Walt Longmire Posted April 20, 2020 Share Posted April 20, 2020 Under $2.00 a barrel. 1 Link to comment Share on other sites More sharing options...
UHLAWPUP Posted April 20, 2020 Share Posted April 20, 2020 (edited) 16 minutes ago, Walt Longmire said: Under $2.00 a barrel. That’s not a bargain. Two dollars, and then you have to build a refinery to use it. (Sorry. Couldn’t resist. I have a keyboard just like that.) ETA Wait! You weren’t kidding. I just looked at the futures. Wow! Edited April 20, 2020 by UHLAWPUP 1 Link to comment Share on other sites More sharing options...
PPQer Posted April 20, 2020 Share Posted April 20, 2020 It's almost funny. Crude contracts expire tomorrow, and people are going to have to take physical delivery of the oil if they can't get out, and there is nowhere to store it. So now they are paying people to take it off their hands. 1 Link to comment Share on other sites More sharing options...
Historian Posted April 20, 2020 Share Posted April 20, 2020 At this point it costs more to make it than sell it. It's going to be hell on Alaska's taxes. 1 Link to comment Share on other sites More sharing options...
Walt Longmire Posted April 20, 2020 Author Share Posted April 20, 2020 32 minutes ago, Historian said: At this point it costs more to make it than sell it. It's going to be hell on Alaska's taxes. Alaska needs 60 a barrel to pay for our inflated government. 2 Link to comment Share on other sites More sharing options...
Huaco Kid Posted April 20, 2020 Share Posted April 20, 2020 Didn't a Crown Prince intentionally do it, by cutting prices and increasing output, in an attempt to jack-up Russia? Good timing! Won't that take out a large portion of OPEC nations, with it? Like an upside-down hockey stick? Damn Trump!! 1 1 Link to comment Share on other sites More sharing options...
Dric902 Posted April 20, 2020 Share Posted April 20, 2020 Time to buy in 1 Link to comment Share on other sites More sharing options...
tadbart Posted April 20, 2020 Share Posted April 20, 2020 4 minutes ago, Dric902 said: Time to buy in yes, but how? oil futures? individual stocks like XOM? is there a mutual fund in the sector? Link to comment Share on other sites More sharing options...
Dric902 Posted April 20, 2020 Share Posted April 20, 2020 19 minutes ago, tadbart said: yes, but how? oil futures? individual stocks like XOM? is there a mutual fund in the sector? Here’s a primer https://classroom.synonym.com/buy-crude-oil-stocks-23852.html . 1 Link to comment Share on other sites More sharing options...
willie-pete Posted April 20, 2020 Share Posted April 20, 2020 (edited) 33 minutes ago, tadbart said: yes, but how? oil futures? individual stocks like XOM? is there a mutual fund in the sector? There are a number of Oil ETF's ( Exchange Traded Fund - like a mutual fund but traded in real time ). I would go with an ETF over individual stocks. USO and XLE are a couple of well knowns. https://www.etf.com/channels/oil-etfs Edited April 20, 2020 by willie-pete 1 Link to comment Share on other sites More sharing options...
EdTracker Posted April 20, 2020 Share Posted April 20, 2020 Time to fill the national reserves to the rim! 2 1 Link to comment Share on other sites More sharing options...
Al Czervik Posted April 21, 2020 Share Posted April 21, 2020 Yeah, sucks to be me. Link to comment Share on other sites More sharing options...
Walt Longmire Posted April 21, 2020 Author Share Posted April 21, 2020 48 minutes ago, EdTracker said: Time to fill the national reserves to the rim! I don't know about the National reserves, but refinery capacity is maxed out. 1 Link to comment Share on other sites More sharing options...
holyjohnson Posted April 21, 2020 Share Posted April 21, 2020 4 hours ago, Huaco Kid said: Didn't a Crown Prince intentionally do it, by cutting prices and increasing output, in an attempt to jack-up Russia? Good timing! Won't that take out a large portion of OPEC nations, with it? Like an upside-down hockey stick? Damn Trump!! our OPEC "Allies" may have to cut funding to the more Radical of their Religious charities... 1 Link to comment Share on other sites More sharing options...
Huaco Kid Posted April 21, 2020 Share Posted April 21, 2020 7 hours ago, Walt Longmire said: Alaska needs 60 a barrel to pay for our inflated government. I've heard that that's about what the PA fracking guys need to stay profitable. 2 Link to comment Share on other sites More sharing options...
railfancwb Posted April 21, 2020 Share Posted April 21, 2020 10 hours ago, PPQer said: It's almost funny. Crude contracts expire tomorrow, and people are going to have to take physical delivery of the oil if they can't get out, and there is nowhere to store it. So now they are paying people to take it off their hands. Southwest Airlines supposedly was successful in its early growing years because it bought futures in jet fuel. Unlike most players in that market they could take delivery. 1 Link to comment Share on other sites More sharing options...
Dric902 Posted April 21, 2020 Share Posted April 21, 2020 That could mean potentially enormous implications for U.S. foreign policy, as administrations have for decades viewed energy security and national security as being inexorably tied. “If we continue where we are with these low prices, we’ll see a big decline in U.S. oil production. It will no longer be number one,” Dan Yergin, energy expert and vice chairman of IHS Markit, told CNBC’s “Capital Connection” on Monday. The U.S. became the top oil producer globally, surpassing the output of Saudi Arabia and Russia, in 2018 thanks to the shale oil boom. A world increasingly in lockdown over the coronavirus crisis and the oil price war set off between Saudi Arabia and Russia in early March have brought crude prices down more than 65% year-to-date, with global benchmark Brent crude trading at just $22.78 per barrel and West Texas Intermediate at $20.39 per barrel on Monday morning London time, their lowest levels in nearly two decades. https://www.cnbc.com/2020/03/30/coronavirus-oil-crash-the-us-is-set-to-lose-top-oil-producer-title-yergin-says.html very interesting read. SA has been in control of oil production since the energy crisis of the Carter administration. Since adding Russia to OPEC, their control has been more difficult. the margin on gas is really thin, we could see a lot of filling stations fail or expand even more into the “quickie mart” with pumps out front. .. Link to comment Share on other sites More sharing options...
railfancwb Posted April 21, 2020 Share Posted April 21, 2020 37 minutes ago, Dric902 said: That could mean potentially enormous implications for U.S. foreign policy, as administrations have for decades viewed energy security and national security as being inexorably tied. “If we continue where we are with these low prices, we’ll see a big decline in U.S. oil production. It will no longer be number one,” Dan Yergin, energy expert and vice chairman of IHS Markit, told CNBC’s “Capital Connection” on Monday. The U.S. became the top oil producer globally, surpassing the output of Saudi Arabia and Russia, in 2018 thanks to the shale oil boom. A world increasingly in lockdown over the coronavirus crisis and the oil price war set off between Saudi Arabia and Russia in early March have brought crude prices down more than 65% year-to-date, with global benchmark Brent crude trading at just $22.78 per barrel and West Texas Intermediate at $20.39 per barrel on Monday morning London time, their lowest levels in nearly two decades. https://www.cnbc.com/2020/03/30/coronavirus-oil-crash-the-us-is-set-to-lose-top-oil-producer-title-yergin-says.html very interesting read. SA has been in control of oil production since the energy crisis of the Carter administration. Since adding Russia to OPEC, their control has been more difficult. the margin on gas is really thin, we could see a lot of filling stations fail or expand even more into the “quickie mart” with pumps out front. .. For some time the major function of the pumps has been to get people into the store. 3 Link to comment Share on other sites More sharing options...
Walt Longmire Posted April 21, 2020 Author Share Posted April 21, 2020 1 hour ago, railfancwb said: For some time the major function of the pumps has been to get people into the store. A very good friend of mine owned a station for about 30 years. He said he barely made enough off the fuel to pay a cashier to stand behind the counter. His bread and butter was out in the shop making repairs. He recently sold the station and opened a mechanic shop. He likes this set up much better. 2 Link to comment Share on other sites More sharing options...
Huaco Kid Posted April 21, 2020 Share Posted April 21, 2020 In NJ, you need a license / permit to pump gas. Some people put a single pump in their front yard, you pull in, blow your horn, and some greasy drunk guy comes out and pumps it. I always fill up before crossing the NJ state line. 1 Link to comment Share on other sites More sharing options...
Dric902 Posted April 21, 2020 Share Posted April 21, 2020 Trump floats funding for oil after historic market loss President Trump on Tuesday floated providing funds for the oil and gas industry after oil saw its largest market drop in history the day prior, with prices sliding to as low as negative $40 per barrel. "We will never let the great U.S. Oil & Gas Industry down," Trump tweeted. "I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future https://thehill.com/policy/energy-environment/493846-trump-floats-funding-for-oil-after-historic-market-loss . Link to comment Share on other sites More sharing options...
railfancwb Posted April 21, 2020 Share Posted April 21, 2020 Hopefully some are now paying for the privilege of pumping oil into the strategic reserves. 1 Link to comment Share on other sites More sharing options...
Huaco Kid Posted April 21, 2020 Share Posted April 21, 2020 8 hours ago, railfancwb said: Hopefully some are now paying for the privilege of pumping oil into the strategic reserves. Make Mexico pay for it! 1 Link to comment Share on other sites More sharing options...
tadbart Posted April 22, 2020 Share Posted April 22, 2020 On 4/20/2020 at 7:22 PM, willie-pete said: There are a number of Oil ETF's ( Exchange Traded Fund - like a mutual fund but traded in real time ). I would go with an ETF over individual stocks. USO and XLE are a couple of well knowns. https://www.etf.com/channels/oil-etfs Gonna dive into these pretty intensely over the next week. First purchase this evening. Thank you. When there's blood in the streets, BUY BUY BUY. 2 Link to comment Share on other sites More sharing options...
willie-pete Posted April 22, 2020 Share Posted April 22, 2020 34 minutes ago, tadbart said: Gonna dive into these pretty intensely over the next week. First purchase this evening. Thank you. When there's blood in the streets, BUY BUY BUY. Average out your purchases -don’t jump in all at once. There is plenty of blood flowing down the streets, but there could be plenty more later. Good Luck. 1 Link to comment Share on other sites More sharing options...
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