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Post by CalgaryPotter on Apr 20, 2020 19:26:19 GMT
Seen a lot of comments on the coronavirus thread but thought it better to have its own.
West Texas at negative $30 a barrel right now, a 300% drop on the day.
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Post by partickpotter on Apr 20, 2020 19:33:35 GMT
Seen a lot of comments on the coronavirus thread but thought it better to have its own. West Texas at negative $30 a barrel right now, a 300% drop on the day. How is that affecting the shale oil industry over there (meaning North America).
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Post by CalgaryPotter on Apr 20, 2020 19:36:18 GMT
Seen a lot of comments on the coronavirus thread but thought it better to have its own. West Texas at negative $30 a barrel right now, a 300% drop on the day. How is that affecting the shale oil industry over there (meaning North America). Service sector is getting absolutely pummelled. Job losses are off the charts. Producers are able to hedge so will most likely still be getting $50+ per barrel. Once the hedges roll off they'll be screwed too.
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Post by salopstick on Apr 20, 2020 19:44:10 GMT
I hope they start paying me to stick diesel in my van
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Oil Price
Apr 20, 2020 20:31:44 GMT
via mobile
Post by followyoudown on Apr 20, 2020 20:31:44 GMT
I hope they start paying me to stick diesel in my van Sadly not going to happen I have just cancelled my purchase order for a supertanker hire.. the above thread on twitter kinda of explains I dont really get it 100% but after reading it once I have decided I 100% dont care
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Oil Price
Apr 20, 2020 21:39:33 GMT
via mobile
Post by telfordstoke on Apr 20, 2020 21:39:33 GMT
Just read the negative price and thought great free diesel but clearly not that simple .
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Post by felonious on Apr 21, 2020 4:29:21 GMT
Just read the negative price and thought great free diesel but clearly not that simple . 60 pence a litre is taxation to start with.
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Post by raythesailor on Apr 21, 2020 7:00:52 GMT
I read somewhere that this drop was at the time being deliberately engineered by over production and was intended and has succeeded in destroying the US fracking industry. It may be a conspiracy theory with no truth, but at the time despite low demand Russia and Saudi were over producing. Fall in demand has now taken over with the same result.
I like many others filled my car up before and as this was all starting. Big mistake my car hasn’t moved off the drive for over two months. I have SORN’d it. 😳⚓️
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Oil Price
Apr 21, 2020 7:06:15 GMT
via mobile
Post by chuffedstokie on Apr 21, 2020 7:06:15 GMT
I've got spare capacity in my car, as soon as diesel hits double figures I'll take advantage. Unfortunately there's only one petrol station in this town so they've got a monopoly. Still need the car to get to work.
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Post by chrisgal on Apr 21, 2020 8:44:53 GMT
My Shell oil shares have gone down £10 each this year that is about 50%. Oil prices have plummeted. Why is fuel still about the same price? I appreciate that there are refinery costs etc. but surely the raw material price should have an effect on pump prices. Someone is raking it in somewhere.
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Post by Deleted on Apr 21, 2020 11:40:47 GMT
Must be about time for the Venezuelan intelligence agency to arrange a political coup in America I reckon.....
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Post by CalgaryPotter on Apr 21, 2020 20:58:41 GMT
I read somewhere that this drop was at the time being deliberately engineered by over production and was intended and has succeeded in destroying the US fracking industry. It may be a conspiracy theory with no truth, but at the time despite low demand Russia and Saudi were over producing. Fall in demand has now taken over with the same result. I like many others filled my car up before and as this was all starting. Big mistake my car hasn’t moved off the drive for over two months. I have SORN’d it. 😳⚓️ OPEC controls world oil prices and can literally increase production at the drop of a hat. There are a few theories out there but for me the logical one is Russia being pissed at being asked to continually reduce production as the US was fracking the living daylights out of the Permian. Russia refuses thereby creating a rift in the OPEC+ alliance and the Saudi's retaliate as they can by flooding the market. It does no good to them as they have ridiculous social programs to fund but they do have the lowest production costs on the planet, the Russians cannot survive with low oil price's for too long (although they were effectively the only ones who could have predicted the oil price war and recouped losses on futures) and the US will be the huge casualty as the taps have been turned off. End result, Russia punish US.
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