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Old 03-27-2020, 07:06 AM
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Default The world's on the brink of running out of places to put oil



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The world's on the brink of running out of places to put oil

With supply exceeding demand by 12.4 million barrels a day, producers will be forced to cut output by June

The world will run out of places to store oil in as little as three months, according to an industry consultant.

IHS Markit said that current rates of supply and demand mean inventories will increase by 1.8 billion barrels over the first half of 2020. With only an estimated 1.6 billion barrels of storage capacity still available, producers will be forced to cut output because by June there’ll be no place left to put the unwanted crude, it said.

The oil market has been hammered by falling demand as a result of the coronavirus outbreak, and as Saudi Arabia vows to flood the market with crude at deep discounts, following the collapse of the coalition of the Organization of Petroleum Exporting Countries and allies including Russia.

rest at site
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Old 03-27-2020, 07:08 AM
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BUT...BUT...
I thought we were out of oil...
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Old 03-27-2020, 09:43 AM
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They didn't even include in the stimulus bill for funds to top off the national strategic reserve.
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Old 03-27-2020, 09:49 AM
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Gas price dropped below $1.00 in my small town in Oklahoma.
Good time to fill storage tanks, and I'll bet the farmers contract fuel for the growing season.
This is a BFD.
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Old 03-27-2020, 11:50 AM
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It's a shame that there is no way for the average Joe to buy up all the gas he needs for the next couple of years while prices are low. It won't last unless the current economic conditions lead us into another great depression.

Now may be the time to start buying oil futures, the next middle east war will drive up prices again.
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Old 03-27-2020, 12:55 PM
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Why so cheap in OK? Where I am in Michigan I see $1.60-1.90 everyday.
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Old 03-27-2020, 01:07 PM
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I believe Trump already topped off our reserves. I saw last night on the ticker, a barrel of crude is going for $22.73, the freakin' barrel to hold the oil is worth more than the contents. Gas by me is $2.03 to $2.09 at the lowest.
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Old 03-27-2020, 01:17 PM
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Poor it over China and drop a match.
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Old 03-27-2020, 01:32 PM
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I can lease out 2,000 gallons of storage space....
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Old 03-27-2020, 01:34 PM
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Quote:
Originally Posted by woodyp View Post
They didn't even include in the stimulus bill for funds to top off the national strategic reserve.
Why buy the oil when you can lease the storage space?.... lol
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Old 03-27-2020, 01:36 PM
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Quote:
Originally Posted by jandh View Post
Why so cheap in OK? Where I am in Michigan I see $1.60-1.90 everyday.
Still paying $2.71 a gallon here in north Idaho, but we don't go through as much fuel as most places we don't have much of a population here... Takes longer to run low and buy at the new cheaper prices...
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Old 03-27-2020, 02:21 PM
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Years ago back in the 70's the US was storing strategic reserve oil in salt domes in Louisiana that had been pumped out. Check out the short article.

https://science.howstuffworks.com/en...m-reserve1.htm
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Old 03-27-2020, 02:50 PM
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I'm toying with buying up some stocks in the major energy companies, which are now at multi-year lows.

I'm just very nervous about them stopping production, which would seem logical. Stop pumping it out at a loss. Short term oil use will seem to be very low with limited flying, driving, and production of goods.
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Old 03-27-2020, 03:07 PM
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Quote:
Originally Posted by leadcounsel View Post
I'm toying with buying up some stocks in the major energy companies, which are now at multi-year lows.

I'm just very nervous about them stopping production, which would seem logical. Stop pumping it out at a loss. Short term oil use will seem to be very low with limited flying, driving, and production of goods.
Be careful and stick with the blue chip type stocks, I've already had 2 local oil companies go out of business on me when the Saudi's tried to out produce the frackers 2 years ago

There are some good dividend payers out there but don't count on the price per share to go up much.

I've been underwater on a lot of my oil stocks for like 5 plus years now!
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Old 03-27-2020, 03:12 PM
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This is really bad news to everyone except the end user

There are a lot of investments that invest in oil, there are a lot of people that own stock in the oil companies.

And FWIW.....

Trump did want to fill up the Strategic Oil Reserve with funding from the stimulus bill, the Dems nixed it!

Trump did sign the bill because he wanted to get the funding injected into the economy
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Old 03-27-2020, 07:33 PM
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Quote:
Originally Posted by Jdog67 View Post
It's a shame that there is no way for the average Joe to buy up all the gas he needs for the next couple of years while prices are low. It won't last unless the current economic conditions lead us into another great depression.

Now may be the time to start buying oil futures, the next middle east war will drive up prices again.
There used to be. Around the turn of the 21st century, there was a series of gas stations in the mid-west that allowed customers to pre-pay for gas; as many gallons as they wanted at the then current price. And then the price skyrocketed. I doubt the pre-pay scheme will ever be tried again.
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Old 03-27-2020, 07:46 PM
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“Stock it up!”
Prepping the USA with a few months of oil, in reserve would be a a good campaign issue for a Trump.
“Stock it up!”
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Old 03-27-2020, 07:52 PM
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I can store a few dozen barrels for them.
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Old 03-27-2020, 07:55 PM
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So I’ve always read gasoline only lasts 3 months (though I’ve had mowers and cans full over winter that still ran the next spring cut after 5-6mo). Is there a way to make it last for a long time? Like 6-18mo. I’ve got a few 55gal race fuel drums that are begging to be filled
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Old 03-27-2020, 08:06 PM
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...leave it in the ground?

just a thought....
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