Oil takes another nosedive

[petros]

Poor, poor petros.


Canada’s oil patch booked three consecutive years of hefty losses after the oil prices crash in 2014. This year, the industry is set to post a very slim gross profit—the first profit in four years.

The industry will have its winners and laggards this year, analysts say, but as a whole, it will be a very long and very slow recovery of revenues for the Canadian oil patch.

Oil patch or oil sands? You confuse the two far too f-cking often.

It doesn't look good on you.

 

[mentalfloss]

Which one is leading to pipeline cancellations every month?

 

[petros]

Which one is leading to pipeline cancellations every month?

The one that added 60,000 rail tankers.

 

[mentalfloss]

Yes, tankers are more cost effective now.


Thanks oil price.

 

[petros]

What does it cost to run a jackpump?

 

[mentalfloss]

What does it cost to ask a leading question?

 

[petros]

Yes, tankers are more cost effective now.


Thanks oil price.

They always were.

 

[mentalfloss]

Start up costs for pipeline projects used to be worth it.

Then that stopped.


Oh hello tanker.

 

[petros]

What does it cost to ask a leading question?

Me? Nothing. The same it costs to pump oil out of the ground.

 

[Tecumsehsbones]

I've found I can calculate the price of oil to the nearest dollar by comparing new pickup truck purchases and pickup truck repossessions in Alberta.

 

[petros]

Start up costs for pipeline projects used to be worth it.

Then that stopped.


Oh hello tanker.

Oil is flowing just fine down line 3 and Keystone and with all those tankers it's moving at higher volumes than ever.

I've found I can calculate the price of oil to the nearest dollar by comparing new pickup truck purchases and pickup truck repossessions in Alberta.

It's a long drive to Newfoundland.

 

[mentalfloss]

Shucks.

“As pipeline capacity in Western Canada cannot keep up with growing production, more oil has to be shipped by rail at a higher cost. This causes a price differential between Canadian oil prices and other global benchmarks, resulting in foregone profits for Canadian oil producers."

 

[darkbeaver]

Oil is a lubricant. Yes it will burn, but .. This planet could be wired for maximimum power especially now during a solar minimum, there,s a lot of burn in UVC. A very nice cave carved outta rock helps

 

[pgs]

Sorry MonkeyFloss

$26.64 is the break even point in Canada.
That's all grades and sources.

How much do you think it costs to run a jackpump?

My off the top prediction was $32.00 .

You know we could actually refine our own oil instead of shipping a raw product to make more profit.


Oh wait, we can't do that because oil prices are so low that it's too ****ing expensive to build refineries.


Oh wellz.


At least petros can afford his coffee in the morning now.

Well the Parkland Refinery in Burnaby is going through major upgrades .

Shucks.

“As pipeline capacity in Western Canada cannot keep up with growing production, more oil has to be shipped by rail at a higher cost. This causes a price differential between Canadian oil prices and other global benchmarks, resulting in foregone profits for Canadian oil producers."

Is that a good thing ? Is the risk of a spill in the most abundant salmon river in N. America worth stopping a pipeline ? If the Fraser Sockeye fishery is destroyed by a rail spill where will all the First Nations obtain their food and ceremonial salmon ? So many questions , so few answers .

 

[mentalfloss]

Hey, if you want to suddenly start caring about the environment, go start a ****ing thread about it.

 

[Danbones]

There there

https://tradingeconomics.com/commodity/crude-oil

Smart people who were paying attention bought at the low in 2016.
( As I pointed out earlier in the thread Mr fakenews )

Again:

Jeez!!!

 

[mentalfloss]

Smart people wouldn't throw their money away in such a volatile market.

 

[Cannuck]

$100 per barrel needed to sustain a profitable project.

Nope