Oil Crashes to $2.30 a Barrel

It actually traded negative.
 
So you mean a couple days ago when I put in 190 gallons of diesel in the boat at $2.68 per gallon, I should have just placed an order for 190 full barrels (20 gallons gas, 12 gallons diesel and 4 gallons jet fuel per barrel)?
 
Do we have anyone in our midst that is versed in the world Fuel markets and why we don't just ban imports of crude and keep our US sourced oil priced at levels that make it viable to pump? Sure I'd love to have cheep fuel for the boat and my vehicles but I'm comfortable paying what we have in the past few years. If higher fuel prices means we remain energy independent that so be it. This crash is looking more and more part of a conspiracy against Trump's economy and we will all pay for it dearly. The best defense is a strong offense.
I'm sure there is a reason, I've just not seen it articulated for this simple mind to understand it.
Carpe Diem
 
its traded a low of -$40/bbl and change
this is the front contract that expires tomorrow.
November crude is trading around +$31/bbl
 
I believe these are futures trading prices.

In any event, my understanding is that this war on oil between SA and Russia is related to a global desire and sponsored by the Chinese to move off the U.S. dollar as the benchmark.

This is the only financial news that worries me. Today, the petro-dollar is what allows us to maintain a strong currency. The Fed can print their way out of debt. We have been very very lucky because other nations that have done that have suffered 100% inflation such that that they've had to issue net new currencies...see Brazil.

Right now the dollar is very strong and inflation, CPI, interest rates are very low. Should any of these metrics collapse, then I believe the globalists will move to vote the U.S. dollar as persona non grata and thus the demise of the U.S. economy.

Before that happens, we'd launch. Otherwise I don't see how we would avoid getting checkmated.

How? By collapsing the U.S. domestic oil industry ergo U.S. companies shutting down production in order to avert the collapse of the dollar, it would then cause the U.S. to purchase foreign oil. Millions of U.S. oil workers and companies would be bust. It's much harder to restart industry after its shut down and if we did shut it down, that interval is time for OPEC to move on the currency manipulation and ditch the dollar. Just my concern.
 
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El Capitan said:
I believe these are futures trading prices.

In any event, my understanding is that this war on oil between SA and Russia is related to a global desire and sponsored by the Chinese to move off the U.S. dollar as the benchmark.

This is the only financial news that worries me. Today, the petro-dollar is what allows us to maintain a strong currency. The Fed can print their way out of debt. We have been very very lucky because other nations that have done that have suffered 100% inflation such that that they've had to issue net new currencies...see Brazil.

Right now the dollar is very strong and inflation, CPI, interest rates are very low. Should any of these metrics collapse, then I believe the globalists will move to vote the U.S. dollar as persona non grata and thus the demise of the U.S. economy.

Before that happens, we'd launch. Otherwise I don't see how we would avoid getting checkmated.
Click to expand...
No other economy is doing any better or even close to where we are now....the answer is to get back to work as quickly as possible
 
Agreed, but...By collapsing the U.S. domestic oil industry ergo U.S. companies shutting down production in order to avert the collapse of the dollar, it would then cause the U.S. to purchase foreign oil. Millions of U.S. oil workers and companies would be bust. It's much harder to restart industry after its shut down and if we did shut it down, that interval is time for OPEC to move on the currency manipulation and ditch the dollar.
 
Shaps said:
its traded a low of -$40/bbl and change
this is the front contract that expires tomorrow.
November crude is trading around +$31/bbl
Click to expand...

Yup. The negative price for crude means that the actual crude barrel is $0 but the buyer has to pay for the transport. Should this happen it would not be good for the U.S. economy.
 
El Capitan said:
I believe these are futures trading prices.

In any event, my understanding is that this war on oil between SA and Russia is related to a global desire and sponsored by the Chinese to move off the U.S. dollar as the benchmark.

This is the only financial news that worries me. Today, the petro-dollar is what allows us to maintain a strong currency. The Fed can print their way out of debt. We have been very very lucky because other nations that have done that have suffered 100% inflation such that that they've had to issue net new currencies...see Brazil.

Right now the dollar is very strong and inflation, CPI, interest rates are very low. Should any of these metrics collapse, then I believe the globalists will move to vote the U.S. dollar as persona non grata and thus the demise of the U.S. economy.

Before that happens, we'd launch. Otherwise I don't see how we would avoid getting checkmated.

How? By collapsing the U.S. domestic oil industry ergo U.S. companies shutting down production in order to avert the collapse of the dollar, it would then cause the U.S. to purchase foreign oil. Millions of U.S. oil workers and companies would be bust. It's much harder to restart industry after its shut down and if we did shut it down, that interval is time for OPEC to move on the currency manipulation and ditch the dollar. Just my concern.
Click to expand...

Nope.

SA & Russia kissed and made up agreeing to cut production.

The very low price is for New contracts of immediate delivery to less than thirty days out. Small detail, there is no place to store it. BTW charter rates for VLCC vessels (preferred temporary storage method for surplus crude) are at record highs.

Six months out contracts were at about $24 per barrel when I checked earlier this afternoon. So Much the conspiracy theory, it’s just supply and demand. Too much oil and no place to put it.
 
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Is it ever really as simple as that? I don't buy it. SA and Russia wasn't a coincidence nor was the timing.
 
How much longer can this country go on like this???? That’s the question that no one can answer. At what point is too far? Where is the line in the sand?

When will the effects on the economy outweigh the deaths?
 
Great explanation I heard today: Too many paper barrels chasing too little physical storage.
 
/CL futures (light sweet crude) are trading at $20.93/barrel as I am typing this. Low was this past Wednesday at 19.20. I did buy USO 4/20 $4.00 calls today for .25 each (in the options world that is actually $25 each). Sold 40% of them for .38 each. Hope it goes up tomorrow so I can sell the rest...lol
 
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Great Lakes said:
How much longer can this country go on like this???? That’s the question that no one can answer. At what point is too far? Where is the line in the sand?

When will the effects on the economy outweigh the deaths?
Click to expand...
Great Lakes said:
How much longer can this country go on like this???? That’s the question that no one can answer. At what point is too far? Where is the line in the sand?

When will the effects on the economy outweigh the deaths?
Click to expand...


In my opinion it already has. FWIW I'm one of the at risk people and I say this is an over reaction.
 
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