User Panel
When you have to shoot, shoot. Don't talk.
PA, USA
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Posted: 9/6/2024 12:08:24 PM EDT
$65? $60? Lower? |
Whoever double-crosses me and leaves me alive, he understands nothing about Tuco. Nothing!
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[#1]
They were giving away tankers full of crude just a couple years ago. That’s the bottom.
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[#2]
Year over year growth has been lower than expected. Libyan disruptions are expected to be shorter lived than anticipated. I think OPEC+ will extend output cuts contrary to previous agreements. China slowing demand and refining activity, OECD inventory growth etc all contributing. Watching the Brent Futures we had some backwardation on November contracts as well. Crack spreads in Asia are weaker as are refined products. However the Libya agreement pretty much only has a 30 day window so who knows.
I don’t pretend to prognosticate the prices but a short term dip from here isn’t infeasible . |
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1. Wouldn't post it here,
2. Nuke thread 3. Cardio (which is actually rule number 1) |
[Last Edit: midcap]
[#3]
crude unlike other commodities is hard to predict, but I don't see it going much lower than 60 where it's support is, my quant model isn't that great with crude due to all the geo political issues and the shear amount of proven reserves which can be released or reduces at any moments notice.
Lumber, Grains, etc are much more reliable to parse out future valuations. |
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Take it easy and if it's easy take it twice
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[#4]
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Seriously, a tractor dealer from Possum Trot, KY has to explain this to you, a lawyer? - JPL
WTB: Glock 17 gen 2. SN CAF 895 Win if you can, lose if you must, but always look good for the crowd. |
[#5]
Depends on what the fed does.
Depends on what the election does. Depends on what OPEC does. US drilling and production is cutting back currently. So my guess is they’re bunkering in for a few months. |
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Direction, not intention, determines destination.
Integrity is the essence of everything successful. |
[Last Edit: maxima2]
[#6]
When gas is $1.25 a gallon it will be close I would think.
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Get WOKE, go BROKE!
Never let the shit filter get full. |
[#7]
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Direction, not intention, determines destination.
Integrity is the essence of everything successful. |
[#8]
Originally Posted By MisterPX: Hell, not just giving away, but paying like $2 a bbl. Was interesting seeing oil prices at -$2. View Quote View All Quotes View All Quotes Originally Posted By MisterPX: Originally Posted By 80085: They were giving away tankers full of crude just a couple years ago. That’s the bottom. Hell, not just giving away, but paying like $2 a bbl. Was interesting seeing oil prices at -$2. During Covid lockdowns. Even when diesel demand started going up, there was so much gasoline and jet fuel being produced that storage capacity became an issue. |
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Saint Michael the Archangel, defend us in battle we humbly pray.
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[Last Edit: maxima2]
[#9]
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Get WOKE, go BROKE!
Never let the shit filter get full. |
[#10]
Originally Posted By maxima2: So that was close to the bottom then? That was the right answer? He didn't say where it had to from - could it get lower? $1.00? View Quote View All Quotes View All Quotes Originally Posted By maxima2: Originally Posted By Foxtrot08: And then you'll have no US O&G industry. And we will be paying OPEC countries for everything. Including refining. That was the right answer? He didn't say where it had to from - could it get lower? $1.00? The U.S. O&G industry will shut off in the low 50s. They’ll start shutting wells in then. OPEC’s bottom is probably around the mid 30’s right now. But below $50 those countries will start having serious economic issues and people with guns get unhappy over there. |
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Direction, not intention, determines destination.
Integrity is the essence of everything successful. |
[#11]
https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Cuts-Oil-Prices.html
Saudi Arabia’s state-run oil company has cut its October pricing for its Arab Light crude oil for Asian buyers, according to a fresh price list released on Friday. Saudi Aramco has cut its Arab Light crude oil by 70 cents, the price list showed. The news comes as Brent crude prices fell even further, trading at $71.49 per barrel, a $1.20 per barrel decline (-1.65%) on the day and the lowest level in years. Saudi Aramco has also lowered the price of Arab Light to Europe and the United States. The price reduction to Asia—Saudi Aramco’s prime market—does not bode well for the oil company’s outlook on Asian demand, with Official Selling Prices for Asia now at their lowest levels in three years, with weak manufacturing activity in China likely the culprit. Nevertheless, China’s crude oil imports did rebound in August as refiners increased their runs to meet seasonal demand. Saudi Aramco’s move follows Bank of America’s new price forecasts for next year, which have been downgraded to $75 per barrel for Brent, down from $80. The bank lowered its price forecast for WTI to $71 per barrel from $75. |
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Those who ignore history are doomed to repeat it.. |
[#12]
China was having some pretty bad flooding a few weeks ago. Maybe that had an impact on their demand.
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Saint Michael the Archangel, defend us in battle we humbly pray.
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[#13]
AlabamaFan64: China's economy is slowing down, their steel industry is in recession. And many companies are fleeing China, so that is adding to the economic choas which is lowering demand for oil, but at some point the demand will pickup, the problem is when.
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[#14]
Originally Posted By MisterPX: Hell, not just giving away, but paying like $2 a bbl. Was interesting seeing oil prices at -$2. View Quote View All Quotes View All Quotes Originally Posted By MisterPX: Originally Posted By 80085: They were giving away tankers full of crude just a couple years ago. That’s the bottom. Hell, not just giving away, but paying like $2 a bbl. Was interesting seeing oil prices at -$2. That was the single craziest thing I’ve ever seen, Financially speaking. Lotsa people must have made (and lost) Billions on it. I was wishing I had some tankers or salt domes to fill. Did we even replenish the Strategic Reserve? Probably not. |
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GD- "It's kind of like wading through through slimy lake bed with your feet to find clams below the surface".
- gtfoxy |
[#15]
Originally Posted By warlord: AlabamaFan64: China's economy is slowing down, their steel industry is in recession. And many companies are fleeing China, so that is adding to the economic choas which is lowering demand for oil, but at some point the demand will pickup, the problem is when. View Quote I’ve been reading this as well. China absolutely has been a huge percentage of petroleum demand and makes a big impact in cost. |
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Saint Michael the Archangel, defend us in battle we humbly pray.
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[#16]
lower....global economic slowdown.
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[#17]
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GD- "It's kind of like wading through through slimy lake bed with your feet to find clams below the surface".
- gtfoxy |
[#18]
The bottom?
Well, it ain't $0. |
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q3131: I can enjoy necrobeastialexhibitionism as much as the next guy, but homonecrobestailexhibitionism is just plain sick.
Tomislav:If you truly love something, you need to shoot it, then set it on fire. (And then post pics!) كا |
[#19]
Obviously, zero.
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[#20]
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q3131: I can enjoy necrobeastialexhibitionism as much as the next guy, but homonecrobestailexhibitionism is just plain sick.
Tomislav:If you truly love something, you need to shoot it, then set it on fire. (And then post pics!) كا |
[Last Edit: 999monkeys]
[#21]
Originally Posted By CajunMojo: The bottom? Well, it ain't $0. View Quote It can go negative. Did so in 2020 https://www.eia.gov/todayinenergy/detail.php?id=46336 |
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[#22]
Originally Posted By dogsplat: $65? $60? Lower? View Quote "The Spice Must Flow" |
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[#23]
They’re gonna have to pay me to take it.
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[#24]
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[#25]
Originally Posted By BillofRights: That was the single craziest thing I’ve ever seen, Financially speaking. Lotsa people must have made (and lost) Billions on it. I was wishing I had some tankers or salt domes to fill. Did we even replenish the Strategic Reserve? Probably not. View Quote No, Trump wanted to, but it was blocked by congress. |
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[#26]
Originally Posted By First-World-Problems: And what are you? Some kind of oil expert or something? View Quote View All Quotes View All Quotes Originally Posted By First-World-Problems: Originally Posted By Foxtrot08: And then you’ll have no US O&G industry. And we will be paying OPEC countries for everything. Including refining. And what are you? Some kind of oil expert or something? That made me snicker. I always tune in when Foxtrot is on the microphone. |
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[#27]
Originally Posted By First-World-Problems: And what are you? Some kind of oil expert or something? View Quote View All Quotes View All Quotes Originally Posted By First-World-Problems: Originally Posted By Foxtrot08: And then you'll have no US O&G industry. And we will be paying OPEC countries for everything. Including refining. And what are you? Some kind of oil expert or something? I was on a leasing project in TX when it went negative. Guess what? They pulled the plug on that project the next day. Everybody was told to submit their last billing statement and best of luck. |
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[#28]
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[#29]
Originally Posted By OregonShooter: No, Trump wanted to, but it was blocked by congress. View Quote View All Quotes View All Quotes Originally Posted By OregonShooter: Originally Posted By BillofRights: That was the single craziest thing I’ve ever seen, Financially speaking. Lotsa people must have made (and lost) Billions on it. I was wishing I had some tankers or salt domes to fill. Did we even replenish the Strategic Reserve? Probably not. No, Trump wanted to, but it was blocked by congress. It shouldn’t exist. Privatize it. |
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Direction, not intention, determines destination.
Integrity is the essence of everything successful. |
[#31]
The American tax payer is the bottom for oil.
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I am Government Man, come from the government.
PA, USA
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[Last Edit: governmentman]
[#32]
Originally Posted By Foxtrot08: Depends on what the fed does. Depends on what the election does. Depends on what OPEC does. US drilling and production is cutting back currently. So my guess is they’re bunkering in for a few months. View Quote China's economic wheels are showing some bigger wobbles lately too. Capital inflows are crashing, to the point that some foreign investors are bailing and taking their money with them. Real estate and construction are a mess, which was one of their two major growth engines (export manufacturing being the other). Chinese consumer spending - which was never particularly bold - has pulled back further. All while they are sitting on a particularly volatile $13 trillion dollar LGFV debt bomb. |
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[Last Edit: Harmonic_Distortion]
[#33]
Originally Posted By governmentman: China's economic wheels are showing some bigger wobbles lately too. Capital inflows are crashing, to the point that some foreign investors are bailing and taking their money with them. Real estate and construction are a mess, which was one of their two major growth engines (export manufacturing being the other). Chinese consumer spending - which was never particularly bold - has pulled back further. All while they are sitting on a particularly volatile $13 trillion dollar LGFV debt bomb. View Quote View All Quotes View All Quotes Originally Posted By governmentman: Originally Posted By Foxtrot08: Depends on what the fed does. Depends on what the election does. Depends on what OPEC does. US drilling and production is cutting back currently. So my guess is they’re bunkering in for a few months. China's economic wheels are showing some bigger wobbles lately too. Capital inflows are crashing, to the point that some foreign investors are bailing and taking their money with them. Real estate and construction are a mess, which was one of their two major growth engines (export manufacturing being the other). Chinese consumer spending - which was never particularly bold - has pulled back further. All while they are sitting on a particularly volatile $13 trillion dollar LGFV debt bomb. Maybe it's better if Trump doesn't win. Who would want an economic collapse to fall on a Republican's watch? Just thinking out loud. |
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Charter Member, Knights of Wonder
Norcal LEO callsign: Hold Fast Team Randstad |
[#34]
I’m just here to yell at the clouds….
Motherfucking diesel dropped to $3.02 at Costco the other day and I figured it was finally going to start dropping or staying around the high $2 to low $3 per gallon mark. Stopped by yesterday shit went back up to $3.27 per gallon in 2 days. |
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