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Oil prices crash

Seriously though, which economies will this fuck? Venezuela already fucked, iran too but it can get worse. KSA has been trying to be less oil reliant I think but dunno how successful that's been. UAE can't be in good shape with no tourists + this.
 
Proper Tidy said:
God is he still being broadcast by somebody or is he a vlogger now
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Both I think. Predictably this had an RT logo in the corner. Humouring if not encouraging the idea the virus is a bioweapon. I can't say for sure but as I tuned in I think I caught the end of him denying what was happening to Uyghur's and claiming reports were part of a smear campaign against the Chinese.
 
CNT36 said:
Both I think. Predictably this had an RT logo in the corner. Humouring if not encouraging the idea the virus is a bioweapon. I can't say for sure but as I tuned in I think I caught the end of him denying what was happening to Uyghur's and claiming reports were part of a smear campaign against the Chinese.
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Christ. I see his God Knows who is a Muslim period is over. The horrible cunt
 
I'm no expert on oil or the theological intricacies of its economics, but prices going negative, especially when they've never done that before, doesn't seem like a particularly good omen.
 
NoXion said:
I'm no expert on oil or the theological intricacies of its economics, but prices going negative, especially when they've never done that before, doesn't seem like a particularly good omen.
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Probably not but I'm finally going to get round to filling the car I've not driven for a month up with diesel tomorrow
 
Anyway without being the novice oil expert as per 39th steps post I understand the negative price is a sort of weird anomaly to do with oil being based on futures for two months ahead and there not being storage, so traders are paying people to take it away as its cheaper than storing it until demand picks up. It's something like that anyway. Normal price is still $20 a barrel according to BBC news.

Was only half joking with first post. If we can find a way to get a few thousand barrels at - $20 after transport costs and stick it somewhere and then flog it in six months for $20 then we'll do alright you know. Must be some warehouses going cheap, it's just a tanker we need, can probably get away without the armed mercenaries at the moment and everything
 
Proper Tidy said:
Anyway without being the novice oil expert as per 39th steps post I understand the negative price is a sort of weird anomaly to do with oil being based on futures for two months ahead and there not being storage, so traders are paying people to take it away as its cheaper than storing it until demand picks up. It's something like that anyway. Normal price is still $20 a barrel according to BBC news.

Was only half joking with first post. If we can find a way to get a few thousand barrels at - $20 after transport costs and stick it somewhere and then flog it in six months for $20 then we'll do alright you know. Must be some warehouses going cheap, it's just a tanker we need, can probably get away without the armed mercenaries at the moment and everything
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Wouldn’t that make you a carpetbagger tho?
 
Yossarian said:
I'll take 1 million barrels at negative $20 a barrel, please - not sure where to store it, maybe I could just have it all poured into an extinct volcano to see what happens?
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I think it's actually $-37 a barrel, I was factoring in a few quid for the logistics of it. Is stockpiling oil a regulated activity, do we need licences and stuff
 
Not sure history will be too kind upon the 'genius' MBS starting an oil price war at the onset of the virus.
 
CNT36 said:
A lot of wells are not easy to switch off and can cause damage when they do. Maybe it works out cheaper to keep pumping and take the hit.
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How about a deal? Give me the money for a million barrels and you keep the oil. :)

Or pump the oil out of 1 well and back into another 1. Keeps the pumps running and the oil in the ground. :)
 
You don't need to store it Proper Tidy . Buying it is essentially a loan to KSA or whoever produces it - the barrels live their normal life, from extraction to refining and so on. No need for the investor to ever see or touch them. Then once prices inevitably go back up you sell - effectively calling in your loan at the interest rate which is tied to oil price and bingo. Petro dollars. I'm sure there are thousands of palms (no palm oil pun intended) rubbing together at the idea of buying in now at $20/barrel and it going back up to 60-70 by the end of the year. Fairly easy way to potentially triple your money. 'Cos as fast as demand has died down, it can and probably will pick up again. Oil may be fucked in the long term, but in the short term it's still the fuel almost every motorized transport relies on. So this is a temporary blip.
 
Flavour said:
You don't need to store it Proper Tidy . Buying it is essentially a loan to KSA or whoever produces it - the barrels live their normal life, from extraction to refining and so on. No need for the investor to ever see or touch them. Then once prices inevitably go back up you sell - effectively calling in your loan at the interest rate which is tied to oil price and bingo. Petro dollars. I'm sure there are thousands of palms (no palm oil pun intended) rubbing together at the idea of buying in now at $20/barrel and it going back up to 60-70 by the end of the year. Fairly easy way to potentially triple your money. 'Cos as fast as demand has died down, it can and probably will pick up again. Oil may be fucked in the long term, but in the short term it's still the fuel almost every motorized transport relies on. So this is a temporary blip.
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So what should I do with the 3 thousand jerry cans I've just bought off ebay? :confused:
 
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