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Gloomtube up and running on protests. https://www.youtube.com/watch?v=rzyCwuV9Axw
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Apr 20, 2020 18:46
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joat mon posted:If you're accused of a crime and exercise your right to have 12 randomly determined* people from the area decide whether you're guilty or not instead of having a judge decide, all 12 people have to agree that you're guilty in order for you to be found guilty. Oregon decided about 85 years ago that 10/12 was good enough, and in 1898 Louisiana decided 9/12 was fine. (Louisiana changed back to unanimous juries in 2018) wow, so overall not a bad change. assumed the worst when noted rapist brett kavanaugh voted for it.
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Apr 20, 2020 18:50
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facialimpediment posted:Con: this will likely stunt the development of renewable/clean energy technologies for the near/medium term dying for no oil profits
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Apr 20, 2020 18:51
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brains posted:dying for no oil profits IT'S GOIN NEGATIVE Y'ALL https://twitter.com/business/status/1252293838795878400 https://twitter.com/StevenTDennis/status/1252293933935349761 https://twitter.com/DavidLawler10/status/1252286236057878529
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Apr 20, 2020 18:54
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Mr. Nice! posted:These are may futures prices, and the main brokerage has announced they're going to allow negative trading. The issue is no one has room to actually store anything because there's no demand. If you can actually hold onto 1000 barrels of crude, you may get paid to do so soon. brb googling how to build a 50,000 gallon oil silo in my backyard
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Apr 20, 2020 18:58
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You gotta go in and take the oil. I don’t know how this is relevant it’s just something some guy said once.
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Apr 20, 2020 19:00
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It hit 0 briefly meaning someone just got rid of a contract for 1000 barrels of WTI for may 20 delivery for free.
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Apr 20, 2020 19:00
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Lmao right on time, Alberta premiere whining about not enough oil funding https://twitter.com/jkenney/status/1252092162126184449?s=19
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Apr 20, 2020 19:03
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Mr. Nice! posted:It hit 0 briefly meaning someone just got rid of a contract for 1000 barrels of WTI for may 20 delivery for free. I'm pretty sure if you went back to say, fall 2007 and told someone everything that happens over the next twelve and a half years—the Great Recession, the elections of both Obama and Trump, gay marriage, ISIS, smartphones, etc, the single most unbelievable thing you could tell them is oil hitting $0 a barrel.
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Apr 20, 2020 19:05
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facialimpediment posted:IT'S GOIN NEGATIVE Y'ALL pump it straight into my veins (for a fee)
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Apr 20, 2020 19:06
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brains posted:pump it straight into my veins (for a fee) https://twitter.com/BenjySarlin/status/1252297668828827650
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Apr 20, 2020 19:08
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Hot Karl Marx posted:Lmao right on time, Alberta premiere whining about not enough oil funding Didn't these dipshits take all the oil profits and basically give them away as tax credits instead of putting the money back into education and such? I can't remember the specifics (and I know I should) but I know a ton of this is self-inflicted.
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Apr 20, 2020 19:08
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Handsome Ralph posted:Didn't these dipshits take all the oil profits and basically give them away as tax credits instead of putting the money back into education and such? Alberta doesn't have provincial taxes and put a lot of their oil profits in a "heritage fund" which is now bankrupt cause of low oil prices
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Apr 20, 2020 19:10
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Negative rates for May delivery of the highest quality crude oil. This has broken some charts because they're not programmed to display negative rates for commodities. Typically electricity is the only type of commodity that can go negative. People are paying to get out of oil contracts because they have no way to accept delivery.
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Apr 20, 2020 19:16
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current /CLK20 (WTI) low is -$7.50/barrel, yes, negative
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Apr 20, 2020 19:18
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what does this mean for those of us who have no choice but to ride the ebb and flow of oil prices?
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Apr 20, 2020 19:20
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Did Cushing, OK fill up to 100% causing this crash?
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Apr 20, 2020 19:22
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What does this mean for the Norwegian and Alaskan coffers funded by oil? Will Norway have to cut their social programs?
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Apr 20, 2020 19:26
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Suicide Watch posted:What does this mean for the Norwegian and Alaskan coffers funded by oil? Will Norway have to cut their social programs? Norway specifically uses their revenue to invest in "Outside of Norway" investments so that if oil drops massively those investments will not be affected by a drop in their local currency/economy.
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Apr 20, 2020 19:30
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it's dropped as low as -$35 a barrel.
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Apr 20, 2020 19:33
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Mr. Nice! posted:it's dropped as low as -$35 a barrel. WTI has gotten that low before?
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Apr 20, 2020 19:34
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Pervis posted:Norway specifically uses their revenue to invest in "Outside of Norway" investments so that if oil drops massively those investments will not be affected by a drop in their local currency/economy. Interesting, that's one way to try and avoid the resource trap.
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Apr 20, 2020 19:36
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This is one of those cases where the bullshit of the stock market makes my brain hurt, so I can't mentally comprehend ETFs, even though I've been explains how they work, what they do, and how poo poo goes fucky when they go sideways. https://www.forbes.com/sites/jimcollins/2020/04/20/the-us-oil-etf-uso-is-the-culprit-behind-oils-massive-plunge/amp/
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Apr 20, 2020 19:42
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https://twitter.com/winklevoss/status/1251926803465285633?s=19
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Apr 20, 2020 19:43
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hobbesmaster posted:WTI has gotten that low before? No. I mean today it dropped that low. The lowest i saw was -$40 something, but the contracts finally settled at -$37
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Apr 20, 2020 19:44
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My Spirit Otter posted:wow, so overall not a bad change. assumed the worst when noted rapist brett kavanaugh voted for it. For Mr. Ramos, a good change. He'll get a new trial, but unfortunately not new facts. But LA already did away with non-unanimous juries and Oregon shelved the referendum to fix theirs after the US Supreme Court decided to review the issue - So the legal issue would have been mooted this year anyway. The broader takeaway is that the Supreme Court chipped away at stare decisis (the reluctance to overrule previous Supreme Court decisions) a little bit more. This makes it easier for the court to decide not to follow previous rulings in the future, a future that is decidedly right-shifted. The cynics view: Nothing gained in terms of substantive rights, and a weakening of stare decisis. And Kavanaugh got to rehabilitate himself by talking about (in oral argument) the racism that motivated LA and OR's changes to non-unanimous juries. Which caused Alito to whine and moan in his dissent about the majority "tar[ring] Louisiana and Oregon with the charge of racism" by acknowledging that racism. joat mon fucked around with this message at 19:59 on Apr 20, 2020 |
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Apr 20, 2020 19:44
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Poor Alberta, maybe should have kept some money in that heritage fund for some bad days ahead. https://seekingalpha.com/news/3562163-alberta-asks-for-significantly-help-from-trudeau-oil-prices-crash If they really really want to keep jobs in oil, Canada has to nationalize the oil fields. Whether that's a good idea or not is up for debate (they're good paying jobs, but also oil is bad). I'm just sick of Alberta whining about absolutely everything like a bunch of spoiled babies.
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Apr 20, 2020 19:54
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Trump tried to keep oil prices inflated to "help" the oil industry, and as usual everything he touches dies.
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Apr 20, 2020 19:55
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I met a lot of dudes in the Army talking about getting out and working in the oil industry in Texas, both enlisted and some officers. One of them is a CPT getting out in 3 months that had told me he's got a finance job lined up with some oil company the last time I talked to him in FEB. Wonder how those guys are doing now.
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Apr 20, 2020 19:57
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Here's a bit more about what this all means: https://twitter.com/gilbeaq/status/1252293724215762950 https://twitter.com/gilbeaq/status/1252293726195589121 So U.S. Crude for May settled at -$37.63, while global sea/international Brent Crude prices are still $26. American June/July oil still has value, and oil overall still has value, but the normal pickup/storage system is currently broke as gently caress. Also, if you thought it was bad when you were in: https://twitter.com/thehill/status/1252307573233061889
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Apr 20, 2020 20:02
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Hot Karl Marx posted:Poor Alberta, maybe should have kept some money in that heritage fund for some bad days ahead. God I hope the PM doesn't give the UCP a bailout package. Demote Alberta to territory status and give the Yukon a shot at provincehood IMO
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Apr 20, 2020 20:03
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Mustang posted:I met a lot of dudes in the Army talking about getting out and working in the oil industry in Texas, both enlisted and some officers. One of them is a CPT getting out in 3 months that had told me he's got a finance job lined up with some oil company the last time I talked to him in FEB. broker than they were before because they thought their paycheques would come forever so they dumped it into a luxury house, car and recreational vehicles. all financed, of course.
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Apr 20, 2020 20:06
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facialimpediment posted:This is one of those cases where the bullshit of the stock market makes my brain hurt, so I can't mentally comprehend ETFs, even though I've been explains how they work, what they do, and how poo poo goes fucky when they go sideways. Its best to go all the way back to the fundamentals of futures and work forward. ie, futures exist so someone that makes a physical commodity can be sure that they'll get a certain price for a product they want to extract/grow/produce/etc now. ie, if I'm a hog farmer, I sell futures for pork bellies so I can be sure that someone will take all the hogs off my hands when they grow up. Same thing for oil - if you're an oil producer you want to be able to have some certainty about a minimum price for what you're taking out of the ground or else you just turn things off. What everyone is talking about is a contract for people to take delivery of oil of a certain grade from a certain region of the US at a certain place during the month of May. So if you buy this contract, you're responsible for having a truck or time on a pipeline ready at Cushing, Oklahoma ready to take delivery of so many barrels of oil some time in May. You're not buying a literal barrel of oil - you're buying oil to fill a barrel you take up to the spigot (so to speak). These contracts usually have some value because oil is a valuable commodity so people bundle those contracts into things that can be traded on the market. Now you have people buying oil contracts that don't actually want to take delivery of the oil so you build a gently caress off giant tank farm at the place of delivery and store any oil that is delivered until people sell it again. Thats fine because oil always has SOME value right? The worst case scenario is you just let it go to the refineries for almost nothing. Except - what happens if the unthinkable happens and nobody wants to take the oil away from there and the tanks all fill up? You're now on the hook to have a truck or whatever at a terminal in the middle of nowhere Oklahoma and to accept a bunch of toxic waste you are now violating a bunch of federal laws by incorrectly accepting.
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Apr 20, 2020 20:11
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hobbesmaster posted:You're now on the hook to have a truck or whatever at a terminal in the middle of nowhere Oklahoma and to accept a bunch of toxic waste you are now violating a bunch of federal laws by incorrectly accepting. NOW I get it. Also why previous days' news articles were talking about how a lot of oil storage people are basically floating oil on barges in the middle of nowhere, just sitting there. Do you happen to know the consequences of breaking one of those contracts?
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Apr 20, 2020 20:16
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the WTI market will 'correct' when a bunch of producers go bankrupt and their assets are purchased for pennies on the dollar. "drill baby drill" has consequences and this is it.
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Apr 20, 2020 20:18
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facialimpediment posted:NOW I get it. Also why previous days' news articles were talking about how a lot of oil storage people are basically floating oil on barges in the middle of nowhere, just sitting there. Not sure. I'm looking at the details for the first time and I found the actual contract information: https://www.cmegroup.com/content/dam/cmegroup/rulebook/NYMEX/2/200.pdf Apparently you do actually have to have a pipeline ready to accept the oil at the time, you can't just have a truck there (though I'm sure you could work something out with an operator). Minimum unit for delivery is 1000 barrels too. edit: i guess defaults would be under hte general rules, either way i'm assuming its along the lines of "you can't do this again" which would be a problem if you're running an oil ETF which is what most people do when they buy "oil" hobbesmaster fucked around with this message at 20:27 on Apr 20, 2020 |
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Apr 20, 2020 20:24
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lmao
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Apr 20, 2020 20:29
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Mr. Nice! posted:These are may futures prices, and the main brokerage has announced they're going to allow negative trading. The issue is no one has room to actually store anything because there's no demand. If you can actually hold onto 1000 barrels of crude, you may get paid to do so soon. I've got some empty space in my garage. Do I have to pay for the barrels or will they throw them in free?
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Apr 20, 2020 20:32
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Vincent Van Goatse posted:I've got some empty space in my garage. Do I have to pay for the barrels or will they throw them in free? It's a unit of measurement equal to 42 gallons. So you need a 42k gallon tank.
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Apr 20, 2020 20:33
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right now if you showed up with empty gallon milk jugs theyd let you fill them just to make it your problem and not theirs
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Apr 20, 2020 20:36
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