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I knew the dip under $8000 would be short-lived!
And where are the all the "geniuses" who predicted $6000?
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Interesting analysis, suggesting Saudi Arabia may go bankrupt way before their competitors: https://www.bloomberg.com/opinion/articles/2020-03-09/oil-crash-saudi-arabia-s-price-war-worked-once-but-may-backfireOnce you consider the dependence of the Saudi economy on oil production, the best complete measure of Aramco’s overheads is probably the price at which the country’s budget breaks even — and that’s a whopping $83.60 a barrel, which we haven't seen in more than five years. Russia’s fiscal breakeven is around half that at $42 a barrel, and after sharp improvements in recent years, commercial producers in America’s Permian basin are around the same level.
Of course, at current prices everyone’s losing. Brent dropped as low as $31 a barrel Monday, and should a prolonged price war set in, it could go lower still. That’s where we have to start thinking about all three players’ ability to endure pain.
Riyadh’s race-to-the-bottom strategy only worked in 1985 because it was the lowest-cost producer. Now, its bloated budget means that it’s one of the highest-cost and shakiest players. It remains embroiled in a costly and brutal military quagmire in Yemen, and on Friday arrested senior royals on the grounds they were plotting a coup.
More than four years after Prince Mohammed Bin Salman began the economic reforms that were intended to diversify the economy’s dependence on crude, the prospect of prices ever returning to fiscal breakeven levels looks even more remote. Even Saudi Aramco shares are now trading below their offer price.
Countries embarking on wars often expect they’ll be over in a few months, only to discover their opponents were stronger than they thought. Should this turn into a prolonged fight, Moscow is unlikely to be the first player to fold. |
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Are we really gonna see an international market crash because of the virus?
It seems kinda fishy.
It's Saudis, not virus. “The market is shocked with the Saudi vow to step up oil production,” said Alan Li, portfolio manager at Atta Capital. “The collapse of oil prices triggered further sell-off of other asset classes. People are waiting for the response of other members of the Organisation of the Petroleum Exporting Countries (OPEC) and Russia.” Basically, Saudis launched a price war against Russia. |
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I don't think we can go under $8000. Well, maybe for a very short time, but that doesn't count.
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I will never understand the toilet paper shortage.
People panic-buy the product they perceive to be in short supply, creating a self-fulfilling prophecy. They don't feel the need to panic-buy yogurt, if they see plenty of yogurt of store shelfs. |
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Nuh. Smells like more sideways.
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A sad day.
Do you want to wake up and there is like 1 page to read? Come on. |
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Sanders might have done ok if he didn't refer to himself as a socialist.
Times change... These days Democrats are ok with socialism.  |
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I cant find any more reliable sample than the Diamond Princess.
Indeed it is a good sample. Now let's multiple Diamond Princess sample size by a million. Out of 3.6 billion adults, 700 million will get infected, 6 million will die. I think humanity can handle it. According to wikipedia, "Global human population growth amounts to around 83 million annually, or 1.1% per year." |
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We might even reach $3800 with such craziness. Hard to believe, I know.
I might get a nose bleed travelling to such heights. How time flies! |
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Zoom out and look at the big picture: 3600 were on board, 6 of them died.
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2% mortality rate? Closer to 10%. This is one of the worse examples of misinformation, something really needs to be done about it. On the cruise ship, I think about 700 got the virus (20%) and 6 of them died. |
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Under-reporting cases in one thing, but I think the real issue is under-testing. Governments around the world simply don't have enough tests available.
Even on that cruise ship, with 3500 people on board, they barely tested them. Only people with fever got tests.
Others were simply walking all around the cruise ship, carrying coronavirus, completely undetected.
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And what is that super-important goal?
I'd understand if we had to sacrifice our current comfort, because we're preparing for imminent alien invasion. Then we might need to go full Sparta.
Other than that...
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Biden's about only chance is to act as the "sane" guy. Trump has to look like a clown besides him. He tries so hard to look serious.
Who tries to look serious? Trump? He's gone full Jerry Seinfeld, and seems to enjoy his new gig: https://www.youtube.com/watch?v=kfl13QyQZKcHe will roast Biden to ashes. |
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 Logic. |
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Commie!
Says the man raised on government cheese. They should try it once. Should be fun. They can pretend it's from Bill Gates. They already tried it, iirc, in 2001 and again in 2008. Mailed lots of checks: $300 per person, $600 per married couple. |
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