Charliesheen wrote: ↑Mon Apr 13, 2020 2:57 pm
Seems to me ur gonna pay one way or another. California has been siphoning (!) has tax money for years to pay for bullshit. Bridge tolls are another rip off.
Tuesday wrote: ↑Mon Apr 13, 2020 10:59 pm
It's not my fault you voted for a blow hard game show host and ruined all our lives. Take it out on your cat not me.
Rub diseased pussy, sprout crap out the other orifice. I have run Mods. I will make short order of you if you want to go down this path. Your call. I suggest STFU
Tuesday wrote: ↑Mon Apr 13, 2020 10:59 pm
It's not my fault you voted for a blow hard game show host and ruined all our lives. Take it out on your cat not me.
Rub diseased pussy, sprout crap out the other orifice. I have run Mods. I will make short order of you if you want to go down this path. Your call. I suggest STFU
fuck, i heard may contract around $10 a barrel right now? is that right?
Close to it. Now down 41%
the worst time to hold a future contract is when its fixing to expire. its sometimes almost hard to fathom that for every buyer there is a seller. except in this case, i guess. there's probably quite a few sellers looking for buyers. i wish i had about a million gallon storage tank that wasn't being used.
i worked with an old man years ago that said the price of asphalt (product of crude oil) had gone down to a ridiculous level (like today). He said his company had just got a huge contract that required thousands of tons of liquid asphalt. The job was in west texas. So, they had the project manager on the job dig a huge hole in the ground, like a stock pond, and they had all the asphalt delivered and pumped into that hole. they laid heater pipes they could run hot oil through the pond so they could heat it up enough to pump it out as they needed it. never underestimate ingenuity.
Biker wrote: ↑Mon Apr 20, 2020 3:52 pm
Canadian oil getting its ass reamed! Love it!
so how does that work. if i own a contract for canadian oil, then if you buy it from me, then i deliver you the oil and give you some money for taking it? In other words, "I will pay you to take this oil from me".
Biker wrote: ↑Mon Apr 20, 2020 3:52 pm
Canadian oil getting its ass reamed! Love it!
so how does that work. if i own a contract for canadian oil, then if you buy it from me, then i deliver you the oil and give you some money for taking it? In other words, "I will pay you to take this oil from me".
In theory, yeah I suppose. What it tells me is that there is not a gallon of storage space in Canada for any oil
that shit doesn't pump itself up out of the ground though.
well, i guess in canada its tar sands, which is even more complicated to get. which, by definition, makes it much easier to NOT GET.
I have some oil stocks, anyone in a ETF or mutual fund has exposure. The long price is still relatively strong. October delivery is still $32 per barrel. This is an issue where nobody has anyplace to put another barrel.
beagleboy wrote: ↑Mon Apr 20, 2020 4:41 pm
I have some oil stocks, anyone in a ETF or mutual fund has exposure. The long price is still relatively strong. October delivery is still $32 per barrel. This is an issue where nobody has anyplace to put another barrel.
So do lower prices extend the amount of time, and amount of useage of petroleum as an energy source going forward say ten years?
The tens of billions of dollars traded every day in WTI futures are almost always settled financially, but any contract that hasn’t been closed out after expiry has to be liquidated with a physical delivery of oil if the parties can’t come to some kind of over-the-counter agreement. Those deliveries go to the storage hub of Cushing, Oklahoma, which is connected by pipeline to Canada, the U.S. Midwest, West Texas and the Gulf Coast.
The problem is that Cushing is rapidly filling as fuel consumption collapses due to lockdowns to stem the coronavirus pandemic. Crude stockpiles ballooned by almost 16 million barrels in the three weeks through April 10 to 55 million barrels. The hub had working storage capacity of 76 million as of Sept. 30, according to the Energy Information Administration.
That’s bad news if you’re long May futures, because if you don’t close out your position by the end of trading Tuesday, you have just a few days to let the seller know how you’re going to accept delivery, which is due from May 1-31. At the rate Cushing is filling, finding space is going to be difficult, especially for financial traders who rarely deal with the physical world.
the problem is that you have to buy 1,000 barrels though. although 1,000 barrels for $1170 doesn't sound bad if you have a truck that can hold 42,000 gallons.
