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Oil is below zero JFC.
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Gonna need to throw in a second ham sammich, bag of flaming hot cheetos, and a Dr. pepper in order for me to take that there barrel of oil, sirComment
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With storage nearly full, producers (domestic and international) might actually have to shut down pumping. That could really crater the stock market. Maybe that's why Trump is pushing for early stay-at-home restrictions to be lifted. Get people back on the road and commuting 50-100 miles a day.
Upside is Russia gets seriously hosed, depending on oil and gas sales for 55% of federal spending. Too bad China isn't similarly affected.“Outside of a dog, a book is a man's best friend. Inside of a dog, it's too dark to read.” - Groucho MarxComment
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Negative $35 per barrel.
I'll give you two Michigan vs. Minnesota tickets and a 2-liter of Coke to take a barrel of oil from me..
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I think Dave Brandon IS running OPEC.“Outside of a dog, a book is a man's best friend. Inside of a dog, it's too dark to read.” - Groucho MarxComment
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Some speculator who doesn't actually run crude oil for a refinery probably went way long and is now getting fucked in the ass.Comment
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Eh, the stock of most shale drillers is close to worthless as it is. The day of reckoning is just about here for shale companies that ran up their debt in the glory years (2006-2014) thinking that oil had reached a semi-permanent plateau above $80. And truth is Energy represents a smaller and smaller part of the national economy. Its importance is more in a national security sense.Originally posted by Ghengis Jon View Post
I'd be very curious to know how many shale drillers who launched an IPO in the past decade actually turned out to be a good buy for their investors (the ones not writing off losses I should say). My guess is very few. Maybe if you had sold it all back when oil was near $100.Comment
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Think of all of the shale producers who have contracts as a discount to WTI.Comment
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Looks like Russia picked the wrong time to have an oil war with Saudi."What you're doing, speaks so loudly, that I can't hear what you are saying"Comment
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Oil will be back up to around $20pb on Tuesday. As I've seen it explained, futures contracts expired today. New ones will be signed for June on Tuesday. Nothing has changed in the oil market WRT demand or COVID. Holders of the expiring contracts are actually paying buyers to take oil off their hands as storage capacity is reached. That explains the negative pb dollar number for oil.Mission to CFB's National Championship accomplished. JH chased Saban from Alabama and caused Day, at the point of the OSU AD's gun, to make major changes to his staff just to beat Michigan. Love it. It's Moore!!!! timeComment
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Yes. That is true. But what'll be nerve-wracking is seeing if the price under the June contract slowly falls as the days go by as well. If you didn't have the storage space today to buy oil at only $1 a barrel, how much space do you expect to have 3 days from now and pay $20 to fill it? Next week? Or next month around this time? Air traffic is down 90%. Significantly fewer people are filling their tanks on a regular basis. We have a very big oversupply problem at the momentOriginally posted by Jeff Buchanan View PostComment
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Imagine going back to December, 2014 and predicting which of these events would happen first, second and last...
1. Jim Harbaugh beats Ohio State
2. Donald Trump becomes President
3. Oil falls below $0.Comment
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If you fill up a 30,000 gallon swimming pool with WTI you can flip it and make about $35,000 profit next month!Comment
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Georgia opens ..... well, sort-of. But, it's way more open than how I read the federal guidelines published in the Reopen America Plan.
In two weeks, maybe sooner, this is going to inform states who are sitting on the fence. Interesting times and I'm cheering for only a modest increase in new cases and deaths, in other words NOT what the anti-opener crowd is saying will happen..... and I know, sounds goolish but I'm telling you, the US either opens its businesses and factories, accepts the downsides or creates an unrecoverable economic disaster.
Related, the mayor of Miami-Dade Co. (yes the county and the city of Miami have mayors - go figure) convened a town hall meeting today to consider reopening parks, golf course and public boat ramps.
I have to point out that I have an interest in a sailboat that is docked in one of Miami's City Marinas/boat ramps. The Marina has been closed since March15th after the bad national press S. FL got from all the boats anchored partying on the "sandbar." Privately owned docks have no restrictions at all. The owner of the company that provides the boat I have an interest in, sued the city of Miami and the suit was supposed to be heard today by the district court it was filed in.
I don't think he was alone but the suit alleged the closing of city Marinas and boat ramps was both discriminatory and an illegal act beyond the authority of the Miami-Dade Co. mayor's authority. I have a feeling this Town Hall meeting is convenient political cover for the mayor who will re-open certain facilities, including City Marinas sometime within the next 48h.
https://www.marketwatch.com/story/ge...wsviewer_clickMission to CFB's National Championship accomplished. JH chased Saban from Alabama and caused Day, at the point of the OSU AD's gun, to make major changes to his staff just to beat Michigan. Love it. It's Moore!!!! timeComment
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Jeff
As this former member of the Trump national security team points out, Georgia's cases aren't even on a clearly downward trajectory, let alone on one for 14 days. So he's effectively ignoring the first federal guideline. As you have noted, this Governor claimed to have had no idea the disease could be passed asymptomatically until two weeks ago.
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