Diversification! Oil prices falling!

[Skanky]

Wti -$ 3.70
Negative prices wtf.

[Duane 3NE 2NR]

and now oilprice.com website just crashed

[zoom rader]

Buy , buy, buy.

how? how ? how?

The oil WTI companies prices will drop tommorow. So once you got a trading account then start buying up

[bgh]

.

[toyolink]

In principle if oil prices fall below $10 and are available for purchase this is the time for countries such as T&T to purchase large inventories and store.
Also contracts for future supplies may be available at very attractive rates.
Some of the numbers in the global market today are just not sustainable and fall well below the cost of production.
Covid19 is actually also causing many folks internationally to succumb to some form of commercial dementia.

[paid_influencer]

Wti -$ 3.70
Negative prices wtf.

it is true. Bloomberg confirms. storage/disposal costs more than the oil maybe?

This is great depression level developments

[Duane 3NE 2NR]

$0 Oil Forces Canada To Shut Down Crude Production

Canadian oil companies have begun shutting down steam-driven oil sands production projects as prices continue to fall, Reuters reports, noting the move could have dire long-term consequences for the production facilities.

Steam-driven oil sands production, also called steam-assisted gravity drainage, involves injecting steam into an oil sands deposit to melt the bitumen and make it flow up the well. To ensure long-term production, the temperature and pressure at such sites must be maintained at a certain level. Disruption, Reuters explains, could result in permanent damage, which would translate into a permanent loss of production.

Yet Western Canadian Select, the heavy oil benchmark of Canada, has been trading below $10 for about ten days now, with a temporary spike to $10.13 a barrel last Thursday. At the time of writing, WSC was trading at $-0.01 a barrel.

https://oilprice.com/Energy/Oil-Prices/ ... ction.html

[zoom rader]

Reduce pumping will sort this out. It's up for companies to decide what they gonna do.

Trini companies will be affected as most are not making a profit.

[Halfbreed12]

Oil is currently trading -$2 lol how is that even possible

[Skanky]

- $37 a barrel

[shake d livin wake d dead]

I would so love to hear Imbert's take on this

[Dizzy28]

I would so love to hear Imbert's take on this

"This shows Mr Speaker why it is imperative the citizens pay their taxes on time and in full!!!"

[Duane 3NE 2NR]

There is no where to store it

[zoom rader]

I would so love to hear Imbert's take on this

I think trini is Gas based, no longer oil.

So he can't open his yap

[Redman]

Oil is currently trading -$2 lol how is that even possible

Storage is a big problem. and there seems to be some pressure on the derivative contract market....

Oh and TnT produces 40,000 BOPD so its a big problem-despite what ZR says.

[De Dragon]

I would so love to hear Imbert's take on this

1) Blame Kamla
2) Raid HSF more
3) Use it as an excuse to borrow more money
4) Tax us into oblivion

[sMASH]

Oil is currently trading -$2 lol how is that even possible

Storage is a big problem. and there seems to be some pressure on the derivative contract market....

Oh and TnT produces 40,000 BOPD so its a big problem-despite what ZR says.

we have tanks not doing nutten, might as well do nutten with oil...

can we group buy some 10w30.. i willing to take a dollar.

[Cantmis]

Can we buy store and then process, wait lol

[Duane 3NE 2NR]

Good morning. My phone is flooded with messages of the collapse in WTI oil prices. Just wanted to point out that Brent North Sea crude is trading at $14 more than WTI. While both prices are low the differential is big and warrants an explanation. Here it is

1) Cushing, Oklahoma is the delivery point for
West Texas Intermediate (WTI).

2) Inventory levels at Cushing are monitored by traders and play in role in WTI price movement.

3) Cushing is land locked and is running out of storage space. There are also limits on pipeline capacity for pipelines bringing oil into Cushing.

4) As Cushing's storage approachs tank tops the price of WTI will collapse as it is doing now.

5) Brent is the price fetched for North Sea crude produced at offshore oilfields such as Brent, Fortis located in British waters and Osenberg and Ekofisk located in the Norwegian north sea.

6) Brent is easisr to trade as the facilities are in the sea. As the oil is produced it is traded.

7) Two thirds of all oil sales contracts use Brent as the reference. Brent is the global reference price for crude oil.

8) This is just an explanation of the wide price gap but does not take away from the fact that both prices are at lows last seen around 19 years ago.

Link to story here
https://m.facebook.com/story.php?story_ ... =687843618

[megadoc1]

Remember when some use to say,panday run the country on $9 oil,although this only happened for a couple of days ?, well look here,Rowley run the country on oil below zero,yuh can't beat that

[Chimera]

What's the option to buy oil related stocks locally, besides bourse?

[Duane 3NE 2NR]

Remember when some use to say,panday run the country on $9 oil,although this only happened for a couple of days ?, well look here,Rowley run the country on oil below zero,yuh can't beat that

lol touché

[screwbash]

if covid 19 wasnt a reason to panic now with oil -$40 a barrel is time to panic. if this last more than a week or when the oil companies start filing for bankruptcy it go be time to really panic buy an stock food, take out all your cash from the bank as they will start to limit how much you can withdraw, buy some chicken and mind home get a gun and keep it cause u will have to prepare for riot, looting, job losses and mas chaos.

[xtech]

[zoom rader]

Remember when some use to say,panday run the country on $9 oil,although this only happened for a couple of days ?, well look here,Rowley run the country on oil below zero,yuh can't beat that

Panday did but we are no longer an oil based economy.

We are Gas based and oil no longer holds here. Your massa killed oil

So Rowlee cant claim 5hit

[The_Honourable]

Heritage to stop exporting crude as prices crash to record lows



Faced with a precipitous fall in crude prices State-owned Heritage Petroleum has decided to store its oil rather than sell it at record low prices .

This means the company will for the time being stop exporting oil.

Highly placed sources tell Guardian Media that the State-owned enterprise has the ability to store its present production for up to two and a half months and would prefer wait it out, hoping for better prices, rather than export at half what it is cost to bring a barrel of oil to the surface.

Oil futures have crashed and crude is selling at US $13 a barrel, the lowest in more than two decades.

It costs Heritage US$25 to produce a barrel of oil according to Energy Minister Franklin Khan who recently made the revelation on CNC3's business show.

Sources at Heritage reveal that the company has been producing 41,000 barrels of oil per day and it has storage capacity to hold three and a half million barrels.

As a result it will not be exporting and the company will rely on its cash on hand to pay its bills.

Oil prices have crashed as demand has plummeted due to the COVID-19 pandemic.

Multiple sources at Heritage tell GML that the hope is that demand will pick up in the next sixty days, and with it global prices, as world economies start to reopen.

Heritage usually receives the price traded for West Texas Intermediate plus US $5 a barrel.

Source: http://www.guardian.co.tt/news/heritage ... 2794ead34d

[paid_influencer]

so heritage is now stuck with a whole bunch of oil that isn't worth anything and can't even sell

[paid_influencer]

oops

[Syberfraggle]

It's only WTI crude crashing. West Texas Intermediate.
Brent is @ $26 right now.

[hydroep]

Heritage to stop exporting crude as prices crash to record lows

...Multiple sources at Heritage tell GML that the hope is that demand will pick up in the next sixty days, and with it global prices, as world economies start to reopen...

Source: http://www.guardian.co.tt/news/heritage ... 2794ead34d

IIRC when the PNM assumed office certain "experts" predicted oil prices would recover within two years. Based on that appraisal, some believe the Government chose to ride out that period instead of moving steadfastly ahead with its diversification thrust.

Now 4 1/2 years later, sh!t hitting the fan and dem fellas still living on "hope"?...

Grate is the Pee oN deM yes...