Go Solar Posted April 20, 2020 Report Share Posted April 20, 2020 WTI at this moment, Quote Link to comment Share on other sites More sharing options...
Go Solar Posted April 20, 2020 Report Share Posted April 20, 2020 Here's the link and partial pasted explanation from Barron's online https://www.barrons.com/articles/oil-futures-fall-below-1-for-first-time-ever-51587406408 West Texas Intermediate oil futures were plunging Monday afternoon to below $1 a barrel—the lowest price since crude futures started trading in 1983. The previous low was $10.20, which crude hit on March 31, 1986. Oil has been tumbling for months, but fell off a cliff on Monday in part because of a technical shift . The May crude futures contract expires on Tuesday, and when futures expire their price tends to converge with the spot price of the commodity. Anyone buying the May contract on Monday is likely planning on taking physical possession of the oil. And no one right now seems to want to own a barrel of oil. Read More Stocks Are Dropping as Oil Takes a Dive Virus Update: New York Cancels Nonessential Events Through June Four Oil-Related Industrial Stocks to Buy Physical oil being sold at pipelines is selling for less than $10 because there is so little demand. Few people are driving or flying as the world hunkers down to deal with the coronavirus. Refineries don’t want to buy crude they can’t turn profitably into gasoline, so it is being pumped into storage tanks. The problem is, those storage tanks are now starting to fill up, so no one wants any new oil. Quote Link to comment Share on other sites More sharing options...
AngusMactavish Posted April 20, 2020 Report Share Posted April 20, 2020 Does the negative mean they will pay you to take it? Quote Link to comment Share on other sites More sharing options...
Go Solar Posted April 20, 2020 Report Share Posted April 20, 2020 Or, do you have to pay them, not to send it to you? 😉 Quote Link to comment Share on other sites More sharing options...
utilitus Posted April 20, 2020 Report Share Posted April 20, 2020 37 minutes ago, Go Solar said: WTI at this moment, $21.61/bbl - That's for (NYMEX: CLM20), i.e., WTI for June delivery. In a month, that price will probably be about the same as the current May contract that has imploded. Quote Link to comment Share on other sites More sharing options...
vetteforron Posted April 20, 2020 Report Share Posted April 20, 2020 INDEX UNITS PRICE CHANGE %CHANGE CONTRACT TIME (EDT) CL1:COM WTI Crude Oil (Nymex) USD/bbl. -38.30 -56.57 -309.63% May 2020 3:41 PM CO1:COM Brent Crude (ICE) USD/bbl. 25.96 -2.12 -7.55% Jun 2020 3:42 PM XB1:COM RBOB Gasoline (Nymex) USd/gal. 66.51 -4.56 -6.42% May 2020 3:41 PM NG1:COM Natural Gas (Nymex) USD/MMBtu 1.95 +0.20 +11.35% May 2020 3:41 PM HO1:COM Heating Oil (Nymex) USd/gal. 89.45 -6.18 -6.46% May 2020 3:39 PM Quote Link to comment Share on other sites More sharing options...
cookj5 Posted April 21, 2020 Report Share Posted April 21, 2020 5 hours ago, Ferret said: Is that what you call hitting the bottom of the barrel? Nope, oil is now -$37.00/barrel. That means a seller of a barrel will have to pay a buyer $37.00/barrel for the buyer to take it off the seller's hands. Brave New World! 1 Quote Link to comment Share on other sites More sharing options...
Ferret Posted April 21, 2020 Report Share Posted April 21, 2020 Does it come with a 10 pound bag of feathers? Quote Link to comment Share on other sites More sharing options...
geeser Posted April 21, 2020 Report Share Posted April 21, 2020 22 hours ago, Ferret said: When what other countries do suppresses the oil market in Mexico, I do think it's Mexican chat. I don't care if it's foreign owned but Mexico MUST get its own refineries. At the very least, it would employ Mexicans and put money into MEXICO. It was news when the US refiners started selling their own US branded gasoline that they intended to build refineries in Mexico. I believe they are buying refined gasoline from Pemex at this time. At Texas prices they could afford to truck down their refined product and sell it here. I don't really think Pemex can compete with the world's publicly traded oil companies as they willingly tolerate too much shrinkage. I think a foreign refiner here would not do so. That said prices like we are seeing do not fund any refinery expansion. Quote Link to comment Share on other sites More sharing options...
Ferret Posted April 21, 2020 Report Share Posted April 21, 2020 Agree. This is not the time but it should be a wake up call and I can't, for the life of me, understand why it was never done during the "good" times. The same goes for Canada... shipping tar oil is hazardous. We dumped anything to do with oil ten years ago. It is a "fossilized" industry whose time has passed. A "dinosaur" if you will. We need CLEAN energy in this world and it better happen soon! Quote Link to comment Share on other sites More sharing options...
RickS Posted April 21, 2020 Report Share Posted April 21, 2020 .... let the debate begin. Quote Link to comment Share on other sites More sharing options...
happyjillin Posted April 21, 2020 Report Share Posted April 21, 2020 20 minutes ago, Ferret said: Agree. This is not the time but it should be a wake up call and I can't, for the life of me, understand why it was never done during the "good" times. The same goes for Canada... shipping tar oil is hazardous. We dumped anything to do with oil ten years ago. It is a "fossilized" industry whose time has passed. A "dinosaur" if you will. We need CLEAN energy in this world and it better happen soon! As a Canadian,please lose the TAR reference to OIL sands which is an attempt by other interests,mainly from one particular country to kill Canada's sales and or keep them low /barrel. Shipping heavy oil is no more hazardous than light crude by pipe or rail. Rail is the more dangerous for either. Quote Link to comment Share on other sites More sharing options...
Ferret Posted April 21, 2020 Report Share Posted April 21, 2020 Okay. Let's just concentrate on weaning ourselves off the oil. Period. 1 1 Quote Link to comment Share on other sites More sharing options...
HoneyBee Posted April 21, 2020 Report Share Posted April 21, 2020 Please buy TSLA (it will help the value of my stock ☺️) Quote Link to comment Share on other sites More sharing options...
happyjillin Posted April 21, 2020 Report Share Posted April 21, 2020 1 minute ago, Ferret said: Okay. Let's just concentrate on weaning ourselves off the oil. Period. Pie in the sky idea for at least one hundred years but hey do your part if that's your thing and get rid of everything in your casa including your computer. Wean away-eh! 2 Quote Link to comment Share on other sites More sharing options...
Ferret Posted April 21, 2020 Report Share Posted April 21, 2020 What does my computer have to do with weaning yourself off oil. Unless you are referring to the fact that it's made out of plastic? I don't care what the chassis is made of... could be iron for all I care. How about driving economical vehicles and not gas guzzling behemoths ? Even a hybrid is a step in the right direction. It's about going forward not backward to protect the oil industry. Quote Link to comment Share on other sites More sharing options...
CHILLIN Posted April 21, 2020 Report Share Posted April 21, 2020 11 minutes ago, happyjillin said: Pie in the sky idea for at least one hundred years but hey do your part if that's your thing and get rid of everything in your casa including your computer. Wean away-eh! Computers run on oil? No wonder mine is a bit sluggish lately. Have to try to find the dipstick. I realize you probably mean plastics, but the amount of oil used for them is miniscule, and should be feserved exclusively for that purpose - until something better comes along. Quote Link to comment Share on other sites More sharing options...
Ferret Posted April 21, 2020 Report Share Posted April 21, 2020 And the electricity to use it comes from my solar panels. Electricity in most of Mexico uses fossil fuel to make it. Yet, there are acres and acres of unusable barren land in Mexico that could be generating clean energy from the sun. Quote Link to comment Share on other sites More sharing options...
Mainecoons Posted April 21, 2020 Report Share Posted April 21, 2020 Here is a breakdown of what oil is used for in the U.S. I would expect Mexico to be similar with more used for power generation and less used for transport. https://www.eia.gov/energyexplained/oil-and-petroleum-products/use-of-oil.php Solar and wind are great when the sun shines and the wind blows. We are 100 percent solar here due to the very unique conditions of this area that make it very cost effective. Much of the world's population is not so blessed with our abundant, consistent and strong sunshine. I personally believe the path to replace liquid fuels is to use solar and wind to produce hydrogen based fuels which can then be transported and used in things like cars and airplanes. I seriously doubt there are solar cars or planes in our future and current electric cars don't look so hot when the total environmental cost is considered. There is a ceiling on their range and performance imposed by the limitations of the batteries and no break through on the horizon there. OTOH fuel cells using hydrogen based fuels are here now and proven technology. Ferret is right, Mexico could become the Arabs of solar. Quote Link to comment Share on other sites More sharing options...
Ferret Posted April 21, 2020 Report Share Posted April 21, 2020 Any option to move away from fossil fuels is a good one. But it's gotta start sooner rather than later. I read somewhere that the earth has stopped "shaking" because of the coronavirus shutdowns. The animals are happy, the pollution is clearing from both the water and the air. Will we listen and make better choices? Or are we just in it for the money. Quote Link to comment Share on other sites More sharing options...
happyjillin Posted April 21, 2020 Report Share Posted April 21, 2020 17 minutes ago, Ferret said: What does my computer have to do with weaning yourself off oil. Unless you are referring to the fact that it's made out of plastic? I don't care what the chassis is made of... could be iron for all I care. How about driving economical vehicles and not gas guzzling behemoths ? Even a hybrid is a step in the right direction. It's about going forward not backward to protect the oil industry. There is more than plastics that require the production of oil. What say you to every form of transport including getting food to you by fuel guzzling trucks planes and ships,etc.. Do you feel capable of providing for yourself then,because that is what you are suggesting with your[ahem!] weaning?.Reality is not looking at a couple of trees,to get it one must be looking at the entire forest-eh! Quote Link to comment Share on other sites More sharing options...
Ferret Posted April 21, 2020 Report Share Posted April 21, 2020 I didn't say let's revert to homesteading. I said let's make BETTER choices about fuel and wean (it takes time) off the fossil fuels. We have to START. This was disappointing too... Quote Link to comment Share on other sites More sharing options...
happyjillin Posted April 21, 2020 Report Share Posted April 21, 2020 1 hour ago, Mainecoons said: Here is a breakdown of what oil is used for in the U.S. I would expect Mexico to be similar with more used for power generation and less used for transport. https://www.eia.gov/energyexplained/oil-and-petroleum-products/use-of-oil.php Solar and wind are great when the sun shines and the wind blows. We are 100 percent solar here due to the very unique conditions of this area that make it very cost effective. Much of the world's population is not so blessed with our abundant, consistent and strong sunshine. I personally believe the path to replace liquid fuels is to use solar and wind to produce hydrogen based fuels which can then be transported and used in things like cars and airplanes. I seriously doubt there are solar cars or planes in our future and current electric cars don't look so hot when the total environmental cost is considered. There is a ceiling on their range and performance imposed by the limitations of the batteries and no break through on the horizon there. OTOH fuel cells using hydrogen based fuels are here now and proven technology. Ferret is right, Mexico could become the Arabs of solar. Nope there are large areas of the northern hemisphere populated by people that are not conducive to the use of solar. Wind generation kills off birds and bats but I guess we don't really need those. 1 Quote Link to comment Share on other sites More sharing options...
Ferret Posted April 21, 2020 Report Share Posted April 21, 2020 No comment on the hydrogen based fuels? I know very little about them. I can tell you about people who have solar... totally off grid in the middle of a forest in Canada. Even if it's not 100% at certain times of the year, it still ends up as using less fossil fuels. Isn't that a plus? A lot of electrical energy is produced by water turbines in Canada as well. Or tides... or? Quote Link to comment Share on other sites More sharing options...
Ferret Posted April 21, 2020 Report Share Posted April 21, 2020 A timely article... https://www.msn.com/en-us/news/opinion/coronavirus-stimulus-money-will-be-wasted-on-fossil-fuels/ar-BB12Vyog Quote Link to comment Share on other sites More sharing options...
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