns that actual loss of demand to the pandemic could be as high as 30 million bpd.

Adding to that dilemma, U.S. crude supplies have climbed for 12 weeks in a row, with the increase of 19.2 million barrels reported by the Energy Information Administration for the week ended April 10 the largest weekly rise on record.

The supply gains come as demand is expected to see a record drop this year amid efforts to reduce the spread of COVID-19. The International Energy Agency estimated a drop in demand of 9.3 million barrels a day this year, equivalent to a decade’s worth of growth.

https://sputniknews.com/amp/us/20200...lutted-market/
Last edited by mentalfloss; Apr 19th, 2020 at 07:27 AM..
 
taxslave
Free Thinker
+3 / -1
#2
How about we add this to any one of multiple threads on the same subject?
 
pgs
Free Thinker
+2
#3
Well gee cut air traffic , shut down the cruise industry , and take sixty percent of vehicles off the road . What a surprise not as much gas and oil is being consumed .
 
petros
+2
#4
Quote: Originally Posted by mentalfloss View Post

This one's easy.
Just turn the tap further to the left.

Do you need a diet?
 
mentalfloss
#5
I've been pretty good rationing.
 
Walter
+2
#6
Econ 101, supply and demand. 'Twas ever thus.
 
taxslave
Free Thinker
+2
#7
Quote: Originally Posted by Walter View Post

Econ 101, supply and demand. 'Twas ever thus.

Works well as long as those that create the supply don't ration sales to keep prices up.
 
mentalfloss
-1
#8
Oil prices plunging to 21 year lows 😂

https://youtu.be/ETfxyEkougM
 
Twin_Moose
Conservative
+3
#9
Enjoy it while you can
 
Hoid
#10
11:05 am CST 20/04/2020

WTI Crude
4.780 -51.78%

It's actually at 1986 prices right now.
 
Twin_Moose
Conservative
+1
#11
I wish it were at 1979 levels
 
Hoid
#12
right now there is no point in even producing oil in Canada.

Apparently I can buy the good stuff for $5 a bbl.

Will the world even return to believing that oil is worth $100 a bbl?

I mean these small old wells in the Gulf pump away for 20-30 years - and every year the price of the stuff goes up and up while the cost of making it goes down and down?
 
Hoid
#13
Quote: Originally Posted by Hoid View Post

11:05 am CST 20/04/2020

WTI Crude
4.780 -51.78%

It's actually at 1986 prices right now.

11:36 am CST 20/04/2020

WTI Crude
2.730 -85.06%

there she goes....
 
captain morgan
No Party Affiliation
+2
#14
Futures & IndexesLastChange% ChangeLast Updated
WTI Crude 1.500.......(20 Minutes Delay)



Brent Crude 26.34.......(10 Minutes Delay)



Mars US 19.67.............(2 Days Delay)



Opec Basket 17.73.........(4 Days Delay)



Canadian Crude Index 13.82............(16 Minutes Delay)
 
pgs
Free Thinker
#15
Quote: Originally Posted by Hoid View Post

right now there is no point in even producing oil in Canada.

Apparently I can buy the good stuff for $5 a bbl.

Will the world even return to believing that oil is worth $100 a bbl?

I mean these small old wells in the Gulf pump away for 20-30 years - and every year the price of the stuff goes up and up while the cost of making it goes down and down?

Buy as much as you want , not good for anything unless you have a refinery .
 
captain morgan
No Party Affiliation
+2
#16
Just heard on the radio that WTI is trading in the negatives on the futures markets
 
pgs
Free Thinker
+2
#17
Quote: Originally Posted by captain morgan View Post

Just heard on the radio that WTI is trading in the negatives on the futures markets

Well they can keep producing all the oil they want , with the world wide economy shut down there is no use for it . Demand will rebound soon , it will take time to use up existing inventories however these low prices will not last forever . Enjoy the break while you can .
 
captain morgan
No Party Affiliation
+2
#18
Quote: Originally Posted by pgs View Post

Well they can keep producing all the oil they want , with the world wide economy shut down there is no use for it . Demand will rebound soon , it will take time to use up existing inventories however these low prices will not last forever . Enjoy the break while you can .


No doubt... I suspect that there are a lot of traders that will be getting their ass handed to them in the next month or 2.


WTI futures were quoted in the negatives as the US (and Canada) have essentially run out of storage space... Cost of tankage rental is rising by the minute and the floating storage is costing tens of thousands a day.
 
Walter
+1
#19
Quote: Originally Posted by captain morgan View Post

No doubt... I suspect that there are a lot of traders that will be getting their ass handed to them in the next month or 2.

And many will make a fortune picking up the scraps.
 
captain morgan
No Party Affiliation
+2
#20
Absolutely.... For someone to win, some else has gotta lose
 
Walter
#21
Quote: Originally Posted by captain morgan View Post

Absolutely.... For someone to win, some else has gotta lose

Not in capitalism, cuz the pie can always be made bigger.
 
captain morgan
No Party Affiliation
+1
#22
Tell that to the folks that bet wrong
 
Avro52
#23
Quote: Originally Posted by Walter View Post

Not in capitalism, cuz the pie can always be made bigger.

You sell Amway products don't you?
 
mentalfloss
#24
Quote: Originally Posted by Twin_Moose View Post

Enjoy it while you can

I'll be enjoying it the rest of my life lmfao

Quote: Originally Posted by captain morgan View Post

Absolutely.... For someone to win, some else has gotta lose

Yeah, renewables here we come baby.
 
captain morgan
No Party Affiliation
+2
#25
Quote: Originally Posted by mentalfloss View Post

Yeah, renewables here we come baby.


Wow..... That's some amazing logic
 
mentalfloss
+1
#26
Jason Kenney thanks you for your service.

Enjoy the early suppositories.
 
Walter
+1
#27
The lower oil price means folks will continue to use oil since there will be no need to look for a cheaper source of energy.
 
Hoid
#28
I understand Mr Kenney is mulling over Nationalization.

It seems the feds are stuck with all the legacy costs of this horrid industry anyway.
 
Avro52
+2
#29
Quote: Originally Posted by captain morgan View Post

Wow..... That's some amazing logic

Didn't you hear?

We will be running the entire economy on rainbows starting tomorrow.
 
Avro52
+1
#30
Quote: Originally Posted by Hoid View Post

I understand Mr Kenney is mulling over Nationalization.
It seems the feds are stuck with all the legacy costs of this horrid industry anyway.

The horrid industry that built everything around you including the house you're in and the food in your gut.
 

Similar Threads

2