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Invest in the barrel making industry.
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Apr 20, 2020 19:11
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No, crude prices do not include barrelsKoalas March posted:Someone tell me how to buy 100 barrels of oil at this point literally just have 100 empty barrels
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Apr 20, 2020 19:13
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Dr. Derek posted:Apparently Saudi arabia had forced prices down by about 60$ in an attempt to pressure Russia and combined with the dramatic drop in demand for oil and gasoline, things just kinda cratered. Once we all get the jokes out of our systems (and in all fairness, watching oil companies fortunes go up in smoke is hilarious), I wonder what's going to happen with Russia. Oil was the only thing they had.
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Apr 20, 2020 19:14
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So the natural gas industry is toast right? Russia is so hosed
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Apr 20, 2020 19:14
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Random Stranger posted:Once we all get the jokes out of our systems (and in all fairness, watching oil companies fortunes go up in smoke is hilarious), I wonder what's going to happen with Russia. Oil was the only thing they had. This is domestic only, I mean it doesn't bode well for the global oil market, but this is specifically domestic market
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Apr 20, 2020 19:15
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Syfe posted:I get the feeling now that work from home practices were being fought against by big oil because they want people to travel to work. If your commute is roughly average, then working from home will typically reduce your carbon footprint by a drastically larger amount than buying a fully electric vehicle. So, yeah, everyone working from home would be pretty bad for the fossil fuel industry in general.
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Apr 20, 2020 19:15
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Random Stranger posted:Once we all get the jokes out of our systems (and in all fairness, watching oil companies fortunes go up in smoke is hilarious), I wonder what's going to happen with Russia. Oil was the only thing they had. Texas is dependent on oil revenues as well.
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Apr 20, 2020 19:15
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Random Stranger posted:Once we all get the jokes out of our systems (and in all fairness, watching oil companies fortunes go up in smoke is hilarious), I wonder what's going to happen with Russia. Oil was the only thing they had. they've weathered (and helped cause!) price crashes before although, uh, maybe not of this magnitude 
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Apr 20, 2020 19:16
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Where are the pickup sites for our free CovidCrude? I've got some flower pots I can clear out.
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Apr 20, 2020 19:17
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nice av dude /\
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Apr 20, 2020 19:17
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My corner gas station has started giving out free tanks of gas with a purchase of a large soda. Honestly won't be shocked if something like that starts happening as refineries start running as hard as they can just to clear up oil storage space.
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Apr 20, 2020 19:18
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Food $400 Utilities $85 Clothing $40 Barrels $1600 Oil -$100 Somreone who is good at the economy help, My family is drowning in sludge
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Apr 20, 2020 19:19
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nerox posted:Going to spend all my stimulus check on 1200 barrels of oil. no spend it on Iraqi Dinars, Donnie's gonna make them be worth a trillion trillion US$ any day now! (he gonna do it by crashing the $'s buying power)
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Apr 20, 2020 19:19
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Random Stranger posted:My corner gas station has started giving out free tanks of gas with a purchase of a large soda. No matter how cheap gas gets at some point, basically now, you hit max saturation and people just can't consume/store more and that backfills up through the entire supply chain if it goes on long enough.
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Apr 20, 2020 19:20
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So. Is Saudi Arabia hosed or Mega hosed or absolutely disastrously irrecoverably hosed? Should I start getting ready for societal collapse?
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Apr 20, 2020 19:20
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Another well aged tweet and it only took 6 days https://twitter.com/realDonaldTrump/status/1250223610867986432
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Apr 20, 2020 19:20
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Just think, if we'd been relying on atomic power right now we'd have all these radioactive atoms piling up in barrels and no where to keep them. Really puts it into perspective how safe oil actually is.
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Apr 20, 2020 19:21
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No no nothing is hosed. WTI is domestic, and because of the glut there's few possibilities for buyers to take care of storage and ownership. Foreign oil prices are bumpy but nowhere as hosed.
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Apr 20, 2020 19:21
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Random Stranger posted:My corner gas station has started giving out free tanks of gas with a purchase of a large soda. They just won't buy more, oil is expensive to refine. even lighter crudes are expensive to refine Al-Saqr posted:So. Is Saudi Arabia hosed or Mega hosed or absolutely disastrously irrecoverably hosed? unless saudi arabia is now located in texas, no, no more so than normal
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Apr 20, 2020 19:22
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Catalyst-proof posted:No no nothing is hosed. WTI is domestic, and because of the glut there's few possibilities for buyers to take care of storage and ownership. Foreign oil prices are bumpy but nowhere as hosed. Well, lots is hosed, but yeah this is a domestic issue. We're pretty much the only ones using WTI. Brent isn't diving like this because there's more international demand and more storage.
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Apr 20, 2020 19:23
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nm
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Apr 20, 2020 19:24
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https://mobile.twitter.com/miguelmarquez/status/1252294829154938881
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Apr 20, 2020 19:24
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and even June is still out at $20 or so (what May was before today) This was the triple whammy. A) Contracts close TOMORROW B ) All major storage areas ARE FULL. C) May Demand is not going to be significantly higher (we're at a 25 year low in demand) because of the 'Rona. The people with June contracts are probably panicking, but hoping that they can sell everyone on "BUT THE ECONOMY!!!!!!" by June (edit: The May Contract was around $18 this morning. Made me wonder why all the rats are only fleeing the ship today, it ws pretty obvious that this squeeze was going to happen. Wonder if the Oil Industry will be joining in the astroturfed protests soon)
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Apr 20, 2020 19:25
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Pervis posted:2 trillion over a decade was the "tell the CBO they have to believe our lies about how much growth this will cause" number, basically a lie. In practice the CBO was projecting 1T+/year deficits for a decade and a cost of 4-5+T for that tax cut until the "temporary" tax changes for individuals wears off in 2028.. and that was before the economy imploded. Also a lot of the stuff in there to prevent the tax cut from going over 2 trillion (like the SALT deduction) the democrats are busy campaigning to repeal right now, at a higher priority than the pandemic
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Apr 20, 2020 19:26
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Fritz the Horse posted:It's a good thing ol' Donnie made a deal last week with Russia and the Saudis to decrease production and prop up American oil/fracking companies with higher oil prices! Didn't trump buy millions of barrels of oil from american oil companies that they are supposedly keeping in the ground?
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Apr 20, 2020 19:27
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IPlayVideoGames posted:Trump tripped and fell on the GAS PRICE DOWN lever and knocked it all the way, didnt he? Motherfucker snapped it off
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Apr 20, 2020 19:27
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Oh look the Y'all Qaeda showed up
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Apr 20, 2020 19:27
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A totally normal country.
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Apr 20, 2020 19:29
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Oil is now at Zero a barrel. Holy poo poo. https://www.cnn.com/2020/04/20/investing/premarket-stocks-trading/index.html
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Apr 20, 2020 19:29
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Hope they have the Guard standing around or its going to get really fuckin ugly
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Apr 20, 2020 19:29
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i assume this is harrisburg. Edit. Yep. gently caress i hate my state.
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Apr 20, 2020 19:30
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Me and the airsoft boys are very mad we can't eat at Ruby Tuesdays
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Apr 20, 2020 19:30
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Charliegrs posted:Oil is now at Zero a barrel. Holy poo poo. -$37/barrel!
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Apr 20, 2020 19:30
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I’mma make a bold statement and say that nobody who wears a skull bandanna is “unaffiliated”
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Apr 20, 2020 19:31
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The SituAsian posted:-$37/barrel! I'm sorry capitalism is a caricature of itself now. Were all living in the poverty action version of Who Framed Roger Rabbit.
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Apr 20, 2020 19:32
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You're on delay, it's -$40/bbl
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Apr 20, 2020 19:33
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Jesus tapdancing christ https://twitter.com/natalie_allison/status/1252277972901527555 https://twitter.com/oliverdarcy/status/1252286549775048704
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Apr 20, 2020 19:33
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If oil is in the negative does that mean gas will be negative? Will they pay us to fill up our tanks?
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Apr 20, 2020 19:34
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Something is extremely wrong with these peoples' brain chemistry and they really ought to be locked away in a nice hospital until they've proven that they can function in a society again. Right wing media has poisoned as many brains as lead in this loving country and we are completely hosed.
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Apr 20, 2020 19:34
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Why is this happening so rapidly? This seems like an eminently foreseeable problem that could have been priced in gradually. Is it just that commodities traders are just starting to notice it?
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Apr 20, 2020 19:34
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