Does WTI stay at $20 ?

[CaptainLee]

The oil patch is volatile. Booms and busts have happened throughout history. They've had a great 20 year run. The hangover is here now.

$4.00 gasoline was good for those in the oil patch and bad for just about everybody else.

$1.00 gasoline will be bad for those in the oil industry and good for many others.

I appreciated being able to fill up yesterday for $16.50.

 

[Ricboff]

WTI contract rolled over so its price is as follows; ( i blew up another thread, so posting here)

https://www.investing.com/commodities/crude-oil

USO lost support, post #7. Double bottom toast.......chop hope you're not affected too harshly during this , stay well

 

[Doug]

$5 now

 

[festeringZit]

SA buying stock in American oil companies .
They know what’s going on .

Enjoy your 1.30 a gallon gas cause in a few years it’s gonna be 5.00 a gallon .

Shale gonna be completely out for a long time and it’s going to take years and years for us to catch up to demand once this destruction is over with .

Every bust is the birth of the next boom and this is the biggest bust of all time .

Chop, Is this affecting your job directly? Is your job at risk?

 

[PatsFan1283]

https://www.cnbc.com/2020/04/20/oil...res-in-focus-as-coronavirus-dents-demand.html

the May contract is a little deceiving

oil is fucked but not quite free yet

 

[festeringZit]

$5 now

Which ticker are you referring to? I see WTI at 1.98?

 

[CHOPTALK]

Chop, Is this affecting your job directly? Is your job at risk?

absolutely .
every time the phone rings I cringe

 

[Doug]

Which ticker are you referring to? I see WTI at 1.98?

marketwatch

 

[Ricboff]

no reason to drill, cheaper to buy reserves from smaller size companies , those that r nearly kaput. No?

 

[CHOPTALK]

Louisiana is down to 76 rigs .

That number will be cut in half in 10 days .

 

[KennyB]

$1.10. May be go to zero or negative.

 

[Ricboff]

those expire today; must sell or take possession of the oil . Got to get rid of them. No one has a place to store it . Not an expert, but think that's the case.

https://www.investing.com/commodities/crude-oil

 

[Ricboff]

https://www.investopedia.com/terms/c/contagion.asp

i suppose the same shit can happen for the June contracts as they come to expiration, as maybe again no one wants to take possession , no place to put it

 

[Ricboff]

XOM has increased its dividend like consecutive 35 yrs or so, something crazy. Can't see that streak going..

the US has a strategic reserve. Why not buy at these low prices? they all full?

 

[NorthernStar]

USA has about 700 million barrel storage capacity. Trump said we would buy the oil cheap and fill it up. We paid an average price of $29.70 a barrel.

Today light crude is at $0.87...sounds about right.

Oil tanker stocks are up nicely today.

 

[NorthernStar]

The other plan the USA will implement is leaving it in the ground.

 

[NorthernStar]

https://www.spr.doe.gov/dir/dir.html

Trump drives a hard bargain.

 

[Ricboff]

lol

 

[Bruins4Life]

XOM has increased its dividend like consecutive 35 yrs or so, something crazy. Can't see that streak going..

the US has a strategic reserve. Why not buy at these low prices? they all full?

Sold that today at $41.72. Too worried to ride it out at the moment.

 

[Ricboff]

a lot of unknowns, if they decrease their dividend? yikes......its either trade it or buy and dont bother looking at it

chart ain't too bad actually .

my 2 cents