Crude opened @ -$4.77 Yesterday was below that by far wow......
:thinking:Now would be a good time to fill our home heating tanks!!! :idea:
That's only the price for the futures contract that closes today. So anyone holding the paper today will end up with a phone call tomorrow asking "where do you want your oil delivered?". People would rather pay to not have it delivered to a place they have nowhere to store it so that's why the negative price. The June contracts are at $14.30. Still WAY to low for most oil companies to survive.
The July contract is at $23.42 so the market is expecting some demand for oil to come back.
Quote from: Cuda Cody on April 21, 2020, 07:07:09 AM
That's only the price for the futures contract that closes today. So anyone holding the paper today will end up with a phone call tomorrow asking "where do you want your oil delivered?". People would rather pay to not have it delivered to a place they have nowhere to store it so that's why the negative price. The June contracts are at $14.30. Still WAY to low for most oil companies to survive.
The July contract is at $23.42 so the market is expecting some demand for oil to come back.
Great summary!
So we should be able to fill up our cars and get paid a couple bucks? :banana:
I'm thinking this might be a buying opportunity. Anytime oil has dropped this low, it didn't stay that way for long.
Unfortunately, I have NO experience in the commodities market. So take what I say with a grain of salt.
I need to do research on the commodities. I just might want to buy in here.
Quote from: MEK-Dangerous on April 21, 2020, 12:52:57 PM
I'm thinking this might be a buying opportunity. Anytime oil has dropped this low, it didn't stay that way for long.
Unfortunately, I have NO experience in the commodities market. So take what I say with a grain of salt.
I need to do research on the commodities. I just might want to buy in here.
Agreed, has to go up, the timeframe is the only issue
Wade, I can't believe you remembered my cruise from heck that went up in flames.
That picture is so funny, but it was 2:30 in the morning, so we couldn't actually see the smoke coming out the back.
Anybody get heart? Ship sink? :o
Quote from: JS29 on April 21, 2020, 01:19:24 PM
Anybody get heart? Ship sink? :o
No, but the seven day cruise stopped at day 3 when they flew us home.
Did they make things right with the passengers? :alan2cents:
I'm hoping someone in the states is taking the opportunity to build up some reserves right now! Things are interesting in the refinery side of the business right now. Usually pump prices lag oil prices so we make lots of money during these times. Problem is we don't have enough storage for our finished products either! Demand is so low we can't sell anything! Diesel is still going strong, but gasoline and Jet fuel to the airports suck right now
"Usually pump prices lag oil prices so we make lots of money during these times" Funny that, eh? I don't think it takes 10 minutes between when the price of crude goes up 5 cents a barrel before the pump price goes up 10 cents a gallon. Nothing personal, but I just can't find it in my heart to feel sorry for the oil companies- who've got so much fuel that they can't find enough places to stash it! Here's an idea, why not just sell it cheap, because you got it cheap, and everybody will be happy. :alan2cents:
Quote from: MEK-Dangerous on April 21, 2020, 02:11:22 PM
No, but the seven day cruise stopped at day 3 when they flew us home.
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I heard MEK brought a Banana onboard. :console:
Banana's are bad luck. :stop: :rofl:
Quote from: JS29 on April 21, 2020, 02:43:47 PM
Did they make things right with the passengers? :alan2cents:
Yes. We got our money back. Then a certificate for a discount if we took another cruise within the next year. I tore it up.
I have not been on a cruise since. :no:
I guess it's easy for someone to complain about fuel prices when your not working 60-70 hour weeks in one of the most dangerous and taxing work environments in the world. I wish most people understood how many people were breaking their backs to make that gallon of gas accessible. Ive spent weeks away from my family in the Gulf of Mexico, worked months of 14 days on, one day off on a turnaround trying to get a unit inspected and repaired, and much more... we're doing a lot more than just scratching our asses and boiling oil. You probably need to research oil and gas marketing and the workings of our supply chain to understand how prices are determined and who determines it before coming up with ideas like that. If you think refiners are price gouging at the expense of the public you're sadly mistaken. We've had a lot of years with zero profits while prices at the pump stayed at all time highs.
It's been said, We need more refinery's. I believe that. :alan2cents:
It was my understanding that the EPA was the snag in building new facilities. :notsure:
Of course they are! tree hugging freaks getting there way. :pullinghair: