GHung wrote:As of 15:10 EDT:
Losers
• Marathon Oil Corp -47.40%
• Apache Corp -45.34%
• Occidental Petroleum Corp -42.22%
• Halliburton Co -38.18%
• Devon Energy Corp -33.91%
Yikes!
Investor Exodus Leaves Oil Stocks In Disarray
onlooker wrote:GHung wrote:As of 15:10 EDT:
Losers
• Marathon Oil Corp -47.40%
• Apache Corp -45.34%
• Occidental Petroleum Corp -42.22%
• Halliburton Co -38.18%
• Devon Energy Corp -33.91%
Yikes!Investor Exodus Leaves Oil Stocks In Disarray
https://oilprice.com/Energy/Energy-Gene ... array.html
onlooker wrote:Oil is nosediving down to $24 per barrel
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
onlooker wrote:It seems Demand falling is outpacing oil excesses or glut. hm mm
Tanada wrote:onlooker wrote:Oil is nosediving down to $24 per barrel
Yawn. It could go to $12/bbl for a few weeks but soon structural demands will reignite prices just like they did in 2016.
Oil has dropped 56% in a month. That's some serious demand destruction.
rockdoc123 wrote:Oil has dropped 56% in a month. That's some serious demand destruction.
been out of the news flow this past week? Saudi Arabia opened the taps effectively by decreasing their price of deliveries substantially and then announcing they were increasing both production and new spare capacity immediately. UAE followed suit with a comment...if OPEC has fallen apart we might as well produce at the highest rate we can as well. There was already a sense of demand destruction from Covid but it is the sudden widening of the gap that drove the price down so fast and continues to do so. Until prices are low enough for long enough and companies in the US either go out of business or shut-in operations indefinitely there will remain this massive over supply. Even if Covid was solved next week miraculously and perceived demand took off again the oversupply is anticipated to clog the market for months to come and would not go away until such time as SA and Russia worked out some form of deal.
My point is that, due to current demand destruction, prices are not likely to rebound "in the next few weeks" as Tanada seems to hope.
Worry not, though. I got used to oil patch hubris long ago.
rockdoc123 wrote: ......
your confusing "hubris" with confidence and know how.
Near-zero borrowing rates and easy money, along with tax-cut stimulated demand can build a lot of 'confidence',, eh? I'm not knocking oil industry industriousness; just keeping things in context. Meanwhile, looks like the party is over on many fronts.
FuelShortageComing wrote:The world is on the highway to hell. Money is not a substitute for joule. There is no future only death.
https://www.youtube.com/watch?v=fM1XJSlphrc
onlooker wrote:Oil is nosediving down to $24 per barrel
rockdoc123 wrote:My point is that, due to current demand destruction, prices are not likely to rebound "in the next few weeks" as Tanada seems to hope.
nobody can predict how long it will take but it could be rapid if SA and Russia came to a deal and there was a sense in the market that the virus was under control and a point in the near future could be seen where the planes are all flying again. As long as it is quick enough that there isn't substantive job loss or businesses that consume fuel going under demand should bounce back pretty quickly to where it was. Outside of the airline use of fuel the demand projection is just that a projection which will change as the situation changes.Worry not, though. I got used to oil patch hubris long ago.
that would be the same "hubris" that saw the industry survive through very low oil prices in 2014 - 2016 and set themselves up to grow to be the largest producer in the world?
your confusing "hubris" with confidence and know how.
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