Guest
Seriously?
R
Rob
Guest
John S <Sophi.2@invalid.org> wrote:
I don't know how that works in the USA, but over here whenever the prices
of crude oil rise we see higher prices at the pumps very soon, but when
the prices fall nothing happens "because we still have to sell the stock
bought at the higher price" or similar...
I don't know how that works in the USA, but over here whenever the prices
of crude oil rise we see higher prices at the pumps very soon, but when
the prices fall nothing happens "because we still have to sell the stock
bought at the higher price" or similar...
J
John S
Guest
On 4/20/2020 1:36 PM, blocher@columbus.rr.com wrote:
Lower prices at the pumps?
Lower prices at the pumps?
B
Bill Martin
Guest
On 4/20/20 12:20 PM, Rob wrote:
replacement oil when the old stock is gone... :-(
Same story here, but if it stays there too long there won't be any
replacement oil when the old stock is gone... :-(
T
Tom Gardner
Guest
On 20/04/20 19:36, blocher@columbus.rr.com wrote:
> Seriously?
There is so little demand they are chartering tankers as floating storage tanks.
"Supertankers drafted in to store glut of crude oil
Ships able to carry 2m barrels chartered for $335,000 a day to store oil
unwanted during the Covid-19 pandemic"
https://www.theguardian.com/business/2020/apr/19/supertankers-drafted-in-to-store-glut-of-crude-oil-coronavirus
or
"The last major period of global oil oversupply was 2014-16, during which global
inventories built up by about 1.1 billion bbls, or an average of one million
barrels per day (MMb/d). IHS Markit expects the current period of oversupply to
build a larger volume of oil in a matter of months. In 2014-16, it is estimated
that a maximum of 120 million barrels (MMbbl) of oil was put into floating
storage - which means oil stored on ships with no booked delivery destination.
This time, floating storage will fill more rapidly to relieve the pressure
cooker of bulging onshore oil inventories."
https://ihsmarkit.com/research-analysis/floating-storage-how-much-oil-surplus-can-be-tanker-stored.html
> Seriously?
There is so little demand they are chartering tankers as floating storage tanks.
"Supertankers drafted in to store glut of crude oil
Ships able to carry 2m barrels chartered for $335,000 a day to store oil
unwanted during the Covid-19 pandemic"
https://www.theguardian.com/business/2020/apr/19/supertankers-drafted-in-to-store-glut-of-crude-oil-coronavirus
or
"The last major period of global oil oversupply was 2014-16, during which global
inventories built up by about 1.1 billion bbls, or an average of one million
barrels per day (MMb/d). IHS Markit expects the current period of oversupply to
build a larger volume of oil in a matter of months. In 2014-16, it is estimated
that a maximum of 120 million barrels (MMbbl) of oil was put into floating
storage - which means oil stored on ships with no booked delivery destination.
This time, floating storage will fill more rapidly to relieve the pressure
cooker of bulging onshore oil inventories."
https://ihsmarkit.com/research-analysis/floating-storage-how-much-oil-surplus-can-be-tanker-stored.html
B
bitrex
Guest
On 4/20/2020 3:20 PM, Rob wrote:
Gas was $1.93 at the local station near the Rhode Island border this
morning buy I haven't traded my EV for a Hummer, yet. also, it runs on
gas too.
Gas was $1.93 at the local station near the Rhode Island border this
morning buy I haven't traded my EV for a Hummer, yet. also, it runs on
gas too.
L
Lasse Langwadt Christense
Guest
tirsdag den 21. april 2020 kl. 00.21.10 UTC+2 skrev Ricky C:
yeh, it is oil futures that are negative, those who bet on oil prices rising are desperate to get rid of them because otherwise they will have to take delivery, that's going to be messy if you sit in an office
yeh, it is oil futures that are negative, those who bet on oil prices rising are desperate to get rid of them because otherwise they will have to take delivery, that's going to be messy if you sit in an office
R
Ricky C
Guest
On Monday, April 20, 2020 at 3:58:43 PM UTC-4, Tom Gardner wrote:
If Trump had any balls, he would use the DPA to order GM to build oil tankers to store the excess oil!
Or we could buy some to go with the millions of barrels we have shoved into the ground in the strategic oil reserve. But that's probably already full.
It's like shrimp prices going below $5 a pound for 16 count and your freezer is already full.
--
Rick C.
+ Get 1,000 miles of free Supercharging
+ Tesla referral code - https://ts.la/richard11209
If Trump had any balls, he would use the DPA to order GM to build oil tankers to store the excess oil!
Or we could buy some to go with the millions of barrels we have shoved into the ground in the strategic oil reserve. But that's probably already full.
It's like shrimp prices going below $5 a pound for 16 count and your freezer is already full.
--
Rick C.
+ Get 1,000 miles of free Supercharging
+ Tesla referral code - https://ts.la/richard11209
R
Ricky C
Guest
On Monday, April 20, 2020 at 3:20:26 PM UTC-4, Rob wrote:
It is supply and demand everywhere. When oil prices go down, it only impacts the pump price as the supply of gasoline goes up. A lower oil price does not have to result in more production of gasoline. The gas companies have to decide to ramp up production. They don't have to do that right away. Eventually one of them gets a bit greedier than the others and starts making more gas which starts the price lowering.
I see gas going for $1.25 around here. I think the oil price drops are reaching the pumps.
The price of oil being negative in some market, somewhere means oil producers have not cut back yet and are paying to store some portion of their production. But rest assured, the oil companies buying the oil production are still paying for it.
--
Rick C.
- Get 1,000 miles of free Supercharging
- Tesla referral code - https://ts.la/richard11209
It is supply and demand everywhere. When oil prices go down, it only impacts the pump price as the supply of gasoline goes up. A lower oil price does not have to result in more production of gasoline. The gas companies have to decide to ramp up production. They don't have to do that right away. Eventually one of them gets a bit greedier than the others and starts making more gas which starts the price lowering.
I see gas going for $1.25 around here. I think the oil price drops are reaching the pumps.
The price of oil being negative in some market, somewhere means oil producers have not cut back yet and are paying to store some portion of their production. But rest assured, the oil companies buying the oil production are still paying for it.
--
Rick C.
- Get 1,000 miles of free Supercharging
- Tesla referral code - https://ts.la/richard11209
Guest
blocher@columbus.rr.com wrote in news:00926a81-e8c7-4345-a4fa-
dc6e5278bb7c@googlegroups.com:
> Seriously?
-36 It means they will pay you to come take it off their hands, but
you must actually take delivery.
dc6e5278bb7c@googlegroups.com:
> Seriously?
-36 It means they will pay you to come take it off their hands, but
you must actually take delivery.
Guest
On Mon, 20 Apr 2020 11:36:09 -0700 (PDT), blocher@columbus.rr.com
wrote:
>Seriously?
Apparently people made binding contracts, futures or something, to buy
and sell oil, and have to trade now, even if it means paying people
instead of getting paid to deliver oil. That same thing happens in
electricity markets. Sometimes California pays other states to take
excess solar electricity off our hands.
--
John Larkin Highland Technology, Inc
Science teaches us to doubt.
Claude Bernard
wrote:
>Seriously?
Apparently people made binding contracts, futures or something, to buy
and sell oil, and have to trade now, even if it means paying people
instead of getting paid to deliver oil. That same thing happens in
electricity markets. Sometimes California pays other states to take
excess solar electricity off our hands.
--
John Larkin Highland Technology, Inc
Science teaches us to doubt.
Claude Bernard
C
Clive Arthur
Guest
On 20/04/2020 20:10, John S wrote:
You have to be careful if it goes negative - if you forget and pay them,
they'd have to suck it out of your car.
--
Cheers
Clive
You have to be careful if it goes negative - if you forget and pay them,
they'd have to suck it out of your car.
--
Cheers
Clive
R
Rob
Guest
bitrex <user@example.net> wrote:
So you do not yet get free gas and a free hamburger?
So you do not yet get free gas and a free hamburger?
J
John Larkin
Guest
On Mon, 20 Apr 2020 20:14:24 -0700, jlarkin@highlandsniptechnology.com
wrote:
One great proposal is to store crude oil in empty WeWork spaces.
--
John Larkin Highland Technology, Inc
picosecond timing precision measurement
jlarkin att highlandtechnology dott com
http://www.highlandtechnology.com
wrote:
One great proposal is to store crude oil in empty WeWork spaces.
--
John Larkin Highland Technology, Inc
picosecond timing precision measurement
jlarkin att highlandtechnology dott com
http://www.highlandtechnology.com
C
Clive Arthur
Guest
On 21/04/2020 19:16, John Larkin wrote:
Well it's already in barrels and there are plenty of closed pubs over
here...
--
Cheers
Clive
Well it's already in barrels and there are plenty of closed pubs over
here...
--
Cheers
Clive
Guest
On Tuesday, April 21, 2020 at 11:24:44 AM UTC-7, Clive Arthur wrote:
Not necessary. It's a contract to take oil away from Cushing (or similar place). Barrels and/or tankers not included. Right now, barrels cost more than crude oil, so negative price for oil.
Not necessary. It's a contract to take oil away from Cushing (or similar place). Barrels and/or tankers not included. Right now, barrels cost more than crude oil, so negative price for oil.
P
Phil Hobbs
Guest
On 2020-04-20 23:14, jlarkin@highlandsniptechnology.com wrote:
Speculating in commodity futures is like that. If you're not for real,
you have to liquidate your position or take delivery.
I recall a sitcom episode from the '60s where somebody had several tons
of pork bellies delivered to his front lawn
Cheers
Phil Hobbs
--
Dr Philip C D Hobbs
Principal Consultant
ElectroOptical Innovations LLC / Hobbs ElectroOptics
Optics, Electro-optics, Photonics, Analog Electronics
Briarcliff Manor NY 10510
http://electrooptical.net
http://hobbs-eo.com
Speculating in commodity futures is like that. If you're not for real,
you have to liquidate your position or take delivery.
I recall a sitcom episode from the '60s where somebody had several tons
of pork bellies delivered to his front lawn
Cheers
Phil Hobbs
--
Dr Philip C D Hobbs
Principal Consultant
ElectroOptical Innovations LLC / Hobbs ElectroOptics
Optics, Electro-optics, Photonics, Analog Electronics
Briarcliff Manor NY 10510
http://electrooptical.net
http://hobbs-eo.com