nuckin_futz Posted March 13, 2020 Author Share Posted March 13, 2020 Saudi Arabia looking to charter 31 oil supertankers, up from 19 Wednesday Fri 13 Mar 2020 15:56:44 GMT Saudi Arabia just ruthless in this market share war Oil is down 13-cents on the day to $31.40 after rising as high as $33.87. Shipping data shows at least 5 of those headed for the US. Link to comment Share on other sites More sharing options...
Shift-4 Posted March 13, 2020 Share Posted March 13, 2020 18 minutes ago, nuckin_futz said: Saudi Arabia looking to charter 31 oil supertankers, up from 19 Wednesday Fri 13 Mar 2020 15:56:44 GMT Saudi Arabia just ruthless in this market share war Oil is down 13-cents on the day to $31.40 after rising as high as $33.87. Shipping data shows at least 5 of those headed for the US. Lots of fuel for the warships lol Link to comment Share on other sites More sharing options...
aGENT Posted March 13, 2020 Share Posted March 13, 2020 10 minutes ago, Shift-4 said: Lots of fuel for the warships lol Also a hell of a good time to buy low and stock pile. 1 Link to comment Share on other sites More sharing options...
nuckin_futz Posted March 13, 2020 Author Share Posted March 13, 2020 2 minutes ago, aGENT said: Also a hell of a good time to buy low and stock pile. Can't really stock pile oil for very long as it degrades. Link to comment Share on other sites More sharing options...
aGENT Posted March 13, 2020 Share Posted March 13, 2020 3 minutes ago, nuckin_futz said: Can't really stock pile oil for very long as it degrades. Yes it does. Doesn't mean they don't have reserves. https://en.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(United_States) Link to comment Share on other sites More sharing options...
nuckin_futz Posted March 13, 2020 Author Share Posted March 13, 2020 11 minutes ago, aGENT said: Yes it does. Doesn't mean they don't have reserves. https://en.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(United_States) Yes, a lot of countries do. They just rotate the oil every so often. 1 Link to comment Share on other sites More sharing options...
aGENT Posted March 13, 2020 Share Posted March 13, 2020 3 minutes ago, nuckin_futz said: Yes, a lot of countries do. They just rotate the oil every so often. Yup... good chat! Link to comment Share on other sites More sharing options...
otherwise Posted March 14, 2020 Share Posted March 14, 2020 personally know of layoffs already, possibly more by the end of the month. Link to comment Share on other sites More sharing options...
Ryan Strome Posted March 14, 2020 Share Posted March 14, 2020 21 hours ago, aGENT said: Also a hell of a good time to buy low and stock pile. You want to stockpile? Link to comment Share on other sites More sharing options...
Warhippy Posted March 15, 2020 Share Posted March 15, 2020 The free fall continues https://liveindex.org/commodities/ Link to comment Share on other sites More sharing options...
Warhippy Posted March 16, 2020 Share Posted March 16, 2020 And even more. Nobody is backing down https://finance.yahoo.com/news/billion-barrel-oil-flood-opec-000100983.html Link to comment Share on other sites More sharing options...
Lancaster Posted March 16, 2020 Share Posted March 16, 2020 Notice what Canadian oil is fetching... Link to comment Share on other sites More sharing options...
Warhippy Posted March 16, 2020 Share Posted March 16, 2020 32 minutes ago, Lancaster said: Notice what Canadian oil is fetching... Choices made 40 years ago causing issues now. 2 Link to comment Share on other sites More sharing options...
Boudrias Posted March 16, 2020 Share Posted March 16, 2020 2 hours ago, Lancaster said: Notice what Canadian oil is fetching... There are some producers being paid more than WTI. SGY for example. It depends what type of crude you are producing. Many companies hedged their down side by forward selling when WTI was in the $60’s. Link to comment Share on other sites More sharing options...
Standing_Tall#37 Posted March 16, 2020 Share Posted March 16, 2020 (edited) I’m just glad that the price at the pump is finally below $1.00/L in BC again. Edited March 16, 2020 by Standing_Tall#37 Link to comment Share on other sites More sharing options...
nuckin_futz Posted March 16, 2020 Author Share Posted March 16, 2020 Saudi Arabia will produce oil at maximum capacity, Aramco CEO says Mon 16 Mar 2020 12:50:02 GMT Oil is still far too high Oil demand is in the process of collapsing. I expect many people to fill up their tanks in the next few days on (irrational) scarcity fears but no one is going to be driving. Meanwhile, Saudi Arabia is flooding the market in what's clearly an effort to cripple private producers and send them into bankruptcy. I think that's coming. It was coming at $50 for much of shale and this is simply going to accelerate it. Storage is filling up and once it's full, there will be nowhere for the extra 10 mbpd of crude to go. We're going to see widespread shut-ins and only the companies with the strongest balance sheets will be able to survive it. Expect a rush lower if/when the 2016 low of $26.19 breaks. Saudi Aramco reports upstream lifting costs of $2.80 per barrel and upstream capex of $4.70 per barrel. Who wants to compete with that? Link to comment Share on other sites More sharing options...
Warhippy Posted March 16, 2020 Share Posted March 16, 2020 1 hour ago, nuckin_futz said: Saudi Arabia will produce oil at maximum capacity, Aramco CEO says Mon 16 Mar 2020 12:50:02 GMT Oil is still far too high Oil demand is in the process of collapsing. I expect many people to fill up their tanks in the next few days on (irrational) scarcity fears but no one is going to be driving. Meanwhile, Saudi Arabia is flooding the market in what's clearly an effort to cripple private producers and send them into bankruptcy. I think that's coming. It was coming at $50 for much of shale and this is simply going to accelerate it. Storage is filling up and once it's full, there will be nowhere for the extra 10 mbpd of crude to go. We're going to see widespread shut-ins and only the companies with the strongest balance sheets will be able to survive it. Expect a rush lower if/when the 2016 low of $26.19 breaks. Saudi Aramco reports upstream lifting costs of $2.80 per barrel and upstream capex of $4.70 per barrel. Who wants to compete with that? Ooofff The fragile 5 are in serious trouble Link to comment Share on other sites More sharing options...
Ryan Strome Posted March 16, 2020 Share Posted March 16, 2020 16 hours ago, Warhippy said: Choices made 40 years ago causing issues now. Lmao. Nice try. Link to comment Share on other sites More sharing options...
Warhippy Posted March 16, 2020 Share Posted March 16, 2020 41 minutes ago, Ryan Strome said: Lmao. Nice try. I'm not wrong. Link to comment Share on other sites More sharing options...
Ryan Strome Posted March 16, 2020 Share Posted March 16, 2020 49 minutes ago, Warhippy said: I'm not wrong. Well you live in a province that has cost Alberta and Ottawa a ton of money. So you didn't need to go back 40 years to a failed plan. Tell me what companies want to sell their product for less? Never mind I know the answer, it's no company. Link to comment Share on other sites More sharing options...
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