Price of Oil April 20, 2020, 10:24:39 am At $11 a barrel I don't know what to say ...... we are going to be in a wild ride this and next year. Crude Oil Prices - 70 Year Historical Chart | MacroTrendsglen 1 Likes
Re: Price of Oil Reply #1 – April 20, 2020, 10:37:10 am Great time for a road trip except there's nowhere to go. 2 Likes
Re: Price of Oil Reply #2 – April 20, 2020, 10:55:36 am My husband is a pipeline welder, thankful he is still working when many aren't. A wild ride indeed for this year! While grateful for NOT having my wallet drained at the pump it's a double edged sword for those in the industry. Juanita 4 Likes
Re: Price of Oil Reply #3 – April 20, 2020, 11:09:53 am Quote from: Sawyer - April 20, 2020, 10:37:10 amGreat time for a road trip except there's nowhere to go. Reminds me of a song:https://www.youtube.com/watch?v=XilsYPzmREw 1 Likes
Re: Price of Oil Reply #4 – April 20, 2020, 12:40:47 pm I think the price of oil will go negative.The Saudi's and others will be paying companies to take the oil away.Problem with that is there isn't anywhere for the oil to go. Capacity is full,demand is historically low.
Re: Price of Oil Reply #5 – April 20, 2020, 12:47:43 pm Hopefully the US is filling up the strategic oil reserves with oil on sale.
Re: Price of Oil Reply #6 – April 20, 2020, 01:14:13 pm There will be ships out at sea full of oil with nowhere to go with it.Less US refineries than before, some very outdated and new ones needed.The Russians will be the big winner in this war on commodities.Regime change in Saudi Arabia will cement the Russians dominance.Cheap oil, not such a good thing now?
Re: Price of Oil Reply #7 – April 20, 2020, 02:13:10 pm "There [are] will be ships out at sea full of oil with nowhere to go with it. Less US refineries than before, some very outdated and new ones needed."My son was, until recently, engaged in the construction of a huge new oil refinery in SE Texas which was partially funded by Saudi Arabia! 1 Likes
Re: Price of Oil Reply #8 – April 20, 2020, 02:36:15 pm American oil has gone negative today:https://www.foxbusiness.com/markets/us-stocks-april-20-2020
Re: Price of Oil Reply #9 – April 20, 2020, 02:49:57 pm The oil refining infrastructure in the Houston area is so old and has so many problems, that it would be easier to start over than keep on fixing the antiquated systems.Problem is all the environmental and pollution problems they bring cause them not to be popular things to do.Canadian oil is negative as well. The rest will soon follow.
Re: Price of Oil Reply #10 – April 20, 2020, 03:19:23 pm Now, if only that happened to the chocolate market . . . 11 Likes
Re: Price of Oil Reply #11 – April 20, 2020, 06:52:47 pm I’m not a financial pro by any means, but from what I’ve heard the price for oil in about a month will be at $28 a barrel. Today it sits at about -$28 a barrel. Sounds like a good time to buy oil. But what do I know?No insider trading here. 😏Kent
Re: Price of Oil Reply #12 – April 20, 2020, 07:05:47 pm I read worldwide demand for oil is off at least 50%.With the way things will change going forward, oil consumption might not ever get back to near what it was.Working from home will also kill off many small businesses that relied on transiting workers to keep them going.It will be a long time before things get back to anywhere near what we have been used to, until then, oil seems like a bad investment.
Re: Price of Oil Reply #13 – April 20, 2020, 08:39:27 pm "The key U.S. oil benchmark, West Texas Intermediate, settled at negative $37.63". 4-20-2020 NPR News.Imagine having to pay someone $37.63 a barrel buy your crude oil. Storage space is at a premium.Reminds me of the old comic book series, Bizarro World, a turned upside-down version of the world of Superman.Bizarro - WikipediaBizarro World - WikipediaLarry
Re: Price of Oil Reply #14 – April 21, 2020, 01:00:40 am Let's see: The oil companies have to PAY to move their oil. By trickle down economics, I should soon look forward to having the gas station pay me to take the gas away in my vehicle. 2 Likes
Re: Price of Oil Reply #15 – April 21, 2020, 01:15:10 am And so the lines at the gas pumps will once again become the norm. The good news is that we will have money in our pockets for a cup of coffee for the drive home.Kent 2 Likes
Re: Price of Oil Reply #16 – April 21, 2020, 10:08:52 am I'm guessing there is going to be pain in the areas that have a large position in oil - in the US places like Texas, Louisiana, California, North and South Dakota, and Alaska. I'm thinking Alaska will be the hardest hit as the government depends almost exclusively on oil tax revenue. I agree with others this virus will upset and change allot of the old way of doing things.glen 2 Likes
Re: Price of Oil Reply #17 – April 21, 2020, 12:45:12 pm Quote from: Blueox25 - April 21, 2020, 01:00:40 amLet's see: The oil companies have to PAY to move their oil. By trickle down economics, I should soon look forward to having the gas station pay me to take the gas away in my vehicle.In Bizarro World, the more money you have, the poorer you are and it's a crime to destroy money or to throw it away..When Kent leaves the Costco gas pumps, he will have more money than when he arrived. After stopping for coffee, on the way home, his wallet will be even thicker. Pity the very poor who are burdened by having warehouses full of cash.Larry
Re: Price of Oil Reply #18 – April 21, 2020, 01:03:06 pm Here's the tab at my local Chevron: https://www.gasbuddy.com/station/83277
Re: Price of Oil Reply #20 – April 21, 2020, 01:27:41 pm Refiners have to refine, the oil just keeps on coming.Wholesalers have to buy from the refiners because it just keeps on coming.Retailers can't buy enough to dent the supply.Soon, I fear refiners and wholesalers dumping product that has nowhere left to go.
Re: Price of Oil Reply #22 – April 21, 2020, 01:42:42 pm Costco LB/Signal Hill, CA is holding steady at $2.29. Filled both my cars two weeks ago and the tanks are still full with nowhere to go.Maybe I’ll just jump in the pool. 😉Kent
Re: Price of Oil Reply #24 – April 21, 2020, 03:50:32 pm "Soon, I fear refiners and wholesalers dumping product that has nowhere left to go."I would think that refinery's can slow down their processes to some extent, or take some 'streams' out of service for a period of time if there's nowhere for the product to go. Painful for all, but...? Maybe national leadership requests a 30% decrease (for example) from all refiners so the pain is shared equitably?$1.25 at Sam's in Northwest Arkansas yesterday afternoon.
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