WTI hit (-)35 bucks today....

[Cranky]

Never ever went negative before......

 

[Cranky]

And closes at -37.63

 

[gdrill]

The word here in Alberta this morning was that producers had to pay to get rid of their oil.
Unbelievable times we are in.

 

[gdrill]

Its time to stop all importing from overseas. Despite what people believe is “cheaper”. Buying over there and causing bankruptcy here is far from cheaper.

 

[Cranky]

Its time to stop all importing from overseas. Despite what people believe is “cheaper”. Buying over there and causing bankruptcy here is far from cheaper.

For 2018.....
https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php

 

[Cranky]

Looks like futures traders trying to get out of their positions.....

 

[1 MEAN66]

What does WT1 stand for. I still speak in words ( made from assembling letters ) not just random letters. My guess some stock market somewhere?

 

[Durandal25]

My dad's been in oil business for 50 years....and never saw stuff like this before. Hold on to your sack folks.......

 

[dadsbee]

..and gas just jumped 17 cents a litre (50 cents US/US gallon) here this afternoon..

 

[Durandal25]

..and gas just jumped 17 cents a litre (50 cents US/US gallon) here this afternoon..

......amazing how that works.

 

[Cranky]

What does WT1 stand for. I still speak in words ( made from assembling letters ) not just random letters. My guess some stock market somewhere?

WTI is West Texas Intermediate. Lot easier to just say WTI lol

 

[Budnicks]

time to hoard & store it for better times

thanks to Russia & the Saudi's production #'s & price wars
driving the global markets & the Wuhan Chinese kung-flu didn't help

we should really be independent of the global oil/crude market
letting other countries dictate or oil production & pricing
we are already self reliant on our own production today,
thanks to our leadership
if they only quit dealing with the global price fixing

it's only temporary & it will pass, it always does
way too much of the world runs on oil products

you don't lose anything until you sell, time to buy & hold

 

[Cranky]

time to hoard & store it for better times

thanks to Russia & the Saudi's production #'s & price wars

we should be independent of the global market

it's only temporary & it will pass, it always does
way too much of the world runs on oil products

you don't lose anything until you sell

From what I'm understanding, we're running out of places to store it...

 

[dadsbee]

They have no where left to hoard and store.. Saudi's were actually dumping it like milk a few weeks ago. Shut the forking pumps off.. stop sucking it up, it'll be there later just like any natural resourse that plummets in value.

 

[Budnicks]

From what I'm understanding, we're running out of places to store it...

that's a good problem well sort of

 

[Budnicks]

god forbid they use any logic,

They have no where left to hoard and store.. Saudi's were actually dumping it like milk a few weeks ago. Shut the forking pumps off.. stop sucking it up, it'll be there later just like any natural resourse that plummets in value.

 

[Fran Blacker]

Fox biz there's 30 million barrel a day over production. If OPEC Plus cut production 20 million as agreed, 10 million still over the demand. Without passenger jets flying as much, that's a lot of oil not being used.

 

[Cranky]

Nobody wants to shut wells in. It's expensive to do plus things should start ramping up pretty soon. Thing is, just hope and pray it doesn't fall off the ramp soon after. If that happens, then the producers won't have much choice.

 

[69Bee]

And closes at -37.63

So, when we go fill up, do the gas stations have to pay US to buy their gas...

 

[Cranky]

So, when we go fill up, do the gas stations have to pay US to buy their gas...