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Oil is going to get wacky on Monday...

HoustonHuskyHoustonHusky Member Posts: 5,954
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in Tug Tavern
Saudis and Russia fighting. Expected to open ~25% lower.

https://www.bloomberg.com/news/articles/2020-03-07/saudis-plan-big-oil-output-hike-beginning-all-out-price-war?srnd=premium

Expect some bloodied shale oil companies...
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    PurpleThrobberPurpleThrobber Member Posts: 41,872
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    edited March 2020
    Oil down, gold up.

    Saudis can go to like $4/bbl and still be solvent.

    Squeeze Putin’s nuts

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    PurpleThrobberPurpleThrobber Member Posts: 41,872
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    CuntWaffle said:

    Didn’t we run out of oil already?

    The Throbber has run out of baby oil once or twice. Not good.

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    HoustonHuskyHoustonHusky Member Posts: 5,954
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    PurpleThrobber said:

    Oil down, gold up.

    Saudis can go to like $4/bbl and still be solvent.

    Squeeze Putin’s nuts

    Saudis budgeted based on $65 crude. Russians based on $45 and they have a rainy day fund. Saudi’s cost to produce is a lot less though which is why they are like ‘fuck it...crash it then until you come back to the table’.

    Russia started this with OPEC+...they are pissed about Nord2 and trying to fuck with us (shale). Actual election interference...
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    SledogSledog Member Posts: 30,837
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    I thought shale production was shut down already, price to low?

    Cheap oil is good and better if it Congress from overseas! Save ours.
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    PurpleThrobberPurpleThrobber Member Posts: 41,872
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    HoustonHusky said:

    PurpleThrobber said:

    Oil down, gold up.

    Saudis can go to like $4/bbl and still be solvent.

    Squeeze Putin’s nuts

    Saudis budgeted based on $65 crude. Russians based on $45 and they have a rainy day fund. Saudi’s cost to produce is a lot less though which is why they are like ‘fuck it...crash it then until you come back to the table’.

    Russia started this with OPEC+...they are pissed about Nord2 and trying to fuck with us (shale). Actual election interference...
    Yes. They budgeted but I’m talking strictly cost of production. The Saudis have virtually zip. Their CAPEX expenditures were years ago paid off. Putin has to keep his oil ponzi going at a higher BEP.

    Or he is fucked.

    Squeeze the balls.
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    WestlinnDuckWestlinnDuck Member Posts: 13,934
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    But all the so-called smart people are telling me that Putin prefers Trump who loves fracking over some dem green gaia religionist that promises to shut down fracking and jail US oil executives.
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    Pitchfork51Pitchfork51 Member Posts: 26,601
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    Because the Saudis and Putin love the guy who helped make the us the biggest oil importer


    Fuckin baze
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    topdawgnctopdawgnc Member Posts: 7,838
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    MikeDamone said:

    WestlinnDuck said:

    It's obvious we need to ban fracking and get oil back to $130 a barrel and phu*ck over the American working man and stuff the pockets of Putin and the Saudis.

    We can't drill our way to lower oil prices.
    Apparently the Saudi's can.
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    MikeDamoneMikeDamone Member, Swaye's Wigwam Posts: 37,781
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    edited March 2020
    topdawgnc said:

    MikeDamone said:

    WestlinnDuck said:

    It's obvious we need to ban fracking and get oil back to $130 a barrel and phu*ck over the American working man and stuff the pockets of Putin and the Saudis.

    We can't drill our way to lower oil prices.
    Apparently the Saudi's can.
    So did we. Despite Obama’s declaration.
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    HoustonHuskyHoustonHusky Member Posts: 5,954
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    One other conspiracy take on it...with Iran economy a wreck and Coronavirus running rampant there the Saudis are trying this in an effort to tip over the govt there.

    Not sure I buy that one, but this is going to make life rough on them, esp with their main benefactors in Russia and China also impacted with events.
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    PurpleThrobberPurpleThrobber Member Posts: 41,872
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    HoustonHusky said:

    One other conspiracy take on it...with Iran economy a wreck and Coronavirus running rampant there the Saudis are trying this in an effort to tip over the govt there.

    Not sure I buy that one, but this is going to make life rough on them, esp with their main benefactors in Russia and China also impacted with events.

    I don't think that's a conspiracy theory. That's a given strategy.

    Now, the conspiracy question is whether US money is behind that Putin ball squeeze operation.


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    Pitchfork51Pitchfork51 Member Posts: 26,601
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    I think Putin is old and desperate and worried about being usurped.
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    HoustonHuskyHoustonHusky Member Posts: 5,954
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    Putin is a lot of bad things, but he’s been financially sound with Russia. I guess if you have Aspergers and are nailing a 20-some Russian ballerina you don’t feel the need to spend like a rapper like most dictators and Middle Eastern nutjobs do...
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