Largest oil drop in history underway, analysts say

[petros]

About the time we went metric.

It was $0.279 when we hit metric.

 

[petros]

the CEO of Teck during the Frontier Mine application mentioned that Frontier needed to see $75 a bbl WTI in order to make that project feasible
13:59 pm CST 27/03/2020
WTI Crude
21.59 -4.47%

He said that or you did?

Albian Heavy Synthetic 21.35

 

[taxslave]

We went metric in 1971 when gas was 11 cents a liters or about 50 cents a gallon.

Gas was prices in dollars until 78 or 79.

 

[petros]

Correct... Good thing that the big oil companies (especially oilsand companies) have lots and lots of hedged contracts in place at a price that is many times higher than today's spot price.
PS - here's a hint, today's price is what the traders are willing to pay IF a seller wants to pay it

There are some massive orders backlogged for 5 years now.

 

[Avro52]

Correct... Good thing that the big oil companies (especially oilsand companies) have lots and lots of hedged contracts in place at a price that is many times higher than today's spot price.
PS - here's a hint, today's price is what the traders are willing to pay IF a seller wants to pay it

Ahh, gotcha.

 

[petros]

Gas was prices in dollars until 78 or 79.

$27.9 in Kelowna the day the metric pumps went in. I bought 50 cents worth for my motorcycle. Prior to that gas was over a buck but gallon pumps only went to 99.9 so it was priced at 54.9 a gallon and you had to pay double the price on the pump.

 

[JLM]

Gas was prices in dollars until 78 or 79.

Sounds about right Joke Lark was P.M. in '79 and & I think it was metric during his term?

 

[petros]

Ahh, gotcha.

Hence the term "futures market". Its gambling.

 

[petros]

Sounds about right Joke Lark was P.M. in '79 and & I think it was metric during his term?

Trudeau

 

[captain morgan]

He said that or you did?

Albian Heavy Synthetic 21.35

Buddy doesn't have a clue... Tesla stock - need I say more?

 

[pgs]

It was $0.279 when we hit metric.

Yes the big romantic playboy and world traveller had to hide the sticker shock of a dollar a gallon after his failed national energy policy . TRUDEAU MANIA .

 

[spilledthebeer]

Yes the big romantic playboy and world traveller had to hide the sticker shock of a dollar a gallon after his failed national energy policy . TRUDEAU MANIA .

TRUE DAT!


But the father of Our idiot Boy also seems to have liked the idea of producing an ARTIFICIAL BARRIER to trade with Yankees!


LIE-beral anti Yankee BIAS is showing!

 

[taxslave]

On the bright side it puts the gloom&doomers predictions of peak oil even farther from reality. Now if we could just get rid of that carbon tax scam.

 

[Twin_Moose]

'No point' addressing plunging oil price with curtailment, Kenney says

Canadian heavy oil collapses another 28% to under $5 as oilsands face shut-ins

……More……...While the costs are high, McKay noted that it’s difficult to shut in or suspend oilsands operations as steam-based producers are concerned that letting a formation go cold would damage the reservoirs.
“The sector will do everything it can to trim costs first,” he said.
Wood Mackenzie isn’t the only firm predicting oil production cuts in Canada.
On Monday, Rystad Energy warned that oil production cuts in Canada “are imminent as storage is days away from full capacity.”
The Oslo, Norway-based firm predicted that Canadian oil producers would cut 440,000 bpd of production as oil storage tanks in Alberta are reaching their peak capacity of 40 million barrels of storage.

However, Canadian oil producers also have access to their own storage, including storage tanks at their own operations in the oilsands, IHS Markit vice-president, North American crude oil markets Kevin Birn said in an interview.
In reality, he said, when field storage and merchant storage is counted together, Alberta is capable of storing 80 million to 85 million barrels of oil.
However, he said, inventories are high everywhere and are believed to be between 65 million and 70 million barrels in storage.
“Canada is full. We were full going into this. But the reality is that Canadian producers will store in the United States,” Birn said, noting that some Canadian oil companies are moving their barrels to storage in the U.S., where there is more space available.
Some of the largest oilsands producers, such as Suncor Energy Inc. and Athabasca Oil Corp., have been forced to react to benchmark crudes hitting historic lows, and have limited or shut down operations.
About 125,000 barrels a day of production is currently shut-in and nearly all oilsands operations are underwater, which “will likely trigger additional production shut-ins,” TD Securities said in a note.
“We are expecting most operators to revert to some form of dynamic storage for in-situ projects in order to defer bitumen sales while simultaneously maintaining reservoir integrity,” TD said.
Currently, Canadian heavy crude now costs less than the price paid by a company with long-term contracts to ship it down Enbridge Inc.’s Mainline and Flanagan South systems to Texas.
That’s a problem for producers such as Cenovus Energy Inc., which has commitments to ship 75,000 barrels a day down the system. MEG Energy Corp., another heavy oil producer, has contracts to ship 50,000 barrels a day and has plans to expand to 100,000 barrels a day in the second half of 2020.
Enbridge charges between about US$7 to a little over US$9 a barrel to ship heavy oil to Texas, excluding additional charges such as for power, according to tariff documents. Cenovus declined to comment and MEG didn’t return an email for comment.
The S&P/TSX Capped Energy Index was down 8.65 per cent on Friday, taking its year-to-date decline to nearly 65 per cent.

 

[Hoid]

On the bright side it puts the gloom&doomers predictions of peak oil even farther from reality. Now if we could just get rid of that carbon tax scam.

the gloom and doomers prediction of peak oil?

peak oil was a penny stock scam.

 

[spilledthebeer]

On the bright side it puts the gloom&doomers predictions of peak oil even farther from reality. Now if we could just get rid of that carbon tax scam.

Our idiot Boy Justin has just REFUSED to say whether the carbon tax SCAM price increase that was planned for April will be



postponed or not! TYPICAL TAX AND SPEND LIE-beral! Take two bucks out of your pocket and then



One buck "generously" given back!



And they get SNOTTY if we do not GROVEL sincerely enough to show we are WORTHY of LIE-beral "gifts"!

 

[spilledthebeer]

the gloom and doomers prediction of peak oil?

peak oil was a penny stock scam.

POOR FOOLISH hemerHOID! He exposes his TRUE FEELINGS about the LIE-beral ability to restore the economy



after the Wuhan Pestilence ends!


HemerHOID DOES NOT BELIEVE that our appetite for oil or our profitable economy under LIE-beral INEPT LEADERS


will ever return!

 

[spilledthebeer]

Buddy doesn't have a clue... Tesla stock - need I say more?

You dont need to say it - but isnt it FUN to be proven right!

 

[taxslave]

Our idiot Boy Justin has just REFUSED to say whether the carbon tax SCAM price increase that was planned for April will be
postponed or not! TYPICAL TAX AND SPEND LIE-beral! Take two bucks out of your pocket and then
One buck "generously" given back!
And they get SNOTTY if we do not GROVEL sincerely enough to show we are WORTHY of LIE-beral "gifts"!

The carbon tax only applies to the rich. Everyone else gets a credit even if they don't own a car. Because only rich pollute. Or something. THe best part is the definition of rich includes most government employees.

 

[taxslave]

POOR FOOLISH hemerHOID! He exposes his TRUE FEELINGS about the LIE-beral ability to restore the economy
after the Wuhan Pestilence ends!
HemerHOID DOES NOT BELIEVE that our appetite for oil or our profitable economy under LIE-beral INEPT LEADERS
will ever return!

I don't believe our profitable economy will ever return under Liberal rule either. trudOWE has just created a whole new debt load that will take three generations to pay off. IF we don't borrow another penny in that time.