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Oil set to ‘crater’ Monday. Trump's imagined meeting delayed.


Hard On The Wind

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Oil pricing had a massive rally on Thursday after Trump spoke of his OPEC meeting hallucination at the daily pandemic briefing/campaign rally. 
 

Quote

 

The virtual meeting between OPEC and its allies scheduled for Monday has been postponed, sources familiar with the matter told CNBC, amid mounting tensions between Saudi Arabia and Russia. The meeting will now “likely” be held on Thursday, sources said.

The Monday meeting was set after President Donald Trump said to CNBC on Thursday that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut production by up to 15 million barrels, and that he had spoken to both countries’ leaders.

 

https://www.cnbc.com/2020/04/04/oil-set-to-crater-monday-as-opec-meeting-delayed-tensions-flare-between-saudi-arabia-and-russia.html

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6 minutes ago, atyourcervix said:

why should a libtard from vancouver give two fucks about oil prices?  

When did you pull your head out of greta's asshole?

 

You're just going on ignore, you Regressive Troll Wanker!!!

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The rock and a hard place: Who would you rather have pissed at you: MBS or Putin?  Trump might think he is an equal to these two. He would be the only one of the seven billion of us to think so. And he owes them both money. His utility ends in Nov. 

What then?

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1 minute ago, Blue Crab said:

The rock and a hard place: Who would you rather have pissed at you: MBS or Putin?  Trump might think he is an equal to these two. He would be the only one of the seven billion of us to think so. And he owes them both money. His utility ends in Nov. 

What then?

Tar and feathers.

 

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36 minutes ago, atyourcervix said:

why should a libtard from vancouver give two fucks about oil prices?  

When did you pull your head out of greta's asshole?

Highest gas prices in North America. 

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1 hour ago, atyourcervix said:

why should a libtard from vancouver give two fucks about oil prices?  

When did you pull your head out of greta's asshole?

LB is that you?

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2 hours ago, atyourcervix said:

why should a libtard from vancouver give two fucks about oil prices?  

When did you pull your head out of greta's asshole?

And I guess that's why we call them the Reich . .  

sung to the tune of  . . 

 

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3 hours ago, billy backstay said:

 

You're just going on ignore, you Regressive Troll Wanker!!!

I should give you a downer for quoting the idiot but you redeemed yourself by hitting the button. ;)

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7 hours ago, SloopJonB said:

I should give you a downer for quoting the idiot but you redeemed yourself by hitting the button. ;)

I am sure Billy is just so grateful for your magnanimous gesture!   :P

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  • 2 weeks later...
21 minutes ago, Fakenews said:

Trump has dislocated his shoulder patting himself on the back over the “historic, no one has seen anything like it”  OPEC production cut. But the oil markets don’t care, WTI is below $18

Oil producers are notorious cheaters. 
When will the Trump have the US join OPEC?  

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On 4/4/2020 at 6:15 PM, SloopJonB said:

Trying to get the price of gas up. :lol:

It's really true that there is absolutely nothing he can't fuck up.

Defies reason. The only hard and fast rule is Everything Trump touches turns to shit.

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On 4/4/2020 at 9:20 PM, atyourcervix said:

 When did you pull your head out of greta's asshole?

Wow she was right ! planes stop flying and air pollution /  smog clears up. 

 

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Questions of the day:

Has Donnie boy ever told the true about anything? 

I think it's funny that people that play the market actually believe him , or is just a big Ponzi scheme, that the big boys are playing?

lowest gas price how much and where?

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1 minute ago, Not for nothing said:

Questions of the day:

Has Donnie boy ever told the true about anything? 

I think it's funny that people that play the market actually believe him , or is just a big Ponzi scheme, that the big boys are playing?

lowest gas price how much and where?

No.

Yes, no, maybe.

Free. Don't siphon out of the black water tank.

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14 minutes ago, Rain Man said:

Western Canadian Select (tar sands bitumen mixed with condensate) went negative this morning.  They are paying people to take the stuff.  YCMTSU.

That shit was a good idea, maybe, before fracking. It makes no sense at all now. 

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10 minutes ago, Raz'r said:

That shit was a good idea, maybe, before fracking. It makes no sense at all now. 

Yup.  Only problem is, an entire Canadian province based its economic future on the stuff, failing to diversify their economy when they had the money and opportunity to do so.  They are in deep shit now.  

I spent a couple of weeks in Ft. McMurray working on the ground at Syncrude back in the early days.  I had an opportunity to see what was going on up close and personal.  What a mess.  I couldn't get out of there fast enough.  

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14 hours ago, Not for nothing said:

Wow she was right ! planes stop flying and air pollution /  smog clears up. 

 

and the link between death rates/cities/smog

basically if you live in a city and you get coronovirus then you are more likely to die

https://www.bbc.co.uk/news/health-52351290

still a few could in here but...

High levels of air pollution could raise the risk of dying from Covid-19, two studies suggest.

Dr Maria Neira, of the World Health Organization (WHO), told BBC News countries with high pollution levels, many in Latin America, Africa and Asia, should ramp up their preparations.

Those with underlying pollution-related conditions have developed severe Covid-19 in countries with high levels.

But medical professionals say it is too early to prove a direct relationship.

"We will be doing a map of most polluted cities based on our database to support national authorities in these regions so that they can prepare their epidemic response plan accordingly," Dr Neira said.

  Image copyright Eduardo Munoz Alvarez Image caption The Harvard study suggests lower pollution levels in the years before the pandemic could have resulted in a significant decrease in Covid-19 death rates

A US study suggests Covid-19 death rates rise by about 15% in areas with even a small increase in fine-particle pollution levels in the years before the pandemic.

"Patterns in Covid-19 death rates generally mimic patterns in both high population density and high [particulate matter] PM2.5 exposure areas," the Harvard University report says.

These particles, one-30th the diameter of a human hair, have previously been linked to health issues including respiratory infections and lung cancer.

The Harvard study has not yet been peer reviewed but Ludwig Maximilian University of Munich chair of epidemiology Air pollution linked to raised Covid-19 death riskProf Annette Peters told BBC News its findings "are in line with earlier reports on hospitalisation and mortality due to pneumonia".

"It is one of the first studies substantiating our suspicion and the hypothesis that severity of the Covid-19 infection may be augmented by particulate matter air pollution," she said.

Report author Prof Francesca Dominici said: "We hope it will help stop the air quality from getting worse, particularly when we are hearing about authorities trying to relax pollution rules amid this pandemic."

 

Another study, at the University of Siena, in Italy, and Arhus University, in Denmark, suggests a possible link between high levels of air pollution and Covid-19 deaths in northern Italy.

The Lombardy and Emilia Romagna regions had death rates of about 12%, compared with 4.5% in the rest of Italy.

The study, published in Science Direct, says: "The high level of pollution in northern Italy should be considered an additional co-factor of the high level of lethality recorded in that area."

Population, age, differing health systems, and a variation in prevention policies across regions should also be taken into account.

   

   

Meanwhile, in the Philippines, Cesar Bugaoisan, of the Association for Respiratory Care Practitioners, said: "In our preliminary data, almost all of the dead individuals in the country due to coronavirus had pre-existing conditions, most of them linked to air pollution."

Air pollution already kills about seven million people every year, the WHO says.

And more than 90% of the world's population live in places where air pollution exceeds its guideline limits, mostly in poor countries.

Many of the affected countries are in South Asia, the Middle East, sub-Saharan and North Africa, according to a World Bank report last year.

Cities in Chile, Brazil, Mexico and Peru also have dangerous levels of air pollution, according to several WHO and United Nations reports.

 

But the World Air Quality Report 2019 suggests India has the most cities with high air pollution levels.

India has recorded 521 Covid-19 deaths so far.

Dr S K Chhabra, pulmonary department head at Primus Super Speciality Hospital, in Delhi, said: "If we see a significant rise in the spread of the virus, people with underlying conditions because of air pollution will definitely be the worst affected."

And Public Health Foundation India president Prof Srinath Reddy said: "If air pollution has already damaged the airways and lung tissue, there is reduced reserve to cope with the onslaught of coronavirus."

But Dr Rajni Kant Srivastava, of the Indian Council for Medical Research, said: "There is not enough evidence and we have also not carried out any such study."

 

Image copyright Mario Tama Image caption Cities in Chile, Brazil, Mexico and Peru also have dangerous levels of air pollution

The 2002 severe acute respiratory syndrome (Sars) outbreak, caused by a different strain of coronavirus, infected more than 8,000 people, in 26 countries, and killed almost 800.

And a 2003 University of California, Los Angeles study suggested people from areas of high air pollution were more than twice as likely to die from the disease.

 

Boris has always lived in London and has been a keen commuting cyclist

If there is an upside to this.... then maybe banning diesels from our city centres would be a good start

Dylan (ex VW diesel driver - double bad man)

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7 minutes ago, Rain Man said:

Yup.  Only problem is, an entire Canadian province based its economic future on the stuff, failing to diversify their economy when they had the money and opportunity to do so.  They are in deep shit now.  

I spent a couple of weeks in Ft. McMurray working on the ground at Syncrude back in the early days.  I had an opportunity to see what was going on up close and personal.  What a mess.  I couldn't get out of there fast enough.  

I've seen the photos. Strip and open pit mining is awful. That is worse. It must be the worse thing humans can do to an environment. It's worse than a garbage dump, as eventually a dump can be a park.

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5 minutes ago, Cristoforo said:

This is what happens when you allow dead Indians to keep you from expanding an already existing pipeline to the west coast.  

Umm, what pipeline would carry that shit anywhere? It's abrasive, requires being heated to even move, destroys the pipes, few refineries can take it, especially those on the west coast. Sounds like a stupid comment from one of the no-nothings.

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8 minutes ago, Cristoforo said:

This is what happens when you allow dead Indians to keep you from expanding an already existing pipeline to the west coast.  

This is what happens when you squander billions in trust funds intended to diversify a provincial economy.  It is what happens when political leadership is captured by industry.  Alberta could have been Norway.  Instead, its economy is toast.  Those who believe the solution is expanding the export market for a product nobody wants and would have to build special refineries for are hopeless dreamers.  

I grew up there, moved away, and watched in horror as this situation developed over many years.  You could see it coming.

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Just now, Raz'r said:

Umm, what pipeline would carry that shit anywhere? It's abrasive, requires being heated to even move, destroys the pipes, few refineries can take it, especially those on the west coast. Sounds like a stupid comment from one of the no-nothings.

He’s an LIS halfwit.  There’s something in the water. Most likely lead.

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1 minute ago, Rain Man said:

This is what happens when you squander billions in trust funds intended to diversify a provincial economy.  Alberta could have been Norway.  Instead, its economy is toast.  Those who believe the solution is expanding the export market for a product nobody wants and would have to build special refineries for are hopeless dreamers.  

I grew up there, moved away, and watched in horror as this situation developed over many years.  You could see it coming.

I think it's a common mindset - Northern Mn is my origination - the mines peaked in '79. Yet they folks there, almost every coffee chat with the old men in the cafe (what cafe's are still there) are talking about the possible investment of this company, or that company. example: for 20 years they talked about this iron mine near that small town. The state finally ponied up $1B for joint investment in a combo mine/rolled steel plant. They clear cut 160 acres, build power lines into the site, built some of the massive buildings. Then, when the money ran out, the company went bankrupt and walked away (a subsidiary of Acelor Mittal)

 

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14 minutes ago, Raz'r said:

Good opportunity to flood the Strategic Reserve?

If you are willing to fill it with dilbit, they'll pay you to take the stuff off their hands.

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2 hours ago, Rain Man said:

This is what happens when you squander billions in trust funds intended to diversify a provincial economy. 

But all the rednecks in Alberta got new pickup trucks, right? That is the usual boom/bust cycle indicator.

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1 hour ago, Cristoforo said:

Not that crap but crude oil. Canada positioned itself to have one major customer for crude oil exports.

Line 9, Portland Pipeline reversal,Trans Mountain. All dead dead dead.

Instead it dribbles out like the soup from an old man’s  mouth after a stroke.  

Trans Mountain isn't dead, yet.  The business case is looking worse by the day though.  The port it connects to can only handle Aframax tankers, meanwhile many of the VLCC's in the world are currently sitting at anchor full of stored crude from other countries waiting for a market.   Even if they (now we, the Canadian taxpayer) build it, it will be a long time before it pays for itself, let alone turns a profit.  

We have to stop subsidizing the oil and gas industry.  

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1 hour ago, Sol Rosenberg said:

Socialism! 
 

Drill Baby Drill. 

they are.  US is purchasing 75 mil. barrels of crude to top off the strategic reserves......

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5 minutes ago, dacapo said:

they are.  US is purchasing 75 mil. barrels of crude to top off the strategic reserves......

they aren't getting paid? Typical US GOP gov't f'up.

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Just now, Cristoforo said:

Vancouver can take aframax tankers because thats what the port authority  says it can take.

 

 

Nope.  Draft-limited.  They would have to dredge the harbour to take larger carriers.

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50 minutes ago, dacapo said:

they are.  US is purchasing 75 mil. barrels of crude to top off the strategic reserves......

That's just for "us." The states better cover their own needs.

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4 minutes ago, Cristoforo said:

Well. You would be wrong. You know, many people prescribe to the protocol of speaking to someone on the inter web as they would in person.  If you did that you would get beat up by more than Girl Scouts. I think that makes you a quarter wit. 

I meant to say nano wit.  I apologize to any half wits I may have offended.

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Here’s the problem -

https://www.nytimes.com/2020/03/26/business/energy-environment/oil-storage.html

The World Is Running Out of Places to Store Its Oil

A chaotic mismatch between the supply and demand for oil is saturating the world’s ability to store it all.

Excerpt -

“For the first time in history we are seeing the likelihood that the market will test storage capacity limits within the near future,” said Antoine Halff, a founding partner of Kayrros, a market research firm. As storage space becomes harder to find, the prices, which have already fallen more than half this year, could drop even further. And companies could be forced to shut off their wells.

This chaotic mismatch in supply and demand has benefited consumers, who have watched gasoline prices slide lower.

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3 hours ago, Cristoforo said:

Vancouver can take aframax tankers because thats what the port authority  says it can take

You're not familiar with the local infrastructure. There is a key highway bridge on the route that tankers have to take. Really CAN'T fit much bigger tankers under the bridge.

If a tanker strayed off course and the funnel or wheelhouse hits the bridge, it's coming down. 

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2 hours ago, Sean said:

...The World Is Running Out of Places to Store Its Oil...

YEs, seems the geniuses in the capitalist world miscalculated. However the Chinese seem to have places to store the oil and are buying heavily. Point to those central planning commies. I'm thinking there must be a water storage reservoir somewhere in Texas that could be repurposed for crude oil storage, no? Who could object?

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1 minute ago, El Boracho said:

YEs, seems the geniuses in the capitalist world miscalculated. However the Chinese seem to have places to store the oil and are buying heavily. Point to those central planning commies. I'm thinking there must be a water storage reservoir somewhere in Texas that could be repurposed for crude oil storage, no? Who could object?

DeSantis would probably offer to store it in the aquifer.

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33 minutes ago, Cristoforo said:

There are only a handful of Jones Act ‘super tankers’ and they are far too expensive to use for storage.  Excess US crude is stored on foreign flag ships in the gulf.  Around the world there  is no shortage of anchorages  and hurricanes are not an issue   

 

 

34 minutes ago, Cristoforo said:

 

The reason I brought this up is that it is an issue. The tankers usually hide in Norwegian Fjords where they cant get hurt.  East coast of the US.  Nice and flat.  Can't hide.  There are not more than a handful of suitable tankers under US flag.  Remember I said suitable.  Big storm comes up and they have to move.  The big refueling buoys out in the Gulf are outside of Jones act areas for a reason. The way the act reads is that once a non-US flagged ship hits the dock on a commercial voyage, leaves the 3 mile limit, it cannot directly return to a US port. El Orango would have to set up an executive order to over-ride.

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" World is running out of places to store oil"

How about in the earth?

The USA is not so much a failed state, as humans are a failed race.

We are giving trillions of dollars to the Military, Oil industry, Weapons manufacturers, Banks, Airline companies, and etc...

They are All failed industries. And we are borrowing money from China, to GIVE to these FAILED schemes.

All these industries are killing us, in higher, more numbers than the virus. And that says a lot...

How long 'till we stop this?

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Such a lot of disinformation in this thread. Tell you what, I'll stay out of this one let you gang have fun sorting it out.

 

Good luck!

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3 minutes ago, Remodel said:

Such a lot of disinformation in this thread. Tell you what, I'll stay out of this one let you gang have fun sorting it out.

 

Good luck!

It’s a bad financial trade. A few traders are gonna take it in the shorts Black Swan style, and life will go on. One of my cars is down to 1/2 tank so I might fill that one.

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3 hours ago, Zonker said:

You're not familiar with the local infrastructure. There is a key highway bridge on the route that tankers have to take. Really CAN'T fit much bigger tankers under the bridge.

If a tanker strayed off course and the funnel or wheelhouse hits the bridge, it's coming down. 

No, no, no Zonk.

Cristo is almost as smart and knowledgeable as Trump.

There'd be no problem bringing VLCC's through the second narrows to load up if those bureaucrats would just give the word.

image.png.6cf0f897bef725f5cf35d46d16a7b45a.pngimage.png.41ccc2887d9bc1e8ea098de38f03fc8c.png

 

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1 hour ago, SloopJonB said:

No, no, no Zonk.

Cristo is almost as smart and knowledgeable as Trump.

There'd be no problem bringing VLCC's through the second narrows to load up if those bureaucrats would just give the word.

image.png.6cf0f897bef725f5cf35d46d16a7b45a.pngimage.png.41ccc2887d9bc1e8ea098de38f03fc8c.png

 

To be fair, he did say we'd have to dredge the harbour and rebuild the bridges.  Just add a few billion more to the cost of delivering oil that costs much more to produce than we can sell it for to the market.  And hey, those bridges are getting a bit long in the tooth anyway.  B)

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Panic'd a bit early me thinks 

Quote

The US Energy Information Administration last week reported a record 19.3 million-barrel crude stock build. There is currently a remaining 21 million barrels of storage available at the Cushing hub in Cushing, Oklahoma. 

https://www.aljazeera.com/ajimpact/crash-crude-futures-turn-negative-time-history-200420183431731.html

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1 minute ago, DustyDreamer said:

This "administration" is just stupid enough to make it China. Wherein both sides loose. 

Even Trump isn’t that stupid.  He will just put blue states under martial law because they have been mean to him.  Have a lot of military personnel driving around aimlessly enforcing some sort of bogus house arrest.  Punish the blue states and burn up fuel.

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3 minutes ago, jerseyguy said:

Even Trump isn’t that stupid.

Every time I think that he's proven me wrong. Every damned time. So I've adjusted my expectations - what's the stupidest most corrupt thing I can think of that he and his cronies could do. Bam... he exceeds that by a mile. 

So...

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2 minutes ago, DustyDreamer said:

Every time I think that he's proven me wrong. Every damned time. So I've adjusted my expectations - what's the stupidest most corrupt thing I can think of that he and his cronies could do. Bam... he exceeds that by a mile. 

So...

We all know about “the revolution of rising expectations.”  Trump and his elk have given us the revolution of lowering expectations. As you said, think he can’t be any dumber, more corrupt, more vile and loathsome; and bam, he does even worse.

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4 hours ago, Sol Rosenberg said:

Gonna need a good war to work that surplus down and get the economy running again. Venezuela or Iran?

Nah, Venezuela wouldn't cost enough.  War is about taking taxpayer money and putting it in military contractor's pockets.  Iran would probably fit the bill nicely.  Trump is afraid of China - they run their country much better than he does and he doesn't understand why he can't emulate them.  Besides, China has the US by the economic balls.  

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On 4/21/2020 at 12:05 AM, Rain Man said:

To be fair, he did say we'd have to dredge the harbour and rebuild the bridges.  Just add a few billion more to the cost of delivering oil that costs much more to produce than we can sell it for to the market.  And hey, those bridges are getting a bit long in the tooth anyway.  B)

Yays! think of all the neato jobs for B.C.'s Ironworkers!

On the where is the cheapest question? Who the fuck is buying, not me, I'm more concerned with the availability of a bottle of Stabil for whats already in the tank of my little Escort wagon.

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Meanwhile, in the more fashionable parts of London, many people are praying that this will reduce the number of 18-to-25-year-old Arab or Russian idiots crashing their Lamborghinis into decent people's parked cars at 1:00 am in the bloody morning.

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On 4/21/2020 at 8:16 AM, Sol Rosenberg said:

Gonna need a good war to work that surplus down and get the economy running again. Venezuela or Iran?

Iran.  The Lord of All Bullshitters is nothing if not predictable.

94128989_2941784295856954_75240369201757

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2 minutes ago, Sol Rosenberg said:

Iran.  The Lord of All Bullshitters is nothing if not predictable.

94128989_2941784295856954_75240369201757

Those diabolical Iranians have flying boats?  Is this what the future of the Americas Cup looks like?

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Hey, about the title of the thread - pretty good prediction by Hard on the Wind  . .  

 

Oil set to ‘crater’ Monday. 

The admiral gassed up this morning, and Big Oil paid her to fill the tank. 

(Slight exaggeration alert) 

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Since the oil companies are scrambling to find storage space, a lot of use have some, I'd be happy to rent that out. I've got about 15 gallons of capacity available at the moment.

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Just now, Raz'r said:

Since the oil companies are scrambling to find storage space, a lot of use have some, I'd be happy to rent that out. I've got about 15 gallons of capacity available at the moment.

What are you going to do with 15 gallons of heavy crude?

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5 minutes ago, Ishmael said:

What are you going to do with 15 gallons of heavy crude?

they need to push it through. 

15 gallons at the station

means 15 gallons free at the refinery

means 20 gallons (i forget the exact ratio) of space for crude.

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