Oil price

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sorCrer
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Oil price

Post by sorCrer »

:shock: :shock: :shock:

You can't give it away right now.
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Enzedder
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Re: Oil price

Post by Enzedder »

sorCrer wrote::shock: :shock: :shock:

You can't give it away right now.

Service stations here certainly aren't giving away the refined product, that's for sure
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croyals
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Re: Oil price

Post by croyals »

Image
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camroc1
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Re: Oil price

Post by camroc1 »

Futures prices though, aren't they ?

Spot prices still in the low $ 20s per barrel, which in itself is pretty low.
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Gavin Duffy
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Re: Oil price

Post by Gavin Duffy »

Will the lads in nigeria be trying to put it back into the pipes so?
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Mr Mike
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Re: Oil price

Post by Mr Mike »

camroc1 wrote:Futures prices though, aren't they ?

Spot prices still in the low $ 20s per barrel, which in itself is pretty low.
He may be talking WTI instead of Brent.
bimboman
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Re: Oil price

Post by bimboman »

camroc1 wrote:Futures prices though, aren't they ?

Spot prices still in the low $ 20s per barrel, which in itself is pretty low.

What?
Cromwell
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Re: Oil price

Post by Cromwell »

Just as well UK's Largest Oil & Gas Producer hedged their next two years production at over $50
Varsity Way
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Re: Oil price

Post by Varsity Way »

I think it may stay low for quite a while :nod:

Heating oil has more than halved in price in the last 3 weeks. I picked up 500 litres for £107 before the weekend 8)
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message #2527204
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Re: Oil price

Post by message #2527204 »

Mr Mike wrote:
camroc1 wrote:Futures prices though, aren't they ?

Spot prices still in the low $ 20s per barrel, which in itself is pretty low.
He may be talking WTI instead of Brent.
WTI @ -$37 a barrel according to the Beeb..
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Sefton
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Re: Oil price

Post by Sefton »

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.
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Gavin Duffy
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Re: Oil price

Post by Gavin Duffy »

sorCrer wrote::shock: :shock: :shock:

You can't give it away right now.
There's no place left to store it apparently.
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Anonymous 1
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Re: Oil price

Post by Anonymous 1 »

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.
:nod:
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tiddle
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Re: Oil price

Post by tiddle »

camroc1 wrote:Futures prices though, aren't they ?

Spot prices still in the low $ 20s per barrel, which in itself is pretty low.
WTI is paying to offload essentially other ones are still "normal"
bimboman
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Re: Oil price

Post by bimboman »

tiddle wrote:
camroc1 wrote:Futures prices though, aren't they ?

Spot prices still in the low $ 20s per barrel, which in itself is pretty low.
WTI is paying to offload essentially other ones are still "normal"

It’s effectively for contract expires going to spot and no where for delivery.
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DragsterDriver
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Re: Oil price

Post by DragsterDriver »

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.
My van is doing 30 days to the gallon. Suprised the tyres haven’t perished.
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paddyor
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Re: Oil price

Post by paddyor »

So if you buy it now, you've to pay people daily price to keep it or you'd have to take delivery of it?
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kiwinoz
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Re: Oil price

Post by kiwinoz »

Must be time for a war. That will get things going again
TheDocForgotHisLogon
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Re: Oil price

Post by TheDocForgotHisLogon »

Gavin Duffy wrote:Will the lads in nigeria be trying to put it back into the pipes so?
:lol: :lol: :lol:
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sewa
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Re: Oil price

Post by sewa »

Cromwell wrote:Just as well UK's Largest Oil & Gas Producer hedged their next two years production at over $50
Who is this? Do you mean consumer?
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The Sun God
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Re: Oil price

Post by The Sun God »

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
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Re: Oil price

Post by Nolanator »

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.
Those were all words. :thumbup:
backrow
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Re: Oil price

Post by backrow »

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.

Don’t have screens but is the financial trading closed but physical open right now?
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The Sun God
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Re: Oil price

Post by The Sun God »

Nolanator wrote:
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.
Those were all words. :thumbup:
well Nols....I know SFA about P.hD stuff,
backrow
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Re: Oil price

Post by backrow »

Nolanator wrote:
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.
Those were all words. :thumbup:
:lol:

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.
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The Sun God
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Re: Oil price

Post by The Sun God »

backrow wrote:
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.

Don’t have screens but is the financial trading closed but physical open right now?
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
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Re: Oil price

Post by backrow »

:thumbup:
Nolanator
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Re: Oil price

Post by Nolanator »

The Sun God wrote:
Nolanator wrote:
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.
Those were all words. :thumbup:
well Nols....I know SFA about P.hD stuff,
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.

Global finance and futures speculation stuff makes me feel like a caveman who's just discovered a smartphone.
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The Sun God
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Re: Oil price

Post by The Sun God »

backrow wrote:
Nolanator wrote:
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.
Those were all words. :thumbup:
:lol:

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.
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.
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The Sun God
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Re: Oil price

Post by The Sun God »

Nolanator wrote:
The Sun God wrote:
Nolanator wrote:
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.
Those were all words. :thumbup:
well Nols....I know SFA about P.hD stuff,
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.

Global finance and futures speculation stuff makes me feel like a caveman who's just discovered a smartphone.
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.
bimboman
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Re: Oil price

Post by bimboman »

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.
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sewa
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Re: Oil price

Post by sewa »

https://www.ft.com/content/736cda86-ed2 ... 5756406a81

This all sounds so familiar, the lad sold all the oil which was supposedly held as collateral, loss making for years but posting fictional profits. Deloitte audited and signed it all off :lol: :lol:
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The Sun God
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Re: Oil price

Post by The Sun God »

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.
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.
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message #2527204
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Re: Oil price

Post by message #2527204 »

Nolanator wrote:
The Sun God wrote:
Nolanator wrote:
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.
Those were all words. :thumbup:
well Nols....I know SFA about P.hD stuff,
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.

Global finance and futures speculation stuff makes me feel like a caveman who's just discovered a smartphone.
You just shout a lot 'Yours!', 'Ship it! - that sort of stuff ...then get pissed. Easy money.
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lorcanoworms
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Re: Oil price

Post by lorcanoworms »

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.
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The Sun God
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Re: Oil price

Post by The Sun God »

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.
bimboman
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Re: Oil price

Post by bimboman »

The Sun God wrote:
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.
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.

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.
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The Sun God
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Re: Oil price

Post by The Sun God »

bimboman wrote:
The Sun God wrote:
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.
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.

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 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
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Re: Oil price

Post by bimboman »

The Sun God wrote:
bimboman wrote:
The Sun God wrote:
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.
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.

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 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 !!!

If you want a laugh have a look at what GS and a few others did with Ali 2008-2012. Warehousing making billions.


The LME is still amazing but the play thing for a few big companies really.
bimboman
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Re: Oil price

Post by bimboman »

The other issue I’m just trying to catch up on is the problems being caused by oil ETFs and as pointed out the Expiries.
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