Oil price

All things Rugby
Flyin Ryan
Posts: 10929
Joined: Tue Jan 31, 2012 11:05 am
Location: Indiana

Re: Oil price

Post by Flyin Ryan »

The Sun God wrote:
lorcanoworms wrote:Pity I've no big boat these days, got about six gallons in the outboard tanks when I got back from the holidays.
Probably end up putting that in the car which is full right now.
I read somewhere yesterday that you can fill up , in the US mid-west, for 12 cents a gallon.
I posted that. That's the wholesale price in the Midwest. The gas stations by me are something like $1.30-1.35 a gallon, pretty much the lowest it's been post-2008.
User avatar
The Sun God
Posts: 13185
Joined: Tue Jan 31, 2012 11:05 am
Location: Best country in the world.

Re: Oil price

Post by The Sun God »

Flyin Ryan wrote:
The Sun God wrote:
lorcanoworms wrote:Pity I've no big boat these days, got about six gallons in the outboard tanks when I got back from the holidays.
Probably end up putting that in the car which is full right now.
I read somewhere yesterday that you can fill up , in the US mid-west, for 12 cents a gallon.
I posted that. That's the wholesale price in the Midwest. The gas stations by me are something like $1.30-1.35 a gallon, pretty much the lowest it's been post-2008.
So that's 0.35 US$ per litre or 0.32 Euro. FFS I filled up in Dublin last night at 1.28 per litre. !!
backrow
Posts: 23169
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by backrow »

Slight sidetrack, but somebody nearby has a Vauxhall Monaro, a rebadged Holden V8 6-litre beast. It’s about 15 years old and done about 40k miles max - at the moment the bloke is using it to drive to work daily and you can hear it roar streets away ! :o

He must be loving this cheap fuel and empty roads.
Spyglass
Posts: 397
Joined: Tue Jan 31, 2012 11:05 am
Location: Houston

Re: Oil price

Post by Spyglass »

The Sun God wrote:
lorcanoworms wrote:Pity I've no big boat these days, got about six gallons in the outboard tanks when I got back from the holidays.
Probably end up putting that in the car which is full right now.
I read somewhere yesterday that you can fill up , in the US mid-west, for 12 cents a gallon.
I think someone's pulling your chain, $1.15 is the lowest price around here
User avatar
The Sun God
Posts: 13185
Joined: Tue Jan 31, 2012 11:05 am
Location: Best country in the world.

Re: Oil price

Post by The Sun God »

Spyglass wrote:
The Sun God wrote:
lorcanoworms wrote:Pity I've no big boat these days, got about six gallons in the outboard tanks when I got back from the holidays.
Probably end up putting that in the car which is full right now.
I read somewhere yesterday that you can fill up , in the US mid-west, for 12 cents a gallon.
I think someone's pulling your chain, $1.15 is the lowest price around here
That is still about a quarter of what we pay to pollute the planet....
User avatar
Openside
Posts: 24569
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by Openside »

Bloody hell I have just been outside and caught some bastard trying to siphon Petrol into my car!! :x :x
User avatar
massive_field_goal
Posts: 672
Joined: Thu Oct 25, 2018 4:15 am

Re: Oil price

Post by massive_field_goal »

Openside wrote:Bloody hell I have just been outside and caught some bastard trying to siphon Petrol into my car!! :x :x
i'll pay that :thumbup:
User avatar
Mr Mike
Posts: 11132
Joined: Tue Jan 31, 2012 11:05 am
Location: Texas

Re: Oil price

Post by Mr Mike »

Openside wrote:Bloody hell I have just been outside and caught some bastard trying to siphon Petrol into my car!! :x :x
That’s a clear breach of dogging protocol, disgraceful.
backrow
Posts: 23169
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by backrow »

Openside wrote:Bloody hell I have just been outside and caught some bastard trying to siphon Petrol into my car!! :x :x
Will you buy another one once it’s full up, in the exact opposite way to your lawnmower ?
User avatar
lemonhead
Posts: 5038
Joined: Tue Jan 31, 2012 11:05 am
Location: Yarbles

Re: Oil price

Post by lemonhead »

The Sun God wrote:
Flyin Ryan wrote:
The Sun God wrote:
lorcanoworms wrote:Pity I've no big boat these days, got about six gallons in the outboard tanks when I got back from the holidays.
Probably end up putting that in the car which is full right now.
I read somewhere yesterday that you can fill up , in the US mid-west, for 12 cents a gallon.
I posted that. That's the wholesale price in the Midwest. The gas stations by me are something like $1.30-1.35 a gallon, pretty much the lowest it's been post-2008.
So that's 0.35 US$ per litre or 0.32 Euro. FFS I filled up in Dublin last night at 1.28 per litre. !!
Went 107.9p in our neck of the woods and stayed there ever since. If that's their minimum price then God knows what the profit margin's got up to.
User avatar
Saint
Posts: 15686
Joined: Tue Jan 31, 2012 11:05 am
Location: South Oxfordshire

Re: Oil price

Post by Saint »

So Diesel is around. £1.17 locally at the moment. Of that, approx 78p would be VAT and duty, leaving 39p a litre to cover distribution, storage, staffing, actual cost of oil, and margin. At the moment they're still selling stuff that actually cost the genuine money to buy
bimboman
Posts: 69958
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by bimboman »

Saint wrote:So Diesel is around. £1.17 locally at the moment. Of that, approx 78p would be VAT and duty, leaving 39p a litre to cover distribution, storage, staffing, actual cost of oil, and margin. At the moment they're still selling stuff that actually cost the genuine money to buy

I’m paying 108 for diesel locally.
User avatar
Saint
Posts: 15686
Joined: Tue Jan 31, 2012 11:05 am
Location: South Oxfordshire

Re: Oil price

Post by Saint »

bimboman wrote:
Saint wrote:So Diesel is around. £1.17 locally at the moment. Of that, approx 78p would be VAT and duty, leaving 39p a litre to cover distribution, storage, staffing, actual cost of oil, and margin. At the moment they're still selling stuff that actually cost the genuine money to buy

I’m paying 108 for diesel locally.
Yeah, we get ripped off in the Oxfordshire wilderness - but you have to think that's getting pretty close to as low as it gets.

I don't think our local station has needed a delivery in over a month - it usually goes one twice a week
Crazy Ed
Posts: 1243
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by Crazy Ed »

Any thoughts on Scottish independence Jocks?
User avatar
Lacrobat
Posts: 3334
Joined: Wed Feb 01, 2012 6:43 am

Re: Oil price

Post by Lacrobat »

Image
Crazy Ed
Posts: 1243
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by Crazy Ed »

Well fraking the saudis over is an unexpected benefit of a shit situation.
backrow
Posts: 23169
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by backrow »

Why is Saudis breakneven price so high ? I thought their costs were pretty much the cheapest as their oil is inland and white near the surface.

Kind of wishing I had taken than vitol job back in 98 rather than RBS for a measly £1500 a year extra , think it would have suited me more than fund management
User avatar
kiap
Posts: 20278
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by kiap »

backrow wrote:Why is Saudis breakneven price so high ? I thought their costs were pretty much the cheapest as their oil is inland and white near the surface.
I'm not certain, but the graphic says they need "far higher prices to balance their budgets" so it's probably not the cost of production being referenced, but rather all the government spend that's been racked up based on a higher oil price.
Last edited by kiap on Fri Apr 24, 2020 11:35 am, edited 1 time in total.
bimboman
Posts: 69958
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by bimboman »

backrow wrote:Why is Saudis breakneven price so high ? I thought their costs were pretty much the cheapest as their oil is inland and white near the surface.

Kind of wishing I had taken than vitol job back in 98 rather than RBS for a measly £1500 a year extra , think it would have suited me more than fund management

Break even costs are a measure of what is also required to keep the control of the oil .... in Saudis case the “princely barrels” distributed across the royal families make up a lot of the counter costs.
User avatar
shaggy
Posts: 810
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by shaggy »

That figure must be break even for all the social commitments they link to the oil price. No way the all combined upstream, midstream and downstream totals that when deep water plays would be $40 to $50 break even for the majors.

That is Saudi Arabia (country), not Saudi Aramco (company).
User avatar
Mr Mike
Posts: 11132
Joined: Tue Jan 31, 2012 11:05 am
Location: Texas

Re: Oil price

Post by Mr Mike »

kiap wrote:
backrow wrote:Why is Saudis breakneven price so high ? I thought their costs were pretty much the cheapest as their oil is inland and white near the surface.
I'm not certain, but the graphic says they need "far higher prices to balance their budgets" so it's probably not the cost of production being referenced, but rather all the government spend that's been racked up based on a higher oil price.
I expect that’s right. Their cost of production has always been relatively low (even allowing for inefficiencies) but their budgetary assumption for the price of oil are far higher, so they are currently burning reserves faster than others.

IIRC Venezuela’s budget was based off $160 oil back in 2014, and many thought they were being optimistic that they could cover spending at that price.
One analyst at Nomura recently estimated that Venezuela may need oil prices to hit $200 a barrel to balance its budget. (The precise figure is difficult to determine, because Venezuela doesn’t disclose as much economic data as other countries do.)
Last edited by Mr Mike on Fri Apr 24, 2020 11:55 am, edited 1 time in total.
backrow
Posts: 23169
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by backrow »

Thanks for explanation. In that case, fudge them, the backward thinking sand munching twats !
User avatar
Mr Mike
Posts: 11132
Joined: Tue Jan 31, 2012 11:05 am
Location: Texas

Re: Oil price

Post by Mr Mike »

backrow wrote:Thanks for explanation. In that case, fudge them, the backward thinking sand munching twats !
This from 2014/15 explains it “well”.

https://www.cnbc.com/video/2014/12/01/b ... untry.html
User avatar
The Sun God
Posts: 13185
Joined: Tue Jan 31, 2012 11:05 am
Location: Best country in the world.

Re: Oil price

Post by The Sun God »

backrow wrote:Why is Saudis breakneven price so high ? I thought their costs were pretty much the cheapest as their oil is inland and white near the surface.

Kind of wishing I had taken than vitol job back in 98 rather than RBS for a measly £1500 a year extra , think it would have suited me more than fund management
Because oil subsidizes all 33 million of the lazy fúcks in one way or another.
bimboman
Posts: 69958
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by bimboman »

The Sun God wrote:
backrow wrote:Why is Saudis breakneven price so high ? I thought their costs were pretty much the cheapest as their oil is inland and white near the surface.

Kind of wishing I had taken than vitol job back in 98 rather than RBS for a measly £1500 a year extra , think it would have suited me more than fund management
Because oil subsidizes all 33 million of the lazy fúcks in one way or another.

“Managers”.
panamax
Posts: 1375
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by panamax »

Crazy Ed wrote:Well fraking the saudis over is an unexpected benefit of a shit situation.
nope , the Saudis are pushing this, they are sitting on massive amounts of cash reserves and have decided to increase production officially after russia refused the OPEC deal, but they must be quite pleased with killing the US and canadian oil industry.

right now they re ok with bleeding for a while, while winning market shares and killing the shale oil competition, they see it as an investment for the future basically

we'll see if they were right
User avatar
shanky
Posts: 21741
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by shanky »

The Sun God wrote:
backrow wrote:Why is Saudis breakneven price so high ? I thought their costs were pretty much the cheapest as their oil is inland and white near the surface.

Kind of wishing I had taken than vitol job back in 98 rather than RBS for a measly £1500 a year extra , think it would have suited me more than fund management
Because oil subsidizes all 33 million of the lazy fúcks in one way or another.
Yup.

$3 to get it out of the ground, and another $50 to pay for the blow.
User avatar
Mr Mike
Posts: 11132
Joined: Tue Jan 31, 2012 11:05 am
Location: Texas

Re: Oil price

Post by Mr Mike »

panamax wrote:
Crazy Ed wrote:Well fraking the saudis over is an unexpected benefit of a shit situation.
nope , the Saudis are pushing this, they are sitting on massive amounts of cash reserves and have decided to increase production officially after russia refused the OPEC deal, but they must be quite pleased with killing the US and canadian oil industry.

right now they re ok with bleeding for a while, while winning market shares and killing the shale oil competition, they see it as an investment for the future basically

we'll see if they were right
The Russians were pretty comfortable with increasing supply for the same reason, but neither of them ever anticipated the level of demand destruction that occurred contemporaneously. The Russians are also burning significant cash reserves but with a lower budgetary price deck they are in reasonable shape to weather this if they reduce some discretionary spend (including foreign electoral interference).

Thee is no doubt that this attempt to disrupt US shale will be more successful than 2014/15 but at a far greater cost to all of the OPEC nations.
User avatar
sorCrer
Posts: 12401
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by sorCrer »

Openside wrote:Bloody hell I have just been outside and caught some bastard trying to siphon Petrol into my car!! :x :x
:x

How the hell did they get into the grounds?
User avatar
Openside
Posts: 24569
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by Openside »

sorCrer wrote:
Openside wrote:Bloody hell I have just been outside and caught some bastard trying to siphon Petrol into my car!! :x :x
:x

How the hell did they get into the grounds?
:lol: :lol:
Varsity Way
Posts: 1324
Joined: Mon May 12, 2014 3:50 pm

Re: Oil price

Post by Varsity Way »

£97.99 for 500 litres of heating oil in my postcode with Boilerjuice. Will it keep going South??
User avatar
DragsterDriver
Posts: 26163
Joined: Tue Jan 31, 2012 11:05 am
Location: Big Willi Style

Re: Oil price

Post by DragsterDriver »

Varsity Way wrote:£97.99 for 500 litres of heating oil in my postcode with Boilerjuice. Will it keep going South??
That’s obscene!
User avatar
MungoMan
Posts: 14107
Joined: Tue Jan 31, 2012 11:05 am
Location: Coalfalls

Re: Oil price

Post by MungoMan »

Openside wrote:Bloody hell I have just been outside and caught some bastard trying to siphon Petrol into my car!! :x :x
:lol:
User avatar
paddyor
Posts: 19370
Joined: Thu Jun 11, 2015 12:51 pm

Re: Oil price

Post by paddyor »

The Sun God wrote:
Flyin Ryan wrote:
The Sun God wrote:
lorcanoworms wrote:Pity I've no big boat these days, got about six gallons in the outboard tanks when I got back from the holidays.
Probably end up putting that in the car which is full right now.
I read somewhere yesterday that you can fill up , in the US mid-west, for 12 cents a gallon.
I posted that. That's the wholesale price in the Midwest. The gas stations by me are something like $1.30-1.35 a gallon, pretty much the lowest it's been post-2008.
So that's 0.35 US$ per litre or 0.32 Euro. FFS I filled up in Dublin last night at 1.28 per litre. !!
About 90c - €1 is taxes though.
Varsity Way
Posts: 1324
Joined: Mon May 12, 2014 3:50 pm

Re: Oil price

Post by Varsity Way »

DragsterDriver wrote:
Varsity Way wrote:£97.99 for 500 litres of heating oil in my postcode with Boilerjuice. Will it keep going South??
That’s obscene!

£84.87 now!! :shock:
User avatar
DragsterDriver
Posts: 26163
Joined: Tue Jan 31, 2012 11:05 am
Location: Big Willi Style

Re: Oil price

Post by DragsterDriver »

Varsity Way wrote:
DragsterDriver wrote:
Varsity Way wrote:£97.99 for 500 litres of heating oil in my postcode with Boilerjuice. Will it keep going South??
That’s obscene!

£84.87 now!! :shock:
So glad I filled up a couple of months ago :roll:
User avatar
GWO2
Posts: 3016
Joined: Fri May 04, 2012 7:12 pm

Re: Oil price

Post by GWO2 »

Don`t worry, the money men will find an excuse to start a Middle East war to drive the prices up again. They wont go short.
User avatar
JPNZ
Posts: 2491
Joined: Thu Apr 19, 2018 10:58 am
Location: Christchurch NZ

Re: Oil price

Post by JPNZ »

In NZ where over half the cost of retail petrol is tax, we've dropped from a peak in September 2018 of $2.32 p/litre of regular 91 to $1.50 today. Renewed competition between smaller fuel operators is helping a lot as well. Long may it continue!
backrow
Posts: 23169
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by backrow »

Ouch - shell cuts its dividend by 65%, first cut since ww2
This is bad for everyone , not just direct holders like me, but pension funds as it’s one of the global big dividend payers. It’s yield was about 10% which was daft though so a cut is no surprise really.

Luckily BP maintained it’s dividend earlier this week, but next quarter a cut or suspension seems certain now. How many of the other oil majors will follow suit ?
User avatar
shanky
Posts: 21741
Joined: Tue Jan 31, 2012 11:05 am

Re: Oil price

Post by shanky »

backrow wrote:Ouch - shell cuts its dividend by 65%, first cut since ww2
This is bad for everyone , not just direct holders like me, but pension funds as it’s one of the global big dividend payers. It’s yield was about 10% which was daft though so a cut is no surprise really.

Luckily BP maintained it’s dividend earlier this week, but next quarter a cut or suspension seems certain now. How many of the other oil majors will follow suit ?
Genuine question

How many pension funds in Britain would have Shell on the books?

I'd assumed it was listed in Amsterdam or some such.
Post Reply