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fillippone
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April 27, 2020, 11:51:15 AM
 #61

Interesting piece from the FT:

Oil world zeroes in on Cushing, Oklahoma

Quote
<...>
But demand for crude has now dried up in the face of coronavirus lockdowns, with refiners taking just 12.5m barrels a day last week, a quarter less than a year ago. Oil production cuts are only beginning to take hold in response to low prices.

As a result, crude stocks at Cushing climbed to 60m barrels last week, EIA reported. Analysts believe it, and many other tank farms, will be full within three or four weeks.
<...>



So don't expect prices to rebound too soon.


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azarharus
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April 27, 2020, 12:24:11 PM
 #62

Oil price hit down due to the extended lockdown, we still don't know when the pandemic will be resolved so countries are hesitating to stock the crude oil because more longer they store then the more expensive they will face and also some countries are in need of funds for a medical emergency which left the oil untouched so prices went down too much.
I honestly hope this could lead countries to use more of renewable energy instead if such unreliable resource like oil.
In couple decades when oil will be gone - those countries who were smart enough will have enough energy (like Australia for instance)
Findingnemo
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April 28, 2020, 09:30:47 AM
 #63

Oil price hit down due to the extended lockdown, we still don't know when the pandemic will be resolved so countries are hesitating to stock the crude oil because more longer they store then the more expensive they will face and also some countries are in need of funds for a medical emergency which left the oil untouched so prices went down too much.
I honestly hope this could lead countries to use more of renewable energy instead if such unreliable resource like oil.
In couple decades when oil will be gone - those countries who were smart enough will have enough energy (like Australia for instance)
Electric cars were already on the road by the year 2030 it is rare to find a car powered by fuel but now we relied on oils so the price will hit up when the lockdown back into normal.Countries who adopt to solar and other renewable energies sooner will get more advantage of making the expenses more cheaper and can provide the source to their people more cheaper as well.

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andisuk
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April 28, 2020, 07:31:11 PM
 #64

Oil price hit down due to the extended lockdown, we still don't know when the pandemic will be resolved so countries are hesitating to stock the crude oil because more longer they store then the more expensive they will face and also some countries are in need of funds for a medical emergency which left the oil untouched so prices went down too much.
I honestly hope this could lead countries to use more of renewable energy instead if such unreliable resource like oil.
In couple decades when oil will be gone - those countries who were smart enough will have enough energy (like Australia for instance)
Electric cars were already on the road by the year 2030 it is rare to find a car powered by fuel but now we relied on oils so the price will hit up when the lockdown back into normal.Countries who adopt to solar and other renewable energies sooner will get more advantage of making the expenses more cheaper and can provide the source to their people more cheaper as well.
with the current condition, new, cheaper fuel will certainly be sought after if the oil has gone up again,
and in 2030 it is likely that many non-oil-powered cars must also have a lot like electric power or the sun and maybe there are more

Naida_BR
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April 28, 2020, 07:48:03 PM
 #65

Oil price hit down due to the extended lockdown, we still don't know when the pandemic will be resolved so countries are hesitating to stock the crude oil because more longer they store then the more expensive they will face and also some countries are in need of funds for a medical emergency which left the oil untouched so prices went down too much.
I honestly hope this could lead countries to use more of renewable energy instead if such unreliable resource like oil.
In couple decades when oil will be gone - those countries who were smart enough will have enough energy (like Australia for instance)
Electric cars were already on the road by the year 2030 it is rare to find a car powered by fuel but now we relied on oils so the price will hit up when the lockdown back into normal.Countries who adopt to solar and other renewable energies sooner will get more advantage of making the expenses more cheaper and can provide the source to their people more cheaper as well.
with the current condition, new, cheaper fuel will certainly be sought after if the oil has gone up again,
and in 2030 it is likely that many non-oil-powered cars must also have a lot like electric power or the sun and maybe there are more

This situation with the current low price, is going to cause a long term economic problem in the fuel market.
Many people now are buying petrol in order to get advantage of the low price and have stock for the winter. This means that winter sales ar going to be lower than expected.
fillippone
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April 28, 2020, 07:52:19 PM
 #66

Oil price hit down due to the extended lockdown, we still don't know when the pandemic will be resolved so countries are hesitating to stock the crude oil because more longer they store then the more expensive they will face and also some countries are in need of funds for a medical emergency which left the oil untouched so prices went down too much.
I honestly hope this could lead countries to use more of renewable energy instead if such unreliable resource like oil.
In couple decades when oil will be gone - those countries who were smart enough will have enough energy (like Australia for instance)
Electric cars were already on the road by the year 2030 it is rare to find a car powered by fuel but now we relied on oils so the price will hit up when the lockdown back into normal.Countries who adopt to solar and other renewable energies sooner will get more advantage of making the expenses more cheaper and can provide the source to their people more cheaper as well.
with the current condition, new, cheaper fuel will certainly be sought after if the oil has gone up again,
and in 2030 it is likely that many non-oil-powered cars must also have a lot like electric power or the sun and maybe there are more

This situation with the current low price, is going to cause a long term economic problem in the fuel market.
Many people now are buying petrol in order to get advantage of the low price and have stock for the winter. This means that winter sales ar going to be lower than expected.

IF you have stock, you are actually going to be paid to stock the fuel!

anyway. USO is still on play today.

USO Oil Fund Crashes Again as Crude Prices Tumble

Quote
Shares of the United States Oil Fund (NYSEMKT:USO), the largest exchange-traded fund (ETF) directly exposed to U.S. oil markets, fell 16% in morning trading on Monday. The slide came after the fund's manager, USCF, announced in an SEC filing that it planned to sell off all of the fund's current (June 2020) oil futures contracts in favor of longer-term futures contracts.

The announcement also sent benchmark WTI Crude prices lower, as traders followed USCF's lead and dumped their June contracts, which govern currently quoted WTI prices. By noon, WTI Crude prices had fallen 26%, to about $12/barrel. Other global oil prices also tumbled, with international benchmark Brent Crude down 7.8% for the morning.


It's like an enormous, dramatic circular reference.

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Findingnemo
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April 28, 2020, 08:43:50 PM
 #67

snip...

This situation with the current low price, is going to cause a long term economic problem in the fuel market.
Many people now are buying petrol in order to get advantage of the low price and have stock for the winter. This means that winter sales ar going to be lower than expected.
Most of the governments were already stocked the crude oil needed for the next three months so I doubt that anyone will buy now the even US tried to store the produced oil in the containerships still the expenses are getting out of hand than the actual price that is the reason why the price of oil went down so when the condition back into normal we will see spike in the oil prices.

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abhiseshakana
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April 29, 2020, 02:48:55 AM
 #68

Electric cars were already on the road by the year 2030 it is rare to find a car powered by fuel but now we relied on oils so the price will hit up when the lockdown back into normal.Countries who adopt to solar and other renewable energies sooner will get more advantage of making the expenses more cheaper and can provide the source to their people more cheaper as well.

Many are late in understanding this phenomenon. When some people explain the geoeconomic approach with their muscle knowledge it is always considered to be only a conspiracy theory. America began to withdraw its troops at several points in the Middle East to be a sign that oil is no longer something that is important to the superpower countries in the world. Especially after the United States became the king of oil with his shale oil.

In addition to realizing that oil will dry up, China's energy dependency will cause havoc. China is a country that has a state platform toward energy self-sufficiency. As we know today that China has a dependency on energy imports. Therefore China has programs that support the platform such as the global electric car market mastery program in 2035 (automotive industry road map). The monopoly and dominance of the battery industry is not only for cars but also for houses, buildings, and drones. Then the construction of smelter infrastructure in many countries for the monopoly of raw material batteries such as Ni and Li.

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Wind_FURY
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April 29, 2020, 06:58:52 AM
 #69

Interesting piece from the FT:

Oil world zeroes in on Cushing, Oklahoma

Quote
<...>
But demand for crude has now dried up in the face of coronavirus lockdowns, with refiners taking just 12.5m barrels a day last week, a quarter less than a year ago. Oil production cuts are only beginning to take hold in response to low prices.

As a result, crude stocks at Cushing climbed to 60m barrels last week, EIA reported. Analysts believe it, and many other tank farms, will be full within three or four weeks.
<...>



So don't expect prices to rebound too soon.



Is the United States readying themselves for war while it's cheap? I believe after the times the U.S. stockpiled Crude Oil, a big war broke out.

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April 29, 2020, 07:44:59 AM
 #70


Is the United States readying themselves for war while it's cheap? I believe after the times the U.S. stockpiled Crude Oil, a big war broke out.

Believe me the US are not happy with all this stockpile, and for sure not about the price being so low.
And a war against who exactly? not THEY are the big boys in the oil industry.

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April 29, 2020, 09:50:54 AM
 #71

Is the United States readying themselves for war while it's cheap? I believe after the times the U.S. stockpiled Crude Oil, a big war broke out.
Believe me the US are not happy with all this stockpile, and for sure not about the price being so low.

for sure. the USA is the biggest oil producer in the world, and they also have some of the most expensive per barrel costs---and prices are now back to 1990s levels. Shocked

And a war against who exactly?

there is increasing talk about a cold war with china: https://www.latimes.com/politics/story/2020-04-07/coronavirus-pandemic-us-china-new-cold-war

i'm not reading too much into it yet.

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April 30, 2020, 01:04:59 PM
 #72

Could we maybe see an increase in oil usage in the future because of this? I have never considered it but I was always saying maybe this is because people are moving towards renewable energy all the time and there are improvements on the structure of solar panels which makes it a lot cheaper and allows people to have good looking roof and also never pay for electricity again etc etc.

However we are not really thinking it through, I didn't at least. With oil becoming so cheap, when you are offering people what they want to use for energy, if they have the choice they could basically make a change on their production and move to oil instead of renewable energy because it is quite cheap, that really change changes things. If that is true we are in for a bigger trouble.

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JoMarrah Iarim Dan
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April 30, 2020, 02:42:59 PM
 #73

Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now
Even the oil price in our province is low. Since we have tricycle and it uses oil and fuel (which also has a low price), I advised my mother to buy extra but not too many because it is still dangerous. Fuel can cause fire plus the weather in Philippines in this month is so hot. So those extra are just in case of emergency plus save money due to low price.

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Twentyonepaylots
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April 30, 2020, 06:24:23 PM
 #74

Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now
Even the oil price in our province is low. Since we have tricycle and it uses oil and fuel (which also has a low price), I advised my mother to buy extra but not too many because it is still dangerous. Fuel can cause fire plus the weather in Philippines in this month is so hot. So those extra are just in case of emergency plus save money due to low price.
If you guys are regular consumer of oil might as well you buy as much as you can these days with price not having a roll back or an increase, just buy at the last price of oil from your market it is still unaffected.
Don't you worry about the weather, if it is too hot, from tropical country like Philippines it never reaches above 60 degrees too far from the smoking point of an oil which is relatively from 300 degrees celsius to 500 degree celsius.
coinfinger
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April 30, 2020, 07:36:56 PM
 #75

Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now

But, why is the price be looking like this? It is not only the cars that uses oil, we also have a lot of machines that isn't running without the oil
In a situation like this it’s going to be difficult for stocks like oil to move forward, no one is buying them. The report is that the sellers are even begging to sell their oil. How can oil be growing when it’s the sellers begging to sell their oil? Covid-19 has changed everything, and it didn’t just affect oil, other stocks were affected as well.

Oil is not a thing right now, as energy is slowly taking over. There are now lots of electric cars that don’t need any oil to power them. As time goes on, the automobile industry might start releasing more cars that are electric cars and less of cars that makes use of oil.
cabalism13
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April 30, 2020, 09:57:22 PM
 #76

Is the United States readying themselves for war while it's cheap? I believe after the times the U.S. stockpiled Crude Oil, a big war broke out.
Believe me the US are not happy with all this stockpile, and for sure not about the price being so low.
And a war against who exactly? not THEY are the big boys in the oil industry.
Indeed, but what about the companies, they should have used this opportunity to stack up some oil for their own and for later use. Although the shipment is one thing to be considered due to some places that had been locked down. Still I think reservations are quite good and making a payment via bank transfer.

If I were one of the biggest companies who used to buy oils then I could use this one time opportunity. And have them owe me for the oil's price is surely at negative but still I got to avail them...
rexxarofmoknathal
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April 30, 2020, 09:59:55 PM
 #77

This is where solar electric and renewable energy sources really have their time to shine.

Kick oil and other fossil fuel sources while they're down, and maybe they can get a better foothold on the industry.

Oil and fossil fuel emissions are one of the worst things for our planet (along with deforestation). It's about time the oil industry took a god damned beating.





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fillippone
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April 30, 2020, 10:03:58 PM
 #78

Is the United States readying themselves for war while it's cheap? I believe after the times the U.S. stockpiled Crude Oil, a big war broke out.
Believe me the US are not happy with all this stockpile, and for sure not about the price being so low.
And a war against who exactly? not THEY are the big boys in the oil industry.
Indeed, but what about the companies, they should have used this opportunity to stack up some oil for their own and for later use. Although the shipment is one thing to be considered due to some places that had been locked down. Still I think reservations are quite good and making a payment via bank transfer.

If I were one of the biggest companies who used to buy oils then I could use this one time opportunity. And have them owe me for the oil's price is surely at negative but still I got to avail them...
The point is they already did so a few weeks ago, but the price went further down.
And today all the deposits are full, and nobody know where to store this oil.
This sent the price negative. Everyone is fully stocked.

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cabalism13
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April 30, 2020, 10:10:45 PM
 #79

Is the United States readying themselves for war while it's cheap? I believe after the times the U.S. stockpiled Crude Oil, a big war broke out.
Believe me the US are not happy with all this stockpile, and for sure not about the price being so low.
And a war against who exactly? not THEY are the big boys in the oil industry.
Indeed, but what about the companies, they should have used this opportunity to stack up some oil for their own and for later use. Although the shipment is one thing to be considered due to some places that had been locked down. Still I think reservations are quite good and making a payment via bank transfer.

If I were one of the biggest companies who used to buy oils then I could use this one time opportunity. And have them owe me for the oil's price is surely at negative but still I got to avail them...
The point is they already did so a few weeks ago, but the price went further down.
And today all the deposits are full, and nobody know where to store this oil.
This sent the price negative. Everyone is fully stocked.
Still but not all, there are some countries couldn't do what the other companies did, due to thus pandemic issues for they are focused on using their funds to people's need. That simply goes to companies that is within the boundaries of that specific country.

And yeah, you got a point. Buying is surely an easy thing but where to store those things, is a different matter.
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May 01, 2020, 07:07:12 AM
 #80

The prices will probably not rebound that well at all, not just any time soon but never. We are at the break of a new dawn where oil is not needed as much as it used to, there are still ways that oil could be used but that is getting smaller and smaller, one day we will no longer need it at all. That is why I could understand why the price may never rebound. Definitely with the inflation and all when a gum is worth over a dollar, the price of oil will be where it was one day, maybe in a decade maybe longer but at the same time we are talking about other stuff taking its place.

I feel like maybe the oil price could be 20 bucks at max because at this point that is what it deserves, even if the lockdown is lifted there won't be all that much purchase for a long time.
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