Keep us updated how that all plays out
WTI crude just hit negative $40 a barrel
- Thread starter scott9050
- Start date
You buy any?
of course I did. I'm all in to win. in fact, this shit is going to make me lots and lots of tendies.
in fact, I might dump in more cash this week. my money does no good sitting in the checking account. hell, savings accounts dont pay jack shit either ....
Sticky pricing at its best (worst?).
Watched people get escorted off of oil sites yesterday
they are shutting in millions and millions of barrels of oil/ water here in west Texas
All those praising low gas prices ... just wow
they are shutting in millions and millions of barrels of oil/ water here in west Texas
All those praising low gas prices ... just wow
Even June contracts are taking a heck of a hit now too.
Nothing wrong with people enjoying low gas prices, they get no say in the oil games being played.
enjoy them.. because certain parts of the country are about to get crippled
Tanker names extend gains on oil glut, bankruptcies
Apr. 21, 2020 11:22 AM ET|About: Nordic American Tankers Lim... (NAT)|By: Carl Surran, SA News Editor
Tanker stocks including North American Tankers (NAT +11.7%) and Teekay Corp. (TK +6.9%) continue their climb higher, as the oil supply glut and lack of coordinated efforts to slow the flow of crude have helped fuel one of the strongest-ever crude tanker markets.
The shipping spot market "is going to stratospheric levels," Euronav (EURN -0.7%) CEO Hugo de Stoop tells Bloomberg. "We think it will go higher and higher, simply because there are more and more ships which are being taken out of the fleet for storage purposes."
Recent bankruptcy filing by Ocean Tankers and parent company Hin Leong Trading could disrupt supply and keep rates elevated over the near term, Bloomberg Intelligence says.
Regarding the bankruptcies, Jefferies analyst Randy Giveans says "if these vessels are tied up for legal reasons, this could add fuel to the fire for VLCC rates."
Apr. 21, 2020 11:22 AM ET|About: Nordic American Tankers Lim... (NAT)|By: Carl Surran, SA News Editor
Tanker stocks including North American Tankers (NAT +11.7%) and Teekay Corp. (TK +6.9%) continue their climb higher, as the oil supply glut and lack of coordinated efforts to slow the flow of crude have helped fuel one of the strongest-ever crude tanker markets.
The shipping spot market "is going to stratospheric levels," Euronav (EURN -0.7%) CEO Hugo de Stoop tells Bloomberg. "We think it will go higher and higher, simply because there are more and more ships which are being taken out of the fleet for storage purposes."
Recent bankruptcy filing by Ocean Tankers and parent company Hin Leong Trading could disrupt supply and keep rates elevated over the near term, Bloomberg Intelligence says.
Regarding the bankruptcies, Jefferies analyst Randy Giveans says "if these vessels are tied up for legal reasons, this could add fuel to the fire for VLCC rates."
OPEC debating additional production cuts beyond initial deal - WSJ
Apr. 21, 2020 10:59 AM ET|About: The United States Oil ETF, LP (USO)|By: Carl Surran, SA News Editor
Saudi Arabia and other OPEC members are considering cutting their oil production as soon as possible, rather than waiting until next month when the group's production agreement with the U.S. and Russia is set to begin, WSJ reports.
The damage from the Saudi-Russia price war remains: ~80 supertankers out of 750 worldwide are now used to store oil rather than transport it, according to Saudi officials, and the amount of oil in storage at sea rose by 21Mn barrels to 147.6M in the week to April 19, according to commodities data provider Kpler.
At least 18 Saudi-hired supertankers are due to arrive next month in the U.S. - which is experiencing lockdowns that did not exist when the oil was sold in March - so with the remaining 10M barrels of unused capacity at the Cushing, Okla., storage hub likely to fill up in the coming weeks, Saudi ships "are looking increasingly ripe to be rerouted and will likely park as floating storage until a buyer emerges" when they arrive in the U.S., RBC analysts say.
Apr. 21, 2020 10:59 AM ET|About: The United States Oil ETF, LP (USO)|By: Carl Surran, SA News Editor
Saudi Arabia and other OPEC members are considering cutting their oil production as soon as possible, rather than waiting until next month when the group's production agreement with the U.S. and Russia is set to begin, WSJ reports.
The damage from the Saudi-Russia price war remains: ~80 supertankers out of 750 worldwide are now used to store oil rather than transport it, according to Saudi officials, and the amount of oil in storage at sea rose by 21Mn barrels to 147.6M in the week to April 19, according to commodities data provider Kpler.
At least 18 Saudi-hired supertankers are due to arrive next month in the U.S. - which is experiencing lockdowns that did not exist when the oil was sold in March - so with the remaining 10M barrels of unused capacity at the Cushing, Okla., storage hub likely to fill up in the coming weeks, Saudi ships "are looking increasingly ripe to be rerouted and will likely park as floating storage until a buyer emerges" when they arrive in the U.S., RBC analysts say.
They did a reverse stock split that became effective today. I’ll just say I made out well
Texas Waha nat gas price negative now but forwards at multiyear highs
Apr. 21, 2020 10:42 AM ET|About: Natural Gas Futures (NG1:COM)|By: Carl Surran, SA News Editor
Spot natural gas prices (NG1:COM) at the Permian Basin's Waha hub have dropped to their lowest in a year, but longer-term Waha forwards are trading at multiyear highs on expectations that gas supplies will fall as record low crude prices cause energy firms to cut rigs.
According to Reuters, next-day prices at Waha tumbled to an average -$3.67/MMBtu, but Waha forwards averaged $1.50/MMBtu for the balance of 2020 and $2.01/MMBtu for 2021, which would be the highest for a year since 2018.
The numbers compare with an average of $0.42/MMBtu so far in 2020, $0.91 in 2019, $2.10 in 2018 and a five-year average of $2.12.
IHS Markit has said U.S. gas volumes associated with the production of crude oil could fall by 8B-10B cf/day by the end of 2021, noting associated gas accounts for about a third of the country's total 96B cf/day of gas output.
Apr. 21, 2020 10:42 AM ET|About: Natural Gas Futures (NG1:COM)|By: Carl Surran, SA News Editor
Spot natural gas prices (NG1:COM) at the Permian Basin's Waha hub have dropped to their lowest in a year, but longer-term Waha forwards are trading at multiyear highs on expectations that gas supplies will fall as record low crude prices cause energy firms to cut rigs.
According to Reuters, next-day prices at Waha tumbled to an average -$3.67/MMBtu, but Waha forwards averaged $1.50/MMBtu for the balance of 2020 and $2.01/MMBtu for 2021, which would be the highest for a year since 2018.
The numbers compare with an average of $0.42/MMBtu so far in 2020, $0.91 in 2019, $2.10 in 2018 and a five-year average of $2.12.
IHS Markit has said U.S. gas volumes associated with the production of crude oil could fall by 8B-10B cf/day by the end of 2021, noting associated gas accounts for about a third of the country's total 96B cf/day of gas output.
Pretty bad when one of the largest oil companies in the world won’t make public how many people they laid off on Saturday
Almost as if they predicted this....
Almost as if they predicted this....
Not being sarcastic, but whom was the company and how many people laid off?
from what I’ve been told it was Exxon and 1500 people. I think they eliminated 12 in Nigeria yesterday and a few more around the world.
Smaller services companies like BTA fired their contractors on the spot after shutting in the wells yesterday.
Hell they are literally going frack and cap off the new wells that were about to open up
$1.99 for regular in Jupiter today.
The Saudi's keep sending over full supertankers and they will kill off the frackers 100%.
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