Oil price
Posted: Mon Apr 20, 2020 8:05 pm
You can't give it away right now.
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sorCrer wrote:
You can't give it away right now.
He may be talking WTI instead of Brent.camroc1 wrote:Futures prices though, aren't they ?
Spot prices still in the low $ 20s per barrel, which in itself is pretty low.
camroc1 wrote:Futures prices though, aren't they ?
Spot prices still in the low $ 20s per barrel, which in itself is pretty low.
WTI @ -$37 a barrel according to the Beeb..Mr Mike wrote:He may be talking WTI instead of Brent.camroc1 wrote:Futures prices though, aren't they ?
Spot prices still in the low $ 20s per barrel, which in itself is pretty low.
There's no place left to store it apparently.sorCrer wrote:
You can't give it away right now.
Sefton wrote:I’ve not put a drop in my car for about 6 weeks and I normally have to fill up every fortnight, if I’m typical then there would be a glut of petrol in the pipeline.
WTI is paying to offload essentially other ones are still "normal"camroc1 wrote:Futures prices though, aren't they ?
Spot prices still in the low $ 20s per barrel, which in itself is pretty low.
tiddle wrote:WTI is paying to offload essentially other ones are still "normal"camroc1 wrote:Futures prices though, aren't they ?
Spot prices still in the low $ 20s per barrel, which in itself is pretty low.
My van is doing 30 days to the gallon. Suprised the tyres haven’t perished.Sefton wrote:I’ve not put a drop in my car for about 6 weeks and I normally have to fill up every fortnight, if I’m typical then there would be a glut of petrol in the pipeline.
Gavin Duffy wrote:Will the lads in nigeria be trying to put it back into the pipes so?
Who is this? Do you mean consumer?Cromwell wrote:Just as well UK's Largest Oil & Gas Producer hedged their next two years production at over $50
Those were all words.The Sun God wrote:The malaise spreading into the June WTI contract also this morning. Dropped to 11.79 a barrel before rallying to 15 bucks. May is still sub zero at 7.00 USD but it goes off the bored next Tuesday.
Not surprisingly Brent crude has dropped over 20% this morning to 20.27 a barrel.
Welcome to the brave new world.
These just expiry trades yep? To get to sub zero I mean.The Sun God wrote:The malaise spreading into the June WTI contract also this morning. Dropped to 11.79 a barrel before rallying to 15 bucks. May is still sub zero at 7.00 USD but it goes off the bored next Tuesday.
Not surprisingly Brent crude has dropped over 20% this morning to 20.27 a barrel.
Welcome to the brave new world.
well Nols....I know SFA about P.hD stuff,Nolanator wrote:Those were all words.The Sun God wrote:The malaise spreading into the June WTI contract also this morning. Dropped to 11.79 a barrel before rallying to 15 bucks. May is still sub zero at 7.00 USD but it goes off the bored next Tuesday.
Not surprisingly Brent crude has dropped over 20% this morning to 20.27 a barrel.
Welcome to the brave new world.
Nolanator wrote:Those were all words.The Sun God wrote:The malaise spreading into the June WTI contract also this morning. Dropped to 11.79 a barrel before rallying to 15 bucks. May is still sub zero at 7.00 USD but it goes off the bored next Tuesday.
Not surprisingly Brent crude has dropped over 20% this morning to 20.27 a barrel.
Welcome to the brave new world.
No..the futures are open. You cant trade May ( except in Gas Oil ) but volumes in June , July very active across Brent, WTI and LGO ( liquid gas oil ) .backrow wrote:These just expiry trades yep? To get to sub zero I mean.The Sun God wrote:The malaise spreading into the June WTI contract also this morning. Dropped to 11.79 a barrel before rallying to 15 bucks. May is still sub zero at 7.00 USD but it goes off the bored next Tuesday.
Not surprisingly Brent crude has dropped over 20% this morning to 20.27 a barrel.
Welcome to the brave new world.
Don’t have screens but is the financial trading closed but physical open right now?
I know a guy (well, friend of a friend who I met 6 years ago while on a junket - sorry, attending a conference) who has a PhD in physics and works in some sort of commodities futures trading biz. He explained it to me over a few beers once. Still had no idea how it all works.The Sun God wrote:well Nols....I know SFA about P.hD stuff,Nolanator wrote:Those were all words.The Sun God wrote:The malaise spreading into the June WTI contract also this morning. Dropped to 11.79 a barrel before rallying to 15 bucks. May is still sub zero at 7.00 USD but it goes off the bored next Tuesday.
Not surprisingly Brent crude has dropped over 20% this morning to 20.27 a barrel.
Welcome to the brave new world.
I started in the Commodities markets and we were founding members of the International Petroleum Exchange in London. One of my customers ,at the time, a big oil distributor got humped on his futures position and asked me to take delivery on his behalf..... I actually flew to Rotterdam with my warrants and arranged a small tanker to take the 10000 tonnes into Foynes in South West Ireland and traveled on the ship with the company photographer who was snapping away for posterity !!! .....my only experience of a delivery process.backrow wrote:Nolanator wrote:Those were all words.The Sun God wrote:The malaise spreading into the June WTI contract also this morning. Dropped to 11.79 a barrel before rallying to 15 bucks. May is still sub zero at 7.00 USD but it goes off the bored next Tuesday.
Not surprisingly Brent crude has dropped over 20% this morning to 20.27 a barrel.
Welcome to the brave new world.
Wti is a type of oil benchmark (west Texas something I think) , Brent crude is another. Years ago I was offered a job at Vitol (a notorious oil firm) and was quite boned up on oil , but forgotten it now. Short version is ‘sweet’ light oil is used for jet fuel and lubricants and stuff, but ‘heavy / sour’ is what the world actually needs most of for petrol and diesel.
It’s to with suplhur content, or magic moonbeams or something - it’s just that not all crude oil is the same. Middle East is sour, North Sea oil is sweet.
A lot of 'hard sums guys' have done very well as brokers and traders in the markets in my time. There was a time that I was the nerd on the trading desk but by the time I finished, I could barely have a conversation with some of the younger guys...... evolution I guess.Nolanator wrote:I know a guy (well, friend of a friend who I met 6 years ago while on a junket - sorry, attending a conference) who has a PhD in physics and works in some sort of commodities futures trading biz. He explained it to me over a few beers once. Still had no idea how it all works.The Sun God wrote:well Nols....I know SFA about P.hD stuff,Nolanator wrote:Those were all words.The Sun God wrote:The malaise spreading into the June WTI contract also this morning. Dropped to 11.79 a barrel before rallying to 15 bucks. May is still sub zero at 7.00 USD but it goes off the bored next Tuesday.
Not surprisingly Brent crude has dropped over 20% this morning to 20.27 a barrel.
Welcome to the brave new world.
Global finance and futures speculation stuff makes me feel like a caveman who's just discovered a smartphone.
For a young guy on the desk/floor it was cool but it sort of made me the go to guy for every gobshite, that got stuffed in his copper position and was looking to take delivery , to guide them through the process...... I moved into money shortly after.bimboman wrote:What a brilliant thing to do.
Indeed on the Physics dudes, and engineers. I had a guy I worked for at BT who’d previously been a submarine designer before the filthy lucre lured him. By the time I left my market almost exclusively the new traders were engineers or maths grads only.
You just shout a lot 'Yours!', 'Ship it! - that sort of stuff ...then get pissed. Easy money.Nolanator wrote:I know a guy (well, friend of a friend who I met 6 years ago while on a junket - sorry, attending a conference) who has a PhD in physics and works in some sort of commodities futures trading biz. He explained it to me over a few beers once. Still had no idea how it all works.The Sun God wrote:well Nols....I know SFA about P.hD stuff,Nolanator wrote:Those were all words.The Sun God wrote:The malaise spreading into the June WTI contract also this morning. Dropped to 11.79 a barrel before rallying to 15 bucks. May is still sub zero at 7.00 USD but it goes off the bored next Tuesday.
Not surprisingly Brent crude has dropped over 20% this morning to 20.27 a barrel.
Welcome to the brave new world.
Global finance and futures speculation stuff makes me feel like a caveman who's just discovered a smartphone.
I read somewhere yesterday that you can fill up , in the US mid-west, for 12 cents a gallon.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.
The Sun God wrote:For a young guy on the desk/floor it was cool but it sort of made me the go to guy for every gobshite, that got stuffed in his copper position and was looking to take delivery , to guide them through the process...... I moved into money shortly after.bimboman wrote:What a brilliant thing to do.
Indeed on the Physics dudes, and engineers. I had a guy I worked for at BT who’d previously been a submarine designer before the filthy lucre lured him. By the time I left my market almost exclusively the new traders were engineers or maths grads only.
I started on the floor of the LME , on fenchurch street, in 1982.A lifetime ago now but it was one of the most enjoyable trading jobs I ever had..... Not that I did much trading as they threw me in the Nickel ring 4 times a day knowing the volumes were tiny and I couldn't do that much damage......or so they thought !!!bimboman wrote:The Sun God wrote:For a young guy on the desk/floor it was cool but it sort of made me the go to guy for every gobshite, that got stuffed in his copper position and was looking to take delivery , to guide them through the process...... I moved into money shortly after.bimboman wrote:What a brilliant thing to do.
Indeed on the Physics dudes, and engineers. I had a guy I worked for at BT who’d previously been a submarine designer before the filthy lucre lured him. By the time I left my market almost exclusively the new traders were engineers or maths grads only.
My last job finance related was in metals warehousing, arranging to warehouse and warrant copper or Coffee was surprisingly good fun. Pre the computing power and emails we now have I can only imagine what a pain it was.
The Sun God wrote:I started on the floor of the LME , on fenchurch street, in 1982.A lifetime ago now but it was one of the most enjoyable trading jobs I ever had..... Not that I did much trading as they threw me in the Nickel ring 4 times a day knowing the volumes were tiny and I couldn't do that much damage......or so they thought !!!bimboman wrote:The Sun God wrote:For a young guy on the desk/floor it was cool but it sort of made me the go to guy for every gobshite, that got stuffed in his copper position and was looking to take delivery , to guide them through the process...... I moved into money shortly after.bimboman wrote:What a brilliant thing to do.
Indeed on the Physics dudes, and engineers. I had a guy I worked for at BT who’d previously been a submarine designer before the filthy lucre lured him. By the time I left my market almost exclusively the new traders were engineers or maths grads only.
My last job finance related was in metals warehousing, arranging to warehouse and warrant copper or Coffee was surprisingly good fun. Pre the computing power and emails we now have I can only imagine what a pain it was.
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.The Sun God wrote:I read somewhere yesterday that you can fill up , in the US mid-west, for 12 cents a gallon.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.