I'm sure he will start dumping teacher pensions into O&G next while blaming Trudeau.
-
Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.
-
We have made minor adjustments to how the search bar works on ResetEra. You can read about the changes here.
Oil plummets 30% as OPEC deal failure sparks price war fears
- Thread starter 2pac_71
- Start date
I'm sure he will start dumping teacher pensions into O&G next while blaming Trudeau.
"Oil prices crashed as much as 30 per cent within seconds of the market opening on Sunday evening after Saudi Arabia launched an aggressive price war over the weekend, driving crude to its lowest level in four years. The sell-off followed the collapse of Saudi Arabia's oil-cutting alliance on Friday, with Russia refusing to make deeper cuts to output despite the sharp hit to demand from the coronavirus outbreak. Saudi Arabia's response — to raise output and offer its crude at unprecedented price discounts — came despite a weakening economy and the threat of coronavirus becoming a global pandemic sapping demand for transport and fuel.
(...)
Brent crude, the international benchmark, dropped from $45 a barrel to $31.52 a barrel in one of the biggest one-day drops in its history, with traders spooked by Saudi Arabia's decision to launch an effective price war just days after trying to secure a deal with Opec and Russia to reduce production.
(...)
The sharp drop for oil sent shockwaves through global financial markets. US stock futures tumbled in Asian trading, with the S&P 500 expected to drop 5 per cent when Wall Street opens later on Monday and the FTSE 100 tipped to fall 3.7 per cent. Asia-Pacific equities fell sharply, with Sydney's S&P/ASX 200 down 5.4 per cent and on track for its worst one-day fall since the global financial crisis. In Tokyo the Topix fell 4.2 per cent. Investors piled into haven assets, driving the 10-year US Treasury yield down more than a quarter of a percentage point to 0.4949 per cent, a record low. Yields fall as bond prices rise. Gold jumped 1.3 per cent to $1,694.42 per ounce. (...)"
https://www.ft.com/content/dab75720-618a-11ea-a6cd-df28cc3c6a68
(...)
Brent crude, the international benchmark, dropped from $45 a barrel to $31.52 a barrel in one of the biggest one-day drops in its history, with traders spooked by Saudi Arabia's decision to launch an effective price war just days after trying to secure a deal with Opec and Russia to reduce production.
(...)
The sharp drop for oil sent shockwaves through global financial markets. US stock futures tumbled in Asian trading, with the S&P 500 expected to drop 5 per cent when Wall Street opens later on Monday and the FTSE 100 tipped to fall 3.7 per cent. Asia-Pacific equities fell sharply, with Sydney's S&P/ASX 200 down 5.4 per cent and on track for its worst one-day fall since the global financial crisis. In Tokyo the Topix fell 4.2 per cent. Investors piled into haven assets, driving the 10-year US Treasury yield down more than a quarter of a percentage point to 0.4949 per cent, a record low. Yields fall as bond prices rise. Gold jumped 1.3 per cent to $1,694.42 per ounce. (...)"
https://www.ft.com/content/dab75720-618a-11ea-a6cd-df28cc3c6a68
Used to cost me a little over $10 to fill a tank in the late 90s.
Oil plummets 30% as OPEC deal failure sparks price war fears
Wow. Oil is cratering on the futures market right now. https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html Futures pointing to another 4% down tomorrow. This is nuts.
www.resetera.com
This isn't good news neither for the US nor OPEC countries, it's gonna hurt countries like Iran, Iraq, Venezuela badly and it's gonna hurt US Shale oil companies.
This has been the aim of Putin's strategy for OPEC+, Russia already made reserves for Oil slumping, the Saudis are being idiots and I think the US will intervene once this price war starts killing US Shale exports.
This has been the aim of Putin's strategy for OPEC+, Russia already made reserves for Oil slumping, the Saudis are being idiots and I think the US will intervene once this price war starts killing US Shale exports.
dating myself but i remember when you could put 2 dollars in the tank and be riding a good bit
It hasn't started yet. It takes time for these type of strategic changes to reflect on retail prices.
Rosneft execs falling out of windows, Maduro hopping on those planes full of gold and telling them to punch it somewhere, anywhere rn.
Puppets are an investment, and puppets who are ALSO good money launderers are even more valuable!
Puppets are an investment, and puppets who are ALSO good money launderers are even more valuable!
"It was an honor gaslighting with you all."
we're used to it by now but when you step back everything is just so crazy
Oil prices tend to generally reflect the temperature of the global economy. If they start plummeting, it's a bad sign in most cases.
I was in the SD and Palm springs area last month and with gas buddy was regularly finding it for like $3.09 ...
It was usually those Arco stations or whatever they're called where you have to pay with a debit card but that's fine by me.
You don't know the unending boom/bust drama we have to deal with with Alberta. It's been going on for decades.
expensive or cheap oil has the same end, so it doesn't matter in the grand scheme of things.
the "good thing" is any country that can ween themselves off the addiction and necessity of oil consumption. That's the goal. The pricing of oil doesn't really motivate that either way.
it's like saying "they are practically giving away heroine and cocaine now! Why isn't this a good thing??"
The pipeline really shouldnt have been drama in the first place.
The irony of celebrating Saudi Arabia screwing with world markets, decimating local oil markets and blocking the security of your own supply is mildly amusing. Events like this are actually why one should support stabilizing your own industries, provided you've done your due diligence and impact studies.
The reality is, places like Alberta are small time players on the world stage when it comes to oil production but the middle east has the power to grind economies to a halt on a whim. Diversifying an economy is one thing, diversifying your supply chain is another.
No objection!
Also, this huge drop could turn around if a deal is reached. Although like others the market is still too volatile for me to jump in.
I seem to recall Trudeau's dad wanting to do something like that.
It didn't go over well.
I remember filling my Accord up for 35 backs back in 2008 / 2009 in downtown Toronto during hte recession. It was like 65 cents / L.
Let's spend $100M to create 500 jobs!
Taxpayers will clean up their fucking mess.
Hey! That'll only make it 39,500 jobs lost under Kenney's leadership.
I bet you that ending the tech credit program probably cost that many jobs (existing or planned) too.
USP: "Look we're going to create 500 jobs!"
What about the thousands in government, education, and health care related jobs you've eliminated or plan on eliminating?
UCP: "Those aren't real jobs. The only real jobs here in Alberta are oil and gas jobs."
It's not like the national oil company there is capable of producing much oil anymore anyways lol
Peak oil is more to do with supply than the prices, although of course it affects the prices.
Oil is a finite resource, controlled by a few nations, even putting aside climate change, we should really be focusing on alternatives.
This reminds me of the Always Sunny episode "The Gang Solves The Gas Crisis"