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WTI $10 a barrel, how low can it go? #5408542 04/20/20 10:03 AM
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sloinker Offline OP
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I called this a while back and had quite a bit of pushback. I actually think we may see $8-9/BBL on the commodity markets as the bottom. Nowhere to store it. Local prices into pipelines are less than $2 in Wyoming today. Not good for the broader economy being this low.


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Re: WTI $10 a barrel, how low can it go? [Re: sloinker] #5408546 04/20/20 10:06 AM
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mightymousetech Offline
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Could be going a lot lower than that. With the current world oversupply, WTI may even go negative.

https://business.financialpost.com/...-with-storage-filling-as-demand-shrivels


Mighty Mouse Tech
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Re: WTI $10 a barrel, how low can it go? [Re: sloinker] #5408552 04/20/20 10:13 AM
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Gebo Offline
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Kramer said "0" according to my brother's text this am.


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Re: WTI $10 a barrel, how low can it go? [Re: sloinker] #5408556 04/20/20 10:15 AM
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Mr Nice Offline
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Expect a crazy amount of layoffs in this industry.

Low gas prices are good for consumers, very bad if you're employed in this industry.

Re: WTI $10 a barrel, how low can it go? [Re: Mr Nice] #5408558 04/20/20 10:16 AM
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mightymousetech Offline
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Originally Posted by Mr Nice
Expect a crazy amount of layoffs in this industry.

Low gas prices are good for consumers, very bad if you're employed in this industry.



Will be very good for airline stocks.


Mighty Mouse Tech
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Re: WTI $10 a barrel, how low can it go? [Re: sloinker] #5408560 04/20/20 10:17 AM
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TmanP Offline
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I just saw that. This is absolutely crazy.
I was reading about how gas margins were near-record high (I think around 70 cents per gallon), back when oil was in the $20 range the last couple weeks. (Many stations were still selling for over a dollar a gallon at that point, which was proportional to a more expensive oil price.)
It'll be very interesting to see if this drops pump prices significantly. Our state gas tax is 28ish cents, plus the federal tax of 18 cents, so the total tax is about 46-47 cents per gallon. It would seem that the pump price would be unlikely to drop much below $0.75 or so, but who knows?


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Re: WTI $10 a barrel, how low can it go? [Re: sloinker] #5408583 04/20/20 10:54 AM
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Snagglefoot Offline
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The traders on the Chicago mercantile establish the price. If someone wants to take the risk to make it go to zero. It will go to zero. Traders got to trade. laugh


If you want the job done right......do it yourself.
Re: WTI $10 a barrel, how low can it go? [Re: TmanP] #5408592 04/20/20 11:03 AM
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wog Online Content
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Watch states raise gas tax while the glut is so much. People aren t driving revenues go down,government budgets never do. When people go back to work prices go back up. Anyone contract buying ,nows time to get in. By september economy will come back.

Re: WTI $10 a barrel, how low can it go? [Re: Mr Nice] #5408617 04/20/20 11:41 AM
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racin4ds Offline
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Originally Posted by Mr Nice
Expect a crazy amount of layoffs in this industry.

Low gas prices are good for consumers, very bad if you're employed in this industry.



They've made BILLIONS now for years off us with inflated fuel prices, you mean to tell me they can't support a few months of low volume/low prices?? Total BS IMO....

Diesel prices are still normal here in Central FL, such a joke. Gas is over a $1 cheaper per gallon. Why? because they know all the trucks are still running the roads to keep up with S&D so lets keep sticking it to them! I have no sympathy for the oil/fuel industry, sorry not sorry.


Just say NO to thin oils and M1!
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Re: WTI $10 a barrel, how low can it go? [Re: sloinker] #5408624 04/20/20 11:56 AM
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Kawiguy454 Offline
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When you say Oil industry Please understand that a whole lot of US on the ground in the Permian Basin are also getting hurt. The fuels they delivered are part of the boom we've had in recent past. I'm not gonna complain about prices if it is going to my neighbor. If he has that money he'll be buying something I am involved in producing.

Last edited by Kawiguy454; 04/20/20 11:58 AM.
Re: WTI $10 a barrel, how low can it go? [Re: racin4ds] #5408626 04/20/20 11:58 AM
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mightymousetech Offline
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Originally Posted by racin4ds
Originally Posted by Mr Nice
Expect a crazy amount of layoffs in this industry.

Low gas prices are good for consumers, very bad if you're employed in this industry.



They've made BILLIONS now for years off us with inflated fuel prices, you mean to tell me they can't support a few months of low volume/low prices?? Total BS IMO....

Diesel prices are still normal here in Central FL, such a joke. Gas is over a $1 cheaper per gallon. Why? because they know all the trucks are still running the roads to keep up with S&D so lets keep sticking it to them! I have no sympathy for the oil/fuel industry, sorry not sorry.


Diesel is high because the trucks are still running, and the US supply of diesel is a percentage of gasoline production and can't be changed.


Mighty Mouse Tech
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Re: WTI $10 a barrel, how low can it go? [Re: sloinker] #5408645 04/20/20 12:22 PM
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When you see some of the oil companies (the smaller one, not the big ones like Chevron or ExxonMobile) go out of businesses, then you know the bottom is near and will go back up soon.

This bottom is the big oil wanting to drive the little guys out of businesses, then acquire them to tighten the supplies.


"You keep asking questions PandaBear and you'll end up a vegetarian like my wife" - Camu Mahubah
Re: WTI $10 a barrel, how low can it go? [Re: PandaBear] #5408650 04/20/20 12:25 PM
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mightymousetech Offline
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Originally Posted by PandaBear
When you see some of the oil companies (the smaller one, not the big ones like Chevron or ExxonMobile) go out of businesses, then you know the bottom is near and will go back up soon.

This bottom is the big oil wanting to drive the little guys out of businesses, then acquire them to tighten the supplies.


None of this makes any sense whatsoever.


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Re: WTI $10 a barrel, how low can it go? [Re: sloinker] #5408654 04/20/20 12:29 PM
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Donald Offline
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Oil has always been supply and demand. And bust or boom in the oil areas in Texas, etc. Now a lot less people are driving. Less airplanes flying. Probably less container ships moving products around. As people's oil fired heating systems get old they are not replacing them with another oil fired unit. Its also not summer yet so less recreational use and OPE use of gasoline.

Add all those combined with OPEC's price fixing and Russia (communist) price setting and its not an easy problem to solve. Russia's economy is based upon selling products extracted from the ground.

At this point we should not be too worried about cheap oil. We have much bigger fish to fry.


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Re: WTI $10 a barrel, how low can it go? [Re: sloinker] #5408665 04/20/20 12:44 PM
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Donald Offline
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Oil has always been supply and demand. And bust or boom in the oil areas in Texas, etc. Now a lot less people are driving. Less airplanes flying. Probably less container ships moving products around. As people's oil fired heating systems get old they are not replacing them with another oil fired unit. Its also not summer yet so less recreational use and OPE use of gasoline.

Add all those combined with OPEC's price fixing and Russia (communist) price setting and its not an easy problem to solve. Russia's economy is based upon selling products extracted from the ground.

At this point we should not be too worried about cheap oil. We have much bigger fish to fry.


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