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Black-Balled
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04-20-2020, 10:48 AM

Materials cost isn't something that can be taken advantage of when there's no production though.

Uncle Sam always looking out for you: keep the liquor stores open and gas cheap. Ow.


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lakeman77
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04-20-2020, 10:51 AM

$1.60 a bbl now, somebody is dumping it
  
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04-20-2020, 10:56 AM

hit .04
my 1.50 max./min house bet seems more serious than normal.
  
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04-20-2020, 11:04 AM

Even with the agreement to reduce production by 10 million barrels per day, it will take quite a while to have any impact.

Oil was being overproduced. In fact, with the impact of COVID-19, there is almost no place left on land to store it. Most are having to look at FPSOs to store the oil.

So, my guess is it's likely to be Q2 2021 before the Oil Patch sees things take a turn toward normal - whatever that is anymore...
  
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Business is easy right?
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Business is easy right? - 04-20-2020, 11:10 AM

So many people think running a business is easy and full of profits.


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04-20-2020, 11:15 AM

Quote:
Originally Posted by lakeman77 View Post
$1.60 a bbl now, somebody is dumping it
Everyone. No where to put it.
  
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04-20-2020, 11:17 AM

Quote:
Originally Posted by Dan_B View Post
that is an issue.
Kind of an issue isn't it,
if even a large company can't carry the load of liabilities for more than a few weeks?


oil @ $3.35 now at 12.24, 4.20.20

Labor is the big expense for any employer, even if you employee is only make $10.00/hr, it cost the employeer way more to employ some because in other expenses.


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04-20-2020, 11:33 AM

I think the last thing that will go down is prices, I figured now would be a good time to get some outside work done, and at a discount, since everybodys been twiddling their thumbs for a month , wrong, they all have the same pool players dream of getting even for the last month in 1 job. The old toothpick into a lumber yard fantasy. 100 million people have wasted their lives chasing that demon. The beautiful one is the ads in every city from about 5 companies who don't have employees here. They get the job in New Jersey and bid it at triple normal cost and if some idiot goes for it , they sub contract it out and the guy flies into town does the job and flies back out.
I know thats what they are doing because several of them told me their time started when they left the airport.
I told them to just stay there.

Last edited by book collector; 04-20-2020 at 11:36 AM.
  
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04-20-2020, 11:36 AM

I haven't run the numbers in a while. I don't remember about hourly employees, but for salaried non-executives, you typically add 30% to 35% to Base Salary to cover the cost of other Benefits & Perquisites. And, many top employers have packages more rich than that.
  
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04-20-2020, 11:43 AM

Quote:
Originally Posted by Korsakoff View Post
I haven't run the numbers in a while. I don't remember about hourly employees, but for salaried non-executives, you typically add 30% to 35% to Base Salary to cover the cost of other Benefits & Perquisites. And, many top employers have packages more rich than that.
That's about right from what I understand of the system I retired from. Now just think the American system is the only one in the world where the employer
is responsible for health insurance as a part of that package. If the employee were able to afford his own premiums and were his choice to buy or not, then the companies
could pay their people better and the economy would benefit greatly from it. Where pool is concerned that's a bit of double edged sword though. That would mean that room
owners could charge a little more for their rates.


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04-20-2020, 02:09 PM

Remember around 2006 it was 130.00 plus. Crazy times these days.
  
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04-20-2020, 02:23 PM

Today, oil* traded down to a low price of -40.32. Notice the negative sign! That means that someone would have paid you $40.32 per barrel to take delivery of oil in May. That's right, instead of you paying money to buy oil, someone would have paid you to take the oil. Subsequently, oil rallied to -13.10.

* West Texas Intermedate crude//May futures contract

Last edited by 7stud; 04-20-2020 at 05:03 PM.
  
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04-20-2020, 03:59 PM

Quote:
Originally Posted by 7stud View Post
Oil (May futures) got down to a low of -40.32. That means someone would have paid you $40.32 per barrel to take delivery of oil in May. That's right, instead of you paying money to buy oil, someone would have paid you to take the oil. Subsequently, oil rallied to -13.10.
I bought a million barrels when it was at -$37, not sure where Iím going to put it, but I canít wait for the check!
  
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04-20-2020, 07:43 PM

must be a catch buying it now @1.67 or when it's negative, some reasonable expectation that the buyer can take delivery.

It's at a fun price right now, putting aside the logistics, to buy and race for barrels.
  
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04-20-2020, 10:57 PM

Quote:
Originally Posted by Maxx View Post
I bought a million barrels when it was at -$37, not sure where I’m going to put it, but I can’t wait for the check!
You could have bought 1 million barrels and received $37 million, then you could have sold 1 million barrels worth of the June futures at $21 per barrel, which is a contract to deliver 1 million barrels of oil in June in exchange for another $21 million in cash. Then you could have tried to hire enough tanker trucks to pick up your oil in May and drive back and forth across the US for a month, then returned to the delivery point in time to deliver your 1 million barrels of oil in June. Obviously, the last part would have been the crux!

Last edited by 7stud; 04-20-2020 at 11:17 PM.
  
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