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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.
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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

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2 hours ago, Lancaster said:

Notice what Canadian oil is fetching...

image.thumb.png.f6bea5b90dcae5f3e3d0aca032917241.png

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. 

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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.
 
Oil is still far too high
 
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.
 
oil
 
 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?
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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.
 
Oil is still far too high
 
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.
 
oil
 
 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

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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. 

 

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