Looking at the Oil and Natural Gas markets today it looks like a blood bath
$30.80 down 26%
Nat Gas $1.64 down 4.33%
Saudis going to pump 10 million bbls a day to depress prices even more maybe below $20.00
Trump loves it all he sees is cheap gasoline who cares about anything else workers,royalty owners,landowners etc
Well I think this time the chickens are coming home to roost
Try to talk the market up some more
Cut interest rates quick
Saw on the news that 20 million bbl are stuck in take away and transit with storage filled to capacity. NG is getting a bump from this though.
Like I said Shakeshale in an earlier posting," PUT YOUR BRAINS TOGETHER AND FIND ANSWERS!"
Seems like all folks want to do is find fault with someone else. A great deal of the problem is simply, GREED! Greed for money and Greed for control and power over others.
When oil was discovered it became a very helpful item. But then someone decided that they could become very 'WELL TO DO!' In other words, they could now become very rich and powerful. Folks wanted their products, (OIL)! Other folks began to look at oil and discovered it could be made into a variety of other products. And so it went. More and more oil was needed until there was too much oil. It could not be sold and had to be stored. Trouble is many users of oil made promises to buy oil that had not even been produced yet with the thought in mind that it would be needed in the future. And that idea has worked for many years.
But something came up that was not foreseen. This time it turned out to be Coronavirus. We have been told this was an extremely serious problem. Is it as serious as we were told? I really do not know. People have been trying to 'SNOOKER" each other from day one, not just for the last couple hundred years.
Folks who use oil and make a variety of products have become sick from this virus and could not work. or so we believe to be true that this illness is like a huge wildfire out of control.
What do you believe?
Does it really matter what I think is true? But I LISTEN TO WHAT OUR LEADERS SAY AND HOW THEY SAY IT!
Just saw a client yesterday in Georgia. Said he was taken off the job with 7500 other workers and had to come home. I asked where do you work. He said currently Monaca PA. Of coarse ended up he was working the build out of the cracker plant. Everyone sent home because of Corona Virus. Didn’t know when they will go back. Many are waiting to see if they can travel to Africa to work on LNG plants there until PA opens back up for business. The good news is he says the cracker plant down the Ohio River will get built. Phase one preparation is almost complete.
NAt GAs will come roaring back within a year or so .........
I agree and went Saudi's and Russians"s stop the price war oil will also go back up once this Virus is gone.
Local reports said it was just a three or four day shutdown.
Don’t know. He’s crew supervisor and drug his huge 5th she’ll camper home. Maybe other crews crews will be back soon.
Today on CNN there was a brief story about the Russians and Saudis coming to an agreement on cutting production. Mexico to cut production as well. Hang in there, don't panic. They soon realized they were hurting themselves in my humble opinion.