LondonLax Posted April 20, 2020 Share Posted April 20, 2020 2 minutes ago, ml1dch said: The price since 1940. Yup, that's pretty eye-opening. Yes it’s very bizarre but it is also a specific futures trade for a specific type of oil to be delivered to Oklahoma storage in May and reflects the fact that storage there is getting close to capacity. The price for WT Crude trading in June is $21 so at this stage the negative rate is more of a quirk but it indicates the problems for oil producers finding buyers. 1 Link to comment Share on other sites More sharing options...
LondonLax Posted April 20, 2020 Share Posted April 20, 2020 2 minutes ago, Xann said: Hope the Saudis have paid for their weapons already. It is the US oil price (West Texas Crude) for May, the Saudis trade in Brent Crude which is currently at $26 a barrel. The Saudi plan to send US producers to the wall is going well for them. 1 Link to comment Share on other sites More sharing options...
Xann Posted April 20, 2020 Share Posted April 20, 2020 5 minutes ago, LondonLax said: It is the US oil price (West Texas Crude) for May, the Saudis trade in Brent Crude which is currently at $26 a barrel. The Saudi plan to send US producers to the wall is going well for them. Someone else is loving it. Quote China Doubles Rate Of Crude Stockpiling As Oil Falls Below $0. China doubled the fill rate at its strategic and commercial inventories in Q1 2020, taking advantage of the low oil prices and somewhat supporting the oil market amid crashing demand oilprice.com Link to comment Share on other sites More sharing options...
Awol Posted April 20, 2020 Share Posted April 20, 2020 2 minutes ago, LondonLax said: Yes it’s very bizarre but it is also a specific futures trade for a specific type of oil to be delivered to Oklahoma storage in May and reflects the fact that storage there is getting close to capacity. The price for WT Crude trading in June is $21 so at this stage the negative rate is more of a quirk but it indicates the problems for oil producers finding buyers. Logarithmic, innit. You’re right, strategic storage is pretty much maxed everywhere. Petrol will be back below a quid a litre soon, shame we can’t go anywhere. Link to comment Share on other sites More sharing options...
villakram Posted April 20, 2020 Author Share Posted April 20, 2020 37 minutes ago, ml1dch said: Buy a vuvuzela? You Sir, have now earned my utter scorn and hatred! Link to comment Share on other sites More sharing options...
Awol Posted April 20, 2020 Share Posted April 20, 2020 9 minutes ago, LondonLax said: It is the US oil price (West Texas Crude) for May, the Saudis trade in Brent Crude which is currently at $26 a barrel. The Saudi plan to send US producers to the wall is going well for them. Not really, Saudi needs $83 per bbl to break even. US firms can furlough and wait but Saudi has been burning through its currency reserves fighting in Yemen. Their economy (and this regime) will fall over long before the US is massively troubled. It’s a powder keg and MbS lit the fuse himself - couldn’t happen to a nicer bloke. 1 Link to comment Share on other sites More sharing options...
LondonLax Posted April 20, 2020 Share Posted April 20, 2020 10 minutes ago, Awol said: Not really, Saudi needs $83 per bbl to break even. US firms can furlough and wait but Saudi has been burning through its currency reserves fighting in Yemen. Their economy (and this regime) will fall over long before the US is massively troubled. It’s a powder keg and MbS lit the fuse himself - couldn’t happen to a nicer bloke. Is it that high? I always thought the US needed a higher oil price than Saudi Arabia to make it work. Why have Saudi Arabia been flooding the market and not cutting production much sooner? Link to comment Share on other sites More sharing options...
Lichfield Dean Posted April 20, 2020 VT Supporter Share Posted April 20, 2020 1 Link to comment Share on other sites More sharing options...
Stevo985 Posted April 20, 2020 VT Supporter Share Posted April 20, 2020 (edited) 7 minutes ago, Lichfield Dean said: Wait, what? Edit: if this is what I think it is then it's really really **** scummy, even for the tories. Edited April 20, 2020 by Stevo985 Link to comment Share on other sites More sharing options...
Lichfield Dean Posted April 20, 2020 VT Supporter Share Posted April 20, 2020 2 minutes ago, Stevo985 said: Wait, what? That thread is quite disturbing if what he says is true... 128 faked NHS accounts directly traced to a government department? Absolutely staggering. In this linked tweet the nurse in the picture has been identified as being Greek rather than a deaf transitioning junior doctor. And her namebadge says Mia, not Susan. 1 Link to comment Share on other sites More sharing options...
Awol Posted April 20, 2020 Share Posted April 20, 2020 23 minutes ago, LondonLax said: Is it that high? I always thought the US needed a higher oil price than Saudi Arabia to make it work. Why have Saudi Arabia been flooding the market and not cutting production much sooner? Yes, that’s the figure to balance their budget, not the flat production cost - UAE is about $70. Saudi and Russia were getting killed by US shale in market share. Both operate state backed producers and gambled they could drive the (generally smaller) private US firms out of the market by flooding it. Thing is most oil is used as it’s produced, only a fraction goes into storage - which as you noted is near capacity. Demand is pretty much dead due to lockdown and now they’re in the hurt locker. 1 Link to comment Share on other sites More sharing options...
Awol Posted April 20, 2020 Share Posted April 20, 2020 37 minutes ago, LondonLax said: Is it that high? I always thought the US needed a higher oil price than Saudi Arabia to make it work. Why have Saudi Arabia been flooding the market and not cutting production much sooner? Just to confirm we’re now totally off the map... When Trump said he was worried the cure might be worse than the disease, I think this is what his advisers meant when they told him what to say. Be interesting to see what Brent Crude does tomorrow. Link to comment Share on other sites More sharing options...
LondonLax Posted April 20, 2020 Share Posted April 20, 2020 (edited) 32 minutes ago, Lichfield Dean said: That thread is quite disturbing if what he says is true... 128 faked NHS accounts directly traced to a government department? Absolutely staggering. In this linked tweet the nurse in the picture has been identified as being Greek rather than a deaf transitioning junior doctor. And her namebadge says Mia, not Susan. The accounts have now been deleted. Someone got rumbled? Edit: That tag line “Deaf, transitioning doctor etc” and the hashtag #bantheclap had to have been a wind up surely? Edited April 20, 2020 by LondonLax Link to comment Share on other sites More sharing options...
Popular Post Xann Posted April 20, 2020 Popular Post Share Posted April 20, 2020 If everything is true on this page? What we can extrapolate is that we might be needing petrol bombs, but at least they'll be cheap. 2 6 Link to comment Share on other sites More sharing options...
bannedfromHandV Posted April 20, 2020 Share Posted April 20, 2020 1 minute ago, Xann said: If everything is true on this page? What we can extrapolate is that we might be needing petrol bombs, but at least they'll be cheap. And the government are liars, but then we well knew that anyway Link to comment Share on other sites More sharing options...
Lichfield Dean Posted April 20, 2020 VT Supporter Share Posted April 20, 2020 13 minutes ago, LondonLax said: The accounts have now been deleted. Someone got rumbled? Edit: That tag line “Deaf, transitioning doctor etc” and the hashtag #bantheclap had to have been a wind up surely? Let's hope so. It does seem like the sort of thing a troll would write. I guess this all boils down to how much evidence does the chap on twitter actually have regarding the source of these fake accounts? One thing is sure - the accounts existed. The important question is who created them? Link to comment Share on other sites More sharing options...
Xela Posted April 20, 2020 Share Posted April 20, 2020 50 minutes ago, LondonLax said: The accounts have now been deleted. Someone got rumbled? Edit: That tag line “Deaf, transitioning doctor etc” and the hashtag #bantheclap had to have been a wind up surely? Sounds more like a parody account than anything else but appears to have been done on a mass scale. Link to comment Share on other sites More sharing options...
markavfc40 Posted April 20, 2020 Share Posted April 20, 2020 (edited) NHS tests missing 25% of positives allegedly. Edited April 20, 2020 by markavfc40 Link to comment Share on other sites More sharing options...
sne Posted April 20, 2020 Share Posted April 20, 2020 Disney furloughs 100.000 theme-park and hotel-workers. 1 Link to comment Share on other sites More sharing options...
HanoiVillan Posted April 20, 2020 Share Posted April 20, 2020 I wonder if people are being too quick to jump on this NHS Twitter accounts thing . . . not wanting to say there's definitely nothing there, but I'd like to see a lot more evidence. Link to comment Share on other sites More sharing options...
Recommended Posts