Oil Page 2

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  • nudistpete 20 Apr 2020 21:31:02 1,218 posts
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    elstoof wrote:
    Still have to pay duty on it, presumably
    If the price is negative surely the taxman will give you the negative duty that would be owed on it?

    Anyone else constructing a refinery in their shed whilst nude?
  • Frogofdoom 20 Apr 2020 21:31:45 16,612 posts
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    Username checks out
  • grey_matters 20 Apr 2020 21:48:55 5,287 posts
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    nudistpete wrote:
    elstoof wrote:
    Still have to pay duty on it, presumably
    If the price is negative surely the taxman will give you the negative duty that would be owed on it?

    Anyone else constructing a refinery in their shed whilst nude?
    Not yet.


    Creating the refinery, like.
    Biding my time, totally nude though obvs.
  • thelzdking 20 Apr 2020 22:25:54 10,118 posts
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    Does crude oil go off?
  • thelzdking 20 Apr 2020 22:25:54 10,118 posts
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    Post deleted
  • Carlo 20 Apr 2020 22:33:46 21,328 posts
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    captbirdseye wrote:
    I does love a graph.

    Looks like its plotted my interest in next gen consoles.
  • Fake_Blood 20 Apr 2020 22:34:06 10,456 posts
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    Yes, after 3 million years and one day.
  • Sideshow 20 Apr 2020 22:46:11 48 posts
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    Brent is still $25+ although itíll drop tomorrow. This zero price is for WTI (West Texas Intermediate) - the main issue in the US is theyíve run out of storage so there is nowhere for US producers to store domestic oil production. I think Trump did top up the strategic reserve not long ago lol. Global storage will be an issue soon enough though.
  • Rogueywon Most Generous Forumite, 2016 20 Apr 2020 23:04:05 9,030 posts
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    I know oil prices are complex and that when they fall this far there are all kinds of bad consequences for economies. But on the other hand, when you consider that the people it hurts most are:

    - The Arab states and their ruling families
    - Iran
    - Trump's mates
    - Maduro

    It does sound like it's mostly upside...
  • X201 20 Apr 2020 23:11:16 20,702 posts
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    Malek86 wrote:
    I guess they can't just stop extracting it for a while?
    Itís awkward, it costs money to do and can damage the well forever according to the expert I was just listening to.
  • Khanivor 20 Apr 2020 23:14:58 44,482 posts
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    Rogueywon wrote:
    I know oil prices are complex and that when they fall this far there are all kinds of bad consequences for economies. But on the other hand, when you consider that the people it hurts most are:

    - The Arab states and their ruling families
    - Iran
    - Trump's mates
    - Maduro

    It does sound like it's mostly upside...
    Except itís not the simple. For example, in the US, much of the drilling is done by small companies operating in the margins. This price will eliminate them. The US could lose its energy independence. The oil abroad will look more appealing once again...
  • sport 20 Apr 2020 23:16:04 16,122 posts
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    Well played Greta.
  • Rogueywon Most Generous Forumite, 2016 20 Apr 2020 23:16:21 9,030 posts
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    @Khanivor Yeah, I know, I admit it's not simple. In the long run, the whole of the West needs to be aiming for energy independence and this doesn't necessarily help.

    But... Maduro...
  • Khanivor 20 Apr 2020 23:17:43 44,482 posts
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    Maduro will have to go full military crackdown to retain control as the population rises up because thereís zero fucking money.

    Good thing thereís not a global pandemic going on this providing a great smokescreen.
  • elstoof 21 Apr 2020 00:13:42 25,878 posts
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    nudistpete wrote:
    elstoof wrote:
    Still have to pay duty on it, presumably
    If the price is negative surely the taxman will give you the negative duty that would be owed on it?

    Anyone else constructing a refinery in their shed whilst nude?
    Duty is flat rate, itís not charged as a percentage like tax. On petrol itís something like 60p per litre, so if you were paid 10p by Shell to take away a litre of petrol youíd still have to pay 50p to the govt
  • Salaman 21 Apr 2020 01:21:19 23,838 posts
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    Rogueywon wrote:
    I know oil prices are complex
    Quite. I was trying to find out what was behind the "negative price" headline.
    It's the wholesale price of futures for this one type (WTI), for delivery in May. Prices for delivery in June are still in the positive, around 20 dollars, so it seems there's still demand for delivery in June but everyone's gone "No, I'm good" for May deliveries.

    Today was the last day to trade futures for May, so producers with unsold capacity are willing to pay the traders to take it off their hands to avoid having to stop production, since all available storage for WTI has been used up.

    Tomorrow, futures for May are closed and futures for June are traded and there's still demand for June (at the moment), so it's likely to be positive again, although still extremely low.

    I'm happy to be corrected but that's as far as I understood it after reading a handful of different articles.
  • Sideshow 21 Apr 2020 01:57:04 48 posts
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    @Salaman it will likely be positive tomorrow but storage globally is an issue that will hit a crunch in the next 2-3 months
  • Dirtbox 21 Apr 2020 02:28:43 91,422 posts
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    Sideshow wrote:
    @Salaman it will likely be positive tomorrow but storage globally is an issue that will hit a crunch in the next 2-3 months
    How do you think it'll be positive? The drop is because of the numerous global lockdowns, unless someone waves a magic wand, it's not going to be in the positive for months.
  • mothercruncher 21 Apr 2020 07:05:06 17,839 posts
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    But... how will we keep Mohammed bin Salman in gold plated condoms??
  • IRWATWO 21 Apr 2020 07:36:37 711 posts
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    Captain Tom will have to keep walking round his garden. Obviously £30M a week won't be nearly enough to maintain even a single royal Saudi in the long term, but we have to try everything we can.
  • smoothpete 21 Apr 2020 08:54:23 37,009 posts
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    A lot of names of types of crude oil sound a lot like a menu in an Amsterdam coffee shop:

    https://en.wikipedia.org/wiki/List_of_crude_oil_products

    2g of West Texas Sour and pre-rolled of Arab Heavy please
  • richardiox 21 Apr 2020 09:05:12 8,721 posts
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    An ounce of Beryl please squire.
  • Sideshow 21 Apr 2020 13:07:25 48 posts
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    @Dirtbox WTI June is trading at $16 so that would be ďpositiveď - depending on the lockdowns and what happens in the coming weeks it could go negative again as these contracts near close date
  • General_Martok 21 Apr 2020 13:15:53 1,283 posts
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    The sooner we ween ourselves off the shit the better. Although I'm not sure how economically viable electric cars will be when no one has a job. :(
  • Gibroon 21 Apr 2020 13:22:30 2,310 posts
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    General_Martok wrote:
    The sooner we ween ourselves off the shit the better. Although I'm not sure how economically viable electric cars will be when no one has a job. :(
    With no cars on the road, cycling will be a joy. Hopefully more people will work closer to home rather than a 4 hour commute to London. If there are any jobs that is.
  • Nexus_6 21 Apr 2020 13:41:41 5,081 posts
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    I love the idea of working at home, partially because I am a lazy sausage, but also it drastically reduces the reliance on the car. For me.

    There are so many posts on the internet about companies waking up to being able to WFH which is great, but I can only do it long term if I had a proper office space in the house Currently sitting at the dining table off the lounge which isnt ideal. Our built environment would have to adapt to this long-term ie having space in houses for small offices (and not just the 'spare' bedroom)
    I am trying to get planning permission for a not-huge extension to my house and am struggling for over a year as it is slightly wider than the very blunt planning regulations allow for. For this to be an ongoing thing, they need to wise up.

    Which brings me to this petition which would be good for you all to sign:

    GREENPEACE
  • neilka 25 Apr 2020 06:00:35 23,415 posts
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    https://twitter.com/MarthaStewart/status/326365867111772160
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