Foxx Posted March 29, 2020 Share Posted March 29, 2020 18 minutes ago, Tiberius said: Nope Biden for President! im'a go out on a limb here and say quite possibly that Tiberius might make a better pres than that lump of grey matter. 1 Link to comment Share on other sites More sharing options...
Chef Jim Posted March 29, 2020 Share Posted March 29, 2020 28 minutes ago, Tiberius said: Nope Biden for President! Why? Tell us why you think he’s the best man for the job. Link to comment Share on other sites More sharing options...
SoCal Deek Posted March 29, 2020 Share Posted March 29, 2020 29 minutes ago, Tiberius said: Nope Biden for President! You better cast your ballot today! He won’t even be on the ballot in November. 1 Link to comment Share on other sites More sharing options...
RochesterRob Posted March 29, 2020 Share Posted March 29, 2020 1 minute ago, SoCal Deek said: You better cast your ballot today! He won’t even be on the ballot in November. Yep, that draft you are feeling this afternoon is the Cuomo movement for POTUS (yuck). Link to comment Share on other sites More sharing options...
Chef Jim Posted March 29, 2020 Share Posted March 29, 2020 2 minutes ago, SoCal Deek said: You better cast your ballot today! He won’t even be on the ballot in November. I wouldn’t be surprised if this was the case. Link to comment Share on other sites More sharing options...
Tiberius Posted March 29, 2020 Share Posted March 29, 2020 53 minutes ago, Foxx said: im'a go out on a limb here and say quite possibly that Tiberius might make a better pres than that lump of grey matter. My chief desire in being president would be to hook up with super hot chicks. What would the press say? Link to comment Share on other sites More sharing options...
Foxx Posted March 29, 2020 Share Posted March 29, 2020 (edited) 40 minutes ago, Tiberius said: My chief desire in being president would be to hook up with super hot chicks. What would the press say? they would probably wonder if you were secretly gay. after all, believe all accusers, am i rite?? Edited March 29, 2020 by Foxx 1 Link to comment Share on other sites More sharing options...
RochesterRob Posted March 29, 2020 Share Posted March 29, 2020 15 minutes ago, Foxx said: the would probably wonder if you were secretly gay. after all, believe all accusers, am i rite?? After the 30th visit in 45 days by Anderson Cooper leaving each time with a different pair of rubber short pants on there would be no more wondering. 1 Link to comment Share on other sites More sharing options...
Foxx Posted March 29, 2020 Share Posted March 29, 2020 19 minutes ago, RochesterRob said: After the 30th visit in 45 days by Anderson Cooper leaving each time with a different pair of rubber short pants on there would be no more wondering. wait till Don Lemon gets wind that AC has been there more often. i can see it now... 2 Link to comment Share on other sites More sharing options...
Foxx Posted March 29, 2020 Share Posted March 29, 2020 won't be long before we won't be able to store it. so much so that, will we see negative prices on a barrel? The oil glut is filling up the world’s supertankers fast The world’s oil tankers are being filled with crude at a record pace as the options to store a glut on land rapidly diminish, one of the industry’s largest owners said. A combination of surging production from key producers worldwide and capitulating demand in the face of the coronavirus outbreak means that land storage is being overwhelmed, said Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS. The world is likely overproducing by about 20 million barrels a day, or 20% of normal consumption, he said, echoing wider industry views. ... Link to comment Share on other sites More sharing options...
TPS Posted March 29, 2020 Share Posted March 29, 2020 20 minutes ago, Foxx said: won't be long before we won't be able to store it. so much so that, will we see negative prices on a barrel? The oil glut is filling up the world’s supertankers fast The world’s oil tankers are being filled with crude at a record pace as the options to store a glut on land rapidly diminish, one of the industry’s largest owners said. A combination of surging production from key producers worldwide and capitulating demand in the face of the coronavirus outbreak means that land storage is being overwhelmed, said Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS. The world is likely overproducing by about 20 million barrels a day, or 20% of normal consumption, he said, echoing wider industry views. ... No. Futures prices are in a steep "contango," which means the current price is less than the future price to such an extent that it more than covers the cost of storage. That means you can make a risk-free profit by buying oil today and storing it tankers--banks and hedge funds do this. When the above ground storage runs out, and financial traders can't take advantage of this any longer, the Saudis will be forced to reduce pumping and meet the "real" demand for oil. Link to comment Share on other sites More sharing options...
keepthefaith Posted March 30, 2020 Share Posted March 30, 2020 3 hours ago, TPS said: No. Futures prices are in a steep "contango," which means the current price is less than the future price to such an extent that it more than covers the cost of storage. That means you can make a risk-free profit by buying oil today and storing it tankers--banks and hedge funds do this. When the above ground storage runs out, and financial traders can't take advantage of this any longer, the Saudis will be forced to reduce pumping and meet the "real" demand for oil. So it's a good time to buy an oil ETF. Link to comment Share on other sites More sharing options...
TPS Posted March 30, 2020 Share Posted March 30, 2020 8 hours ago, keepthefaith said: So it's a good time to buy an oil ETF. Not unless you expect a big move up in prices. Steep contango creates a built-in loss for commodity etfs through what's known as the roll yield. For example, the value of USO is derived from its purchase of futures on oil, the contracts closest to expiration. Before the contracts expire, the etf managers have to sell (so as not to take delivery) and then buy the next month contracts. In contango, your selling price is less than your buying price--the fund is selling futures low and buying high, creating a "negative roll yield." As that eats away at the value of the underlying assets, it also eats away at the price of the etf, unless you have a bunch uninformed investors piling in, which can temporarily push the price above underlying value...So, if you see "professionals" hyping USO or other oil etfs when the markets in contango, be wary... Link to comment Share on other sites More sharing options...
Nanker Posted March 30, 2020 Share Posted March 30, 2020 This is the other "war" that we're in. Both the Saudis and Putin are trying to destroy the US Shale Oil industry and with it our energy independence. I'd like to see POTUS address this more directly than he has. Of course, the media would harangue us with stories about how he no longer cares about containing the Chinese Corona Virus and is more concerned about his "Big Oil" buddies profits - ignoring the fact that tens of thousands of oil workers will be put out of jobs. Link to comment Share on other sites More sharing options...
3rdnlng Posted March 30, 2020 Share Posted March 30, 2020 5 minutes ago, Nanker said: This is the other "war" that we're in. Both the Saudis and Putin are trying to destroy the US Shale Oil industry and with it our energy independence. I'd like to see POTUS address this more directly than he has. Of course, the media would harangue us with stories about how he no longer cares about containing the Chinese Corona Virus and is more concerned about his "Big Oil" buddies profits - ignoring the fact that tens of thousands of oil workers will be put out of jobs. Putin is playing a fool's game. The Saudi's wanted to lower production, and contrary to the past cooperation between Russia and OPEC Putin refused. So, Saudi Arabia said FU to Russia and oil prices tanked big time. Russia is a one trick pony not nearly as wealthy as Saudi Arabia. Russia is cutting off their nose to spite their face. Our economy is not solely dependent on oil sales so we can outlast them. They're bringing a penknife to a gun fight. Russia/Soviet Union should have learned their lesson back in the 80's when Reagan bankrupted them over an arm's race. Link to comment Share on other sites More sharing options...
Nanker Posted March 30, 2020 Share Posted March 30, 2020 3 minutes ago, 3rdnlng said: Putin is playing a fool's game. The Saudi's wanted to lower production, and contrary to the past cooperation between Russia and OPEC Putin refused. So, Saudi Arabia said FU to Russia and oil prices tanked big time. Russia is a one trick pony not nearly as wealthy as Saudi Arabia. Russia is cutting off their nose to spite their face. Our economy is not solely dependent on oil sales so we can outlast them. They're bringing a penknife to a gun fight. Russia/Soviet Union should have learned their lesson back in the 80's when Reagan bankrupted them over an arm's race. Do you think Putin will try some intervention(s) in other parts of the world when their wells run dry? Link to comment Share on other sites More sharing options...
RochesterRob Posted March 30, 2020 Share Posted March 30, 2020 26 minutes ago, Nanker said: This is the other "war" that we're in. Both the Saudis and Putin are trying to destroy the US Shale Oil industry and with it our energy independence. I'd like to see POTUS address this more directly than he has. Of course, the media would harangue us with stories about how he no longer cares about containing the Chinese Corona Virus and is more concerned about his "Big Oil" buddies profits - ignoring the fact that tens of thousands of oil workers will be put out of jobs. Didn't Trump announce his intention to buy oil for the national reserve last week. Link to comment Share on other sites More sharing options...
RochesterRob Posted March 30, 2020 Share Posted March 30, 2020 6 minutes ago, Nanker said: Do you think Putin will try some intervention(s) in other parts of the world when their wells run dry? I would keep my eye on the virus situation in India. If their government gets it into their head that the Chinese intentionally let the virus run amok that could lead to even worse relations between India and China with Putin as the wild card. Does Putin feel that China has gotten too big for its pants and push for a pact with India which in turn raises paranoia in China about foreign aggression in the region? Link to comment Share on other sites More sharing options...
3rdnlng Posted March 30, 2020 Share Posted March 30, 2020 22 minutes ago, Nanker said: Do you think Putin will try some intervention(s) in other parts of the world when their wells run dry? They are limited by the contents of their wallet. I don't think their wells will run dry soon but selling their oil at a loss is not a strategy that they can sustain. 13 minutes ago, RochesterRob said: I would keep my eye on the virus situation in India. If their government gets it into their head that the Chinese intentionally let the virus run amok that could lead to even worse relations between India and China with Putin as the wild card. Does Putin feel that China has gotten too big for its pants and push for a pact with India which in turn raises paranoia in China about foreign aggression in the region? Remember, if Russia didn't have nuclear weapons they would just be another country with an economy the size of Texas. With Trump as president, we're their daddy, while when Obama was in charge they were Michael to our Fredo. 2 Link to comment Share on other sites More sharing options...
Foxx Posted March 30, 2020 Share Posted March 30, 2020 29 minutes ago, Nanker said: Do you think Putin will try some intervention(s) in other parts of the world when their wells run dry? i would be more concerned with the deep state trying to contain Russia than anything Russia might actually do. 1 Link to comment Share on other sites More sharing options...
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