OIL below $17 and I'm lovin it
19-year LOW!
Tread lightly, bobobro
One of the biggest OIL traders and the biggest supplier of ship fuel in Asia just broke.
Banks are now with low estimate of $4 billion in losses of unpaid loans.
Fuel tanks are full, ships fully loaded with oil have nowhere to go.
Markets continues to tank due to oversupply.
ba da ba baa baa
Go back to Yas Forums
Is there going to be an all out breaking point where complete chaos happens?
>historically low oil prices have no political significance
The Saudis must be at a breaking point. Back in 2014 they had already eaten up 1/3 of their wealth and were trying to invade Qatar until Mattis told them to fuck off.
2017*
Most of the world oil industry is basically insolvent
It's over
$15 per barrel. Russia will begin to destroy oil infrastructure to drive the price back up to where their economy can survive. They are left with no options. See: Japan in 1942. War is coming.
Once it hits $10 I'm a buyer
IM LOVIN IT
sure is comfy in this duvet, bros
>Oil prices go up
>Immediately adjusts the price at gas stations
>Oil prices go down
>Durrr we're still using the oil reserves bought at higher price
fml famalams
is physical storage of barrels of oil redpilled or naw?
Russia probably doesn't need to do anything as he has a good control of the gas market in Europe. Saudi Arabia is the one in trouble.
*He = Putin
tamo fudido
br e eua vao perder mto
oil is so cheap i use it to flush my toilet instead of expensive luxury municiple water.
"attacks" on pipelines iminent.
The LNG market is not much healthier than oil. Most countries exporting one export both. Oil and LNG are closely tied commodities. Saudi can survive almost indefinitely on just wealth. Their population is tiny and assets vast. Russia is in the opposite predicament. Someone will start shooting in the middle east very soon.
The price is low because there is little demand at the moment and also Russia and OPEC are having a price war. USA is nearing full storage capacity for oil and gas. We will be fine in the long run.
Why? Production and use is gonna keep going down. We're gonna be stuck in our homes for 2 years.
Nah. How you gonna transport and sell? Who will buy from some random dude? Do you know how to keep oil? Did you know crude oil catches fire at room temperature?
Saudi Arabia's 2020 state budget deficit was expected to have a 49.8 billion USD for 2020 with OIL prices in $65
Saudi Arabia last numbers I found produced 4.3 billion barrels of oil a year
Expected Revenue: $284.7
With OIL at these levels, projected revenue will be something like less than 100 billion plus the expenses they might have with the pandemic. Defict will balloon to 200 billion USD at least.
We aren't even talking about LNG or other products Saudi Arabia might sell.
Russia might have some trouble but they have reserves. Saudi Arabia is burning their reserves for many years already.
KEK
how long till i get my free oil
How do I use my trumpbux to make money off this?
I buy it at 14 and then the economy opens in two months and shoots up to 100 and I make 7x my money?
Whats the move bros? ETF's or direct stock holdings of oil companies?
The problem is storage. Everyone is buying oil while it's cheap, but everyone is also running out of storage. The amount of buyers is shrinking every day as each buyer runs out of storage.
Probably both have merit since nothing tracks the price exactly anyway. However oil company stocks went up last friday so they're being propped up to some extent by funny money and they won't fall as much as you expect. I'm gonna go with ETFs. Not an expert though.