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nuckin_futz

Saudi Arabia declares oil price war on fellow OPEC (and non OPEC)members.

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7 minutes ago, CBH1926 said:

Big things will happen tomorrow in the stock market.

Going to need some Russian or American freedom bombs.

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1 minute ago, Ryan Strome said:

Going to need some Russian or American freedom bombs.

The only thing that will drop like a bomb tomorrow is stock market and people’s investments. 

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1 minute ago, CBH1926 said:

The only thing that will drop like a bomb tomorrow is stock market and people’s investments. 

I know, it's going to be very bad.

 

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28 minutes ago, Ryan Strome said:

Omg it's getting worse. Some are speculating 15$

Just hit a low of $16.31 on Western Canadian Select.

 

WTI just briefly took out $30 to a low of $29.73. Back above $30 (for now)

 

Sad times coming for the oil patch. :(

 

 

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2 minutes ago, nuckin_futz said:

Just hit a low of $16.31 on Western Canadian Select.

 

WTI just briefly took out $30 to a low of $29.73. Back above $30 (for now)

 

Sad times coming for the oil patch. :(

 

 

Omg.

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1 minute ago, nuckin_futz said:

Just hit a low of $16.31 on Western Canadian Select.

 

WTI just briefly took out $30 to a low of $29.73. Back above $30 (for now)

 

Sad times coming for the oil patch. :(

 

 

How bad do you think tomorrow will be?

 

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S&P futures are locked limit down -5%. They cannot go any lower during the overnight session. Tomorrow the first circuit breaker kicks in at -7%. I believe that brings on a 30 minute halt in trading. Next circuit breaker (I believe) is at -13% that brings on a 1 hr halt, next halt is at -20% and trading is done for the day.

 

The circuit breakers were tightened after the Great Recession. They use to be -10%, -20%, -30%. I don't think I have ever seen a circuit breaker come into play.

 

 

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Empty 55 gallon drum barrel is $33.45 at Home Depot, let’s compare that to oil prices.

 

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10 minutes ago, nuckin_futz said:

S&P futures are locked limit down -5%. They cannot go any lower during the overnight session. Tomorrow the first circuit breaker kicks in at -7%. I believe that brings on a 30 minute halt in trading. Next circuit breaker (I believe) is at -13% that brings on a 1 hr halt, next halt is at -20% and trading is done for the day.

 

The circuit breakers were tightened after the Great Recession. They use to be -10%, -20%, -30%. I don't think I have ever seen a circuit breaker come into play.

 

 

Last time they used them was 2 years after 1987 crash.

Yikes!

  • Hydration 1

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Posted (edited)
27 minutes ago, CBH1926 said:

How bad do you think tomorrow will be?

 

I think WTI is definitely going to to the 2016 low of $26. Most likely $20. Honestly, I see no reason to go long oil now. Unless Russia comes back to the table and agrees to cuts, but i think we're way beyond that now. Saudi Arabia has decided to go nuclear. There's no going back from that.

 

Western Canadian Select just hit a low of $14.50/barrel. It's currently $15.15  -46%

 

 

 

 

wti.jpg]

 

I really think Mohammad Bin Salman must have a price on his head now. I guess this is what happens when you get to chop people up with a bone saw and there are no repercussions. You tend to think you can do anything.

Edited by nuckin_futz
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2 minutes ago, CBH1926 said:

Last time they used them was 2 years after 1987 crash.

Yikes!

That explains why I have never seen them come into play. I was in grade school back then.

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At what point does someone decide Saudi Arabia needs a regime change and invades?

  • Hydration 1

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And of course interest rates are inevitably going lower. The yield on the US 10 yr Tbill going to an all time low.

 

 

us10.jpg

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20 minutes ago, nuckin_futz said:

I think WTI is definitely going to to the 2016 low of $26. Most likely $20. Honestly, I see no reason to go long oil now. Unless Russia comes back to the table and agrees to cuts, but i think we're way beyond that now. Saudi Arabia has decided to go nuclear. There's no going back from that.

 

Western Canadian Select just hit a low of $14.50/barrel. It's currently $15.15  -46%

 

 

 

 

wti.jpg]

 

I really think Mohammad Bin Salman must have a price on his head now. I guess this is what happens when you get to chop people up with a bone saw and there are no repercussions. You tend to think you can do anything.

 

15 minutes ago, King Heffy said:

At what point does someone decide Saudi Arabia needs a regime change and invades?

 

phl03.jpg

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2 hours ago, nuckin_futz said:

And of course interest rates are inevitably going lower. The yield on the US 10 yr Tbill going to an all time low.

 

 

us10.jpg

They had no choice but to go as hard as they did to seriously affect the US.  While many producers are working in the red right now there's still enough of a margin to keep them afloat.  With numbers this low even lower interest rates won't save them for long.  A prolonged push by the Saudis and Russians will be met by a push back from the Americans.  If that persisted for even two weeks it would shatter supply records.  It wouldn't matter what level of open pipelines there were in North America, there would be no room to force more oil through them.

 

Tick.  Tock.  That's how the stock drops.  

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Luckily we have our commander in chief staying on top of this crisis.

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Those of us that own stocks better grab biggest tub of lube today. Do not use hand sanitizer unless you are Sanders fan and like to "feel the bern" 

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