Ha. As long as you weren't buying May contracts-closed at MINUS $37.63.
Ha. As long as you weren't buying May contracts-closed at MINUS $37.63.
Last edited by Ben Rhimene; 04-20-2020 at 04:19 PM.
Trump being the sharp business man announced the US is buying 750 billion barrels of oil for the strategic oil reserve since it’s essentially free oil. Whether you hate or love the guy, you must admit he is a slick businessman.
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Trump is buying 75 million barrels to top off the SPR. So, you're only off by a factor of 10,000.
I doubt that 750 billion barrels of oil even exist. I reckon proven reserves are at max 50 billion barrels, if not significantly less. Someone else more knowledgeable than me, please weigh in.
Regardless, Houston - we have a problem.
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PS Buying the oil right now for the SPR is indeed a smart move. In contrast, GWB was buying oil at record highs and goosing prices prior to the 2008 financial crash. The oil price spike had a lot to do with the consumer side of the economy rolling over back then.
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I am afraid you are wrong, Mr. Starfish-Aramco itself has 270 billion barrels.
https://worldpopulationreview.com/co...es-by-country/
And let's be clear about the SPR issue-there WAS a storage auction 2 weeks ago, or well before things got worse. That WAS a bright idea because the cost to play was payment in kind. That is, you bid to store 10 million barrels and when you take it out you get less than 10 million...Uncle Sam keeps the "interest."
Over the weekend the president made another comment about a potential SPR deal. As of now no specifics have been announced. More importantly, to access the SPR you have to transport the oil. Pipelines are full, leaving you the option of ships, trucks, and wheelbarrows. AND, it's not like you can just dump the oil in a hole...each SPR site has maximum injection rates. It simply isn't enough to overcome demand destruction. More shut-ins coming. Supposedly Aramco has NOT had a couple of VLCCs leave the Red Sea...we can only hope...
Sorry about the auto correct SF. You are correct, it’s 75.000,000. Maybe it won’t auto correct now. Damn phone!!!
https://news.cgtn.com/news/2020-04-2...sxG/index.html
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This will be an ongoing issue for quite sometime. Aside from the market being flooded with crude and there being fuck all for demand, there is something else folks need to realize. You can’t walk up to a producing well and just shut it off. If it’s a rod pump well with a pump jack, yes. But there is far more involved depending on the type of well that’s producing. It could take six months just to slow production from wells, because stopping production will damage the well...Permanently. Operators are not going to shut wells down that they know will ruin the ROI in the long term for them. Also, we were already running into an infrastructure issue in the Permian basin with regards to transporting of oil. Not enough pipelines or trucks to haul the oil away fast enough.
This is just a crash course as it is far more complicated for a myriad of reasons, just throwing some of knowledge out there.
So frac'd wells in the US have a fairly short production life so the slowdown can happen fairly quickly. And for those who are familiar, we will see a spike in DUCs as we did in 2015(Drilled UnCompleted) so even newly drilled wells can be capped until the proper time. But yes, for us in upstream or downstream side of the business, we are fucked for the foreseeable future...