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05 Mar 20 17:48
Date Joined: 06 Jul 10
| Topic/replies: 16,826 | Blogger: ----you-have-to-laugh---'s blog
no corona dividend for poor motorists avoiding public transport...
Pause Switch to Standard View opec cuts production to keep oil...
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Report ----you-have-to-laugh--- March 5, 2020 4:49 PM GMT
government will clamp down on profiteering , unless it suits them.
Report Angoose March 5, 2020 5:16 PM GMT
To keep them high ?
To stop them falling any further you mean, only $53 for a barrel of Brent crude Cry
Report Angoose March 5, 2020 5:21 PM GMT
Closing price since 2011
107  111  111  57  37  57  67  52  66  58

The horror show continues for the oil and gas industry Sad
Report Angoose March 5, 2020 5:23 PM GMT
The final 58 was Jan 2020, dropped to 50 at end of Feb.
Report ----you-have-to-laugh--- March 5, 2020 5:37 PM GMT
aye well, its lower than it was, but still high. and profitable

and higher than it would be in a free market, much loved by bj and his mates
Report Angoose March 9, 2020 10:26 AM GMT
Closed at $45 on Friday, further collapse this morning to $32 following the Saudi's signalling that they are to engage in a price and production war with Russia Cry
Report ----you-have-to-laugh--- March 9, 2020 11:11 AM GMT
saudis need the cash to buy nufc

trump will be furious if his russian monets dry up...
Report Dotchinite March 9, 2020 11:36 AM GMT
You sound very shrewd.
Report sageform March 9, 2020 2:34 PM GMT
Fill your tanks with petrol and heating oil next week. A once in a lifetime offer.
Report BARROWBOY March 9, 2020 3:39 PM GMT
20% fall in oil price,probably means 3 to 4 p reduction at the pumps?
Report lovegod March 9, 2020 3:41 PM GMT
Then the old chestnut of having to wait a few months for the price to change.

Oil price goes up there's an immediate increase at the pumps.
Report sageform March 11, 2020 12:05 PM GMT
In my area prices have fallen by at least 10 pence at least in 3 weeks. 118.9 for diesel. Not long ago at the same pump it was 134.9. Don't forget that 70 pence is tax so there is a limit to how much it can fall. And I will be surprised if the tax does not rise a bit in the budget.
Report BARROWBOY March 11, 2020 2:49 PM GMT
Fuel tax frozen I believe,paid 115.9 unleaded this morning,3p lower than last Friday.
Report Angoose March 13, 2020 9:48 AM GMT
Not a pretty picture ....... Sad

Report Angoose March 13, 2020 9:48 AM GMT
Brent crude closed at $33.22 yesterday Sad
Report ----you-have-to-laugh--- March 13, 2020 10:05 AM GMT
33.22 for 56 gallons of crude.

i remember j r ewing getting worried when the price dropped to 10 dollars a barrel
Report Angoose March 13, 2020 10:12 AM GMT
Inflation, innit.

Even easy to get land based oil struggles at sub $40, so just think about the cost of exploring, finding, and developing oil in 4,000 feet of water with 30,000 feet of drilling to get to it Shocked
Report ----you-have-to-laugh--- March 13, 2020 10:21 AM GMT
and with limited shelf life for petrol cars going forward.

some tough decisions going to be made.
Report Angoose March 13, 2020 10:24 AM GMT
Oil is put to many different uses, but yes, the times they are a-changin'
Report ----you-have-to-laugh--- March 13, 2020 10:37 AM GMT
i think (last i read) 70% of usa oil consumption is into private cars.
Report Angoose March 13, 2020 10:46 AM GMT
Many different varieties of oil, not all put to the same use, but a quick and nasty google provided the following

According to the Energy Information Administration, here is the breakdown of U.S. Petroleum Consumption in 2001:
Gasoline (Used to fuel cars) – 44%
Heating Oil (Used to heat buildings), and Diesel Fuel – 19%
Other Products – 15%
Jet Fuel – 8%
Propane – 6%
Residual Fuel Oil (powering factories, fueling large ships, and making electricity) – 5%
Asphalt 3%

And, of course, if you don't use a raw material for one thing, you can divert it for use in another.
Report Angoose March 13, 2020 6:27 PM GMT
MOSCOW (Reuters) - Saudi Arabia is flooding markets with oil at prices as low as $25 per barrel, specifically targeting big refiners of Russian oil in Europe and Asia, in an escalation of its fight with Moscow for market share, five trading sources said on Friday.

The sources, from oil majors and refiners which process crude in Europe, said Saudi state oil company Aramco told them it would supply all requested additional volumes in April.

Sources previously told Reuters Saudi Arabia is also seeking to replace Russian oil with Chinese and Indian buyers, although not all refiners received volumes they had asked for.

Tanker rates soared as Saudi Arabia provisionally chartered around 31 supertankers to take extra oil, including to the United States, where Russian oil is usually less in demand.
Report jollyswagman March 13, 2020 7:00 PM GMT
russia v saudi arabia, i dont know who wins but i do know the over indebted shale industry in the usda  is a loser.
Report jollyswagman March 13, 2020 7:00 PM GMT
usa Blush
Report moisok March 13, 2020 7:35 PM GMT
well that didn't work
Report Angoose March 19, 2020 8:19 AM GMT
It continues to fall Sad

Basic candlestick chart from 2006 to date.
Big price crash in 2008, followed by another in Q4 2014.

Well, yesterdays closing price of $24.88 is the lowest on the chart, lower than the $36.61 in 2008, and the $27.88 from 2016. Cry
Report BARROWBOY March 19, 2020 2:33 PM GMT
Went to get some fuel this morning paid 119.9 at Morrisons,that’s 2p higher than last week?so oil price more than halved,what’s the excuse sterling weakness?
Report sageform March 20, 2020 1:37 PM GMT
Higher profit margins to cover lower sales. You know it makes sense.
Report ----you-have-to-laugh--- March 20, 2020 1:43 PM GMT
114.9 at asda last night.

asda usually cheapest pump price around newcastle/ gateshead
Report Nirnaeth Arnoediad March 20, 2020 1:59 PM GMT
Costco unleaded 99.9p
Report peckerdunne March 20, 2020 2:20 PM GMT

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