Oil Prices ?????????

[E. Bryant]

I thought we were energy independent? Why did we have Saudi oil arriving in the US? Im sure my definition of (energy Independent) is not what it actually means...

Flood Of Saudi Oil To Hit U.S. Shores As Prices Hit $10 | OilPrice.com

The highest number of Saudi oil shipments in years are making their way to the United States this month, threatening to make an already dire situation in the U.S. oil industry even worse

oilprice.com

World market, fungible commodity, different grades, yada yada yada.

We could decouple from the world oil market and prop up our inefficient and unsustainable oil extraction industry. We'd also end the petrodollar concept with such a move. That might be an extremely poor trade-off, but I'm confident that our leadership is bold enough to at least consider the idea (which might be enough by itself to end the dollar's reign as the world's reserve currency).

I bet that Jarad Kushner is logging a lot of government air miles to the Kingdom lately to have "very important" conversations with his buddies, and I'm very confident that it's only being done to further the interests of the American public. Right?

 

[hollowoutadime]

Follow USO and read the comments on the yahoo finance page. Just don't buy it (consider shorting it, but that's risky too). Cushing is about full and there aren't any supertankers available. I expect this glut to remain.

 

[FS1]

Just start a rumor that WTI and only WTI contains the chems needed to cure Corona.

 

[Greg Langelius *]

Oil is neither going to go away nor become unfashionable. It's just artificially priced below normal due to unscrupulous manipulation of the supply by Russia and the Saudis.

This imbalance is a deliberate and calculating move by those entities to gut the current exporter status of American Oil. They are deliberately torpedoing American Oil production's ability to grant this nation energy independence. It also hinges on the temporary weakness of our economy, and is intended to exacerbate that weakness. This all depend upon the acquiescence of the Congressional Left.

This is a deliberate act of war that hinges upon the reluctance of the USA to engage in open military conflict; the very definition of the term brinkmanship, made intolerably despicable during the current pandemic. This is an open invitation to Global Armed Conflict.

For as long as the left enjoys a Congressional majority, these entities will simply keep turning up the wick. We are experiencing the end game of the Soviet Maskirovka which has been in play since the 1950's. We are about one or two moves away from Martial Law and Mobilization. (See Deep Operation. The Cold War has never ended, it's simply moved more directly onto our own shores.)

The antics of the American Left are a deliberate destabilization of this Nation, part and parcel of the external irritations. They flirt with this while just skirting with Martial Law which they rightly understand would end with their facing firing squads for treasonous acts.

All of this shit is above our pay grades.

Hang on, we're in for the bumpy part of the ride.

Greg

 

[bigsky23]

Oil is neither going to go away nor become unfashionable. It's just artificially priced below normal due to unscrupulous manipulation of the supply by Russia and the Saudis.

This imbalance is a deliberate and calculating move by those entities to gut the current exporter status of American Oil. They are deliberately torpedoing American Oil production's ability to grant this nation energy independence. It also hinges on the temporary weakness of our economy, and is intended to exacerbate that weakness. This all depend upon the acquiescence of the Congressional Left.

This is a deliberate act of war that hinges upon the reluctance of the USA to engage in open military conflict; the very definition of the term brinkmanship, made intolerably despicable during the current pandemic. This is an open invitation to Global Armed Conflict.

For as long as the left enjoys a Congressional majority, these entities will simply keep turning up the wick. We are experiencing the end game of the Soviet Maskirovka which has been in play since the 1950's. We are about one or two moves away from Martial Law and Mobilization. (See Deep Operation. The Cold War has never ended, it's simply moved more directly onto our own shores.)

The antics of the American Left are a deliberate destabilization of this Nation, part and parcel of the external irritations. They flirt with this while just skirting with Martial Law which they rightly understand would end with their facing firing squads for treasonous acts.

All of this shit is above our pay grades.

Hang on, we're in for the bumpy part of the ride.

Greg

Most insightful post of the thread, the only thing I disagree is "they rightly understand would end with their facing firing squads for treasonous acts". It should read Should instead of Would. With all of the treasonous shit going unpunished these days I doubt we'd even throw them in jail.

 

[Nicosdad]

you realize that by not bailing out the american O&G companies you then increase the leverage that the saudis and OPEC already has right? We have gone to war over this shit in the past and you think the best idea is to give them even more power? Now I agree there were some small US companies back when oil was 100+/bbl that should have never existed but if the big boys (Exxon, Shell, chevron, etc) start to crumble you’ll soon see a new world order. Energy controls a hell of a lot more than what you pay to fill your truck at the pump.

Big oil has been ass rapeing us for years .add in subsequent payouts for corn and soybean farmers.gas was and will become a ripoff.each year oil refinery cost less yet we pay more.time to call bullshit .no help no way .profit per gallon pays big to CEO,s and assholes upstairs to live lifestyle of the I have 747 and a Learjet.I like most of what trump has done ,but helping big banks and oil companies !!!nope don't see it

 

[bigsky23]

Big oil has been ass rapeing us for years .add in subsequent payouts for corn and soybean farmers.gas was and will become a ripoff.each year oil refinery cost less yet we pay more.time to call bullshit .no help no way .profit per gallon pays big to CEO,s and assholes upstairs to live lifestyle of the I have 747 and a Learjet.I like most of what trump has done ,but helping big banks and oil companies !!!nope don't see it

And that is how you play into the hand of our enemies. Like it or not, that is what they are hoping for. Our economy is dependent on energy, without it we will no longer be the world superpower. China will probably fill the void, at least in perception and sometimes how people perceive things becomes as real as reality. See Co Vid 19, case in point.

 

[Nicosdad]

And that is how you play into the hand of our enemies. Like it or not, that is what they are hoping for. Our economy is dependent on energy, without it we will no longer be the world superpower. China will probably fill the void, at least in perception and sometimes how people perceive things becomes as real as reality. See Co Vid 19, case in point.

Bullshit low oil cost allows money to be spent in other places.let them fight it out overseas .we were told we had to import oil for years now we're told we need to ship oil .make u.s oil production stay in u.s. lf production /refinery companies want to buy Offshore fine .play into whose hands ?if I don't need what you have I don't give a rat's ass about your problem. The government broke up standard oil once ,why same b.s going on now.we pay at the pump +tax breaks so big oil can sell overseas for more money ,yet let's. Bail em out .W.T.F!!!!!

 

[Greg Langelius *]

Funny how the CV arrived just in time to serve as a distraction just about when Barr was making noises like indictments were coming up to speed.

Keeping Barr busy...

 

[generalzip]

Bullshit low oil cost allows money to be spent in other places.let them fight it out overseas .we were told we had to import oil for years now we're told we need to ship oil .make u.s oil production stay in u.s. lf production /refinery companies want to buy Offshore fine .play into whose hands ?if I don't need what you have I don't give a rat's ass about your problem. The government broke up standard oil once ,why same b.s going on now.we pay at the pump +tax breaks so big oil can sell overseas for more money ,yet let's. Bail em out .W.T.F!!!!!

there is a much, much bigger picture here I think you are failing to see. Also oil execs don’t make as much as you think especially compared to other industries like finance, real estate, etc. you can look up their salaries it’s all public info. Just as one point for you to think about the reasons costs have gone up in oil and gas is plentiful. Deeper, more complicated wells and completions, more penalties and environmental regulations driving costs, increased safety measures creating higher costs and less efficiency, inflation, more difficult to refine crudes lowering their value to downstream, etc. there’s many angles to this and it appears you’re only seeing one or two. Which is fine. You’re more than entitled to your opinion. Just suggesting maybe step back a bit and looking at the larger socioeconomic picture.

 

[candyx]

If they going to pay us to take the oil then we take it all and reverse the pumps and refill our oil fields.,Fuck it and use Lake Mead to store the free oil .

 

[Dewey7271]

I’m watching the ones I picked up yesterday and smiling.....

 

[E. Bryant]

BP says that the price will stay around $50/bbl between now and 2050. That's a long ways out to be making predictions.

JP Morgan sez this morning that oil might hit $190/bbl between now and 2025. Geez.

 

[kthomas]

BP says that the price will stay around $50/bbl between now and 2050. That's a long ways out to be making predictions.

JP Morgan sez this morning that oil might hit $190/bbl between now and 2025. Geez.

Just shows how much consensus there is on such a volatile commodity that's heavily effected by geopolitics.

 

[blbennett1288]

BP says that the price will stay around $50/bbl between now and 2050. That's a long ways out to be making predictions.

JP Morgan sez this morning that oil might hit $190/bbl between now and 2025. Geez.

Two of the most trustworthy sources

 

[E. Bryant]

Just shows how much consensus there is on such a volatile commodity that's heavily effected by geopolitics.

Yep. Predicting the price out over the next 30 years is particularly foolish. Shit, we're coming off a relatively calm 30-year period in geopolitics (by historical standards) and there has been no predictability.

"I don't know" is an acceptable answer that brings far more credibility than wild-ass guessing.

 

[Soulezoo]

Bullshit low oil cost allows money to be spent in other places.let them fight it out overseas .we were told we had to import oil for years now we're told we need to ship oil .make u.s oil production stay in u.s. lf production /refinery companies want to buy Offshore fine .play into whose hands ?if I don't need what you have I don't give a rat's ass about your problem. The government broke up standard oil once ,why same b.s going on now.we pay at the pump +tax breaks so big oil can sell overseas for more money ,yet let's. Bail em out .W.T.F!!!!!

I don't think you understand the energy biz the way you think you do.
Yes, big oil makes a lot of money. Mostly on the sheer volume of the product. You know who, by far, makes the most money on oil? The government. The overall profit margin for oil is often in the single digits for the corporations. It costs a lot to drill, recover, ship, refine, ship again and etc.
You want to get steamed up about a corporate business raping you? Look no further than Apple.

 

[Mr.BR]

Unless China starts to sudenly consume bunch of oil , those predictions will have to wait . US demand is simply not there.

''Gasoline, jet fuel, and distillate consumption combined was still down by 22% year-over-year in the week ended June 12. At 12.21 million b/d, it was still below pre-pandemic consumption levels going back to April 1999 (12.23 million b/d) and December 1998 (12.24 million b/d), which were close. ''

 

[kthomas]

I don't think you understand the energy biz the way you think you do.
Yes, big oil makes a lot of money. Mostly on the sheer volume of the product. You know who, by far, makes the most money on oil? The government. The overall profit margin for oil is often in the single digits for the corporations. It costs a lot to drill, recover, ship, refine, ship again and etc.
You want to get steamed up about a corporate business raping you? Look no further than Apple.

Yes Apple has a 300+ % profit margin on each of their products versus big oils couple of %.

A bottle of Gatorade costs more then a bottle of oil, and I imagine there's A LOT more to getting refined oil products to market then Gatorade.

 

[kthomas]

Unless China starts to sudenly consume bunch of oil , those predictions will have to wait . US demand is simply not there.

''Gasoline, jet fuel, and distillate consumption combined was still down by 22% year-over-year in the week ended June 12. At 12.21 million b/d, it was still below pre-pandemic consumption levels going back to April 1999 (12.23 million b/d) and December 1998 (12.24 million b/d), which were close. ''

I suspect COVID-19 is going to forever change people's consumption and travel habits. People simply aren't going to travel near as much as they used to, especially destinations that require extensive air travel. Locally sourced and produced goods will be a lot more popular, rather then the cheap junk that takes the long boat trip from China.

That's just me postulating though.

 

[Mr.BR]

Indeed we are just seeing some of the second wave Covid 19 in Europe that just opened up , things started again as soon as people started traveling, so will see travel limitations of one sort or another for some time, and cargo shipping is not growing either .

 

[Josh1978]

What does a man prosper if he gains the entire world but looses his soul?

Wealth doesn’t come from the almighty dollar.

When she finally collapses the ones with true wealth will thrive, all while the wealthy will be jumping from Windows because their world has ended

Mark 8 V 36

 

[Mike Casselton]

Yes Apple has a 300+ % profit margin on each of their products versus big oils couple of %.

A bottle of Gatorade costs more then a bottle of oil, and I imagine there's A LOT more to getting refined oil products to market then Gatorade.

A bottle of gatoraid should be 17c. It takes a lot higher price, and a lot of sales to support all those high priced athletes.

 

[Cmb1025]

2.08 in vt bullshit

 

[mavrick10_2000]

It'll come back. It has to. Oil isn't something that is just going away.

Today is the last day for trading futures for the current block; here we are.

After that it'll slowly come back, and the downside will be that everyone stops producing any, so by the time they let the supply catch up with demand we'll end up at 120$/barrel for a while.

The only precaution I took today was to take the profit end off of stocks I have and to put in future buy orders at lower prices today.

Unless the middle east is on fire, as in IRAQ, IRAN's fields and Saudi Fields....Very unlikely oil ever gets to $120 a barrel again. 80-90ish maybe even tap $100 on some overhyped BS.