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Crude oil price drop

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Crude oil price drop

Old 26th Mar 2020, 09:25
  #61 (permalink)  

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Be careful about calling petrol "super", at least if it's sold at a Shell station. A certain poster here will take you to task for it - it's V-POWER! Shell don't sell any of that cheap "Super" so it causes terrible confusion.
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Old 26th Mar 2020, 17:16
  #62 (permalink)  
 
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as long as its not a Mod......
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Old 26th Mar 2020, 18:17
  #63 (permalink)  
 
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Well, from the 115.9 per litre of yesterday morning, this afternoon the same garage is selling the same stuff at 105.9 per litre. I am looking forward to next week when they may be giving it away!
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Old 26th Mar 2020, 20:33
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You would probably need it in Aberdeen. Some of those who have managed to sell their houses are taking a 20% hit on what they paid for it.
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Old 26th Mar 2020, 21:20
  #65 (permalink)  
 
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Originally Posted by Fareastdriver View Post
You would probably need it in Aberdeen. Some of those who have managed to sell their houses are taking a 20% hit on what they paid for it.

I was posted up to Scotland in 1992, and took a 40% hit on the price of our house down South (purchased by MoD as a part of the posting). We went from having a 40% mortgage to a 90% mortgage overnight. Probably took us the next ten years to get back to where we'd been in 1992.
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Old 27th Mar 2020, 08:56
  #66 (permalink)  
 
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Originally Posted by Fareastdriver View Post
You would probably need it in Aberdeen. Some of those who have managed to sell their houses are taking a 20% hit on what they paid for it.

back in'86 a lot of people just handed in the keys to their houses in Aberdeen to the mortgage lenders and got on a plane back to the USA
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Old 27th Mar 2020, 09:39
  #67 (permalink)  
 
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Bedford always seems to be pricey too. Helped a bit when Morrisons turned up. Problem is there's no where to go to burn up the stuff, and the lawnmower is an unattractive alternative as it requires effort.
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Old 27th Mar 2020, 09:48
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Queues at local Costco. 99.9p per litre unleaded.
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Old 28th Mar 2020, 00:50
  #69 (permalink)  
 
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Cheap(ish) fuel and nowhere to go
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Old 31st Mar 2020, 07:30
  #70 (permalink)  
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https://www.thetimes.co.uk/article/p...tive-v2vjd0jjb

Plunging oil price ‘could go negative’

Oil prices have tumbled to their lowest level in 18 years amid fears that producers could quickly run out of storage space for crude rendered surplus by falling demand in the coronavirus crisis.........

Oil prices for some landlocked fields, such as onshore in the United States, are heading towards negative territory as producers are running out of places to store surplus crude. “Given the cost of shutting down a well, a producer would be willing to pay someone to dispose of a barrel,” analysts at Goldman Sachs said........

Jeffrey Currie, head of commodities research at the American investment bank, said that producers were running into physical constraints in refineries, pipelines and storage facilities. At least 900,000 barrels per day of production had already been shut down, “with the true number likely higher and growing by the hour”. Bjarne Schieldrop, chief commodities analyst at SEB, the Nordic bank, said that a further 25 million barrels per day of production needed to be shut “in order to get the oil market into balance”.......

Millions of barrels per day of production is likely to be shut, raising the prospect that when the crisis passes there will be an “inflationary oil supply shock of historic proportions”..........
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Old 2nd Apr 2020, 15:05
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For those thinking of filling the bath I think you just missed the boat.
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Old 3rd Apr 2020, 12:04
  #72 (permalink)  
 
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Relying upon the media for your crystal ball gazing is fraught with peril.....how many times must you get caught out before you realize the Media is full of shit.
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Old 3rd Apr 2020, 12:26
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West Texas Intermediate, a pleasant, sweet crude oil surged a whole $3.81 from $21.51/bbl to $25.32/bbl. Whooo hooo lets go build a new refinery!
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Old 3rd Apr 2020, 18:26
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Brent crude has gone from $27 to $34 in just over three days.
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Old 4th Apr 2020, 01:05
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Originally Posted by SASless View Post
how many times must you get caught out before you realize the Media is full of shit.
...and this is why you have and are supporting a feckless media personality as President. Gotcha.
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Old 13th Apr 2020, 11:13
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In light of the recent deal struck by OPEC+ and the subsequent market reaction, I was wondering how much does it typically cost to produce a barrel of crude? Could it actually be costing producers to supply at these prices?
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Old 13th Apr 2020, 11:39
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I recall reading somewhere that shale oil cost $70 a barrel to produce.
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Old 13th Apr 2020, 12:05
  #78 (permalink)  
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https://en.wikipedia.org/wiki/Price_..._of_production
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Old 13th Apr 2020, 21:34
  #79 (permalink)  
 
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Originally Posted by Effluent Man View Post
I recall reading somewhere that shale oil cost $70 a barrel to produce.
If memory serves me right, when the Tar sands first opened, it was often stated that when the price of a barrel of oil reached $30/barrel they would be profitable, but thatís a long, long time ago.

In Alberta they used to drill wells then cap them, waiting for Govt subsidies or price increases.
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Old 15th Apr 2020, 06:45
  #80 (permalink)  
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https://www.thetimes.co.uk/article/o...tion-qbcx380cl

Oil tumbles below $30 despite cuts in production

Oil prices fell by nearly 7 per cent yesterday amid fears that the biggest production cuts in history will not eliminate the glut caused by coronavirus.

Brent crude, the global benchmark price, fell back below $30 a barrel and analysts said that it could drop below $20 before the supply cuts by Opec and its allies take effect from next month. In New York last night it was 6.7 per cent lower at $29.60......

At the weekend Opec and other countries including Russia, together known as Opec+, made a deal to cut output by 9.7 million barrels per day from May, or close to a tenth of global supplies. On Monday Saudi Arabia, Opec’s biggest member, claimed that total production cuts could amount to 19.5 million barrels per day. The United States expects shale output to drop by about two million barrels per day and has said that it will buy oil to fill its strategic reserve.

However, analysts said that the Opec+ cuts may be “too little and too late” to prevent a near-term drop in prices, while a range of grim economic forecasts compounded the gloom.

Chris Midgley, head of analytics at S&P Global Platts, said that there was likely to be a supply excess of between 15 million and 20 million barrels per day through April and May. He said that “prompt dated Brent” could fall “below $20 per barrel in the short term”.

“Prompt oil is likely to continue to struggle to find buyers, resulting in physical crude being heavily discounted during April and May. This will lead to weaker prices and therefore curtailment of production, particularly in Canada and US and other Atlantic basin producers,” he said.

Mr Midgley added that many parties to the Opec+ deal might not comply with the cuts and that storage capacity could soon be full. “The 9.7 million barrels per day announcement will likely be closer to six million to seven million in reality. Therefore . . . we forecast tank tops to be reached in May,” he said.

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