Thread: Oil Slick Stuff

Oil falls to a more than 1-year low below $50 on fears the coronavirus will slow global growth


https://www.cnbc.com/2020/02/03/oil-...al-growth.html

I heard this morning a report saying Chinese oil consumption was down 20% last week. They said they are holding ships at the Panama Canal bringing oil to China, and thinking about sneding them somewhere else, as Chinese demand is drying up due to Chinese virus lockdowns killing travel/movement.

If that hold, there is going to be a HUGE surplus of oil floating around the entire world.

Originally Posted by James48843

I heard this morning a report saying Chinese oil consumption was down 20% last week. They said they are holding ships at the Panama Canal bringing oil to China, and thinking about sneding them somewhere else, as Chinese demand is drying up due to Chinese virus lockdowns killing travel/movement.

If that hold, there is going to be a HUGE surplus of oil floating around the entire world.

It won't rot! Glut!oilgusher.gif

E10 averaging $2.10 a gallon in Boiled Peanut GA! I love it!down.gif

We have been hanging around $2.35 for almost the last two weeks.

Oil's popping back above $50 today... over $51 now.

Sent from my SM-G930U using Tapatalk

Originally Posted by tsptalk

Oil's popping back above $50 today... over $51 now.

Sent from my SM-G930U using Tapatalk

So I guess gas prices around here will jump 20 to 30 cents per gallon pretty soon.

Yep heading UP today,can't always go DOWN!

Supply Risks Push Crude Back Toward $60


Bloomberg) -- Oil jumped back above $58 a barrel and was set for the longest run of gains in more than a year as U.S. sanctions on Russia’s largest producer and conflict in Libya shifted the focus to supply threats from virus-driven demand concerns.
The U.S. sanctioned a unit of Russia’s Rosneft PJSC for maintaining ties with Venezuela’s president and its state-run oil company, threatening to crimp the nation’s ability to export crude. In Libya, fighters loyal to eastern military commander Khalifa Haftar shelled Tripoli’s port, forcing a halt to shipping and leading to the suspension of cease-fire talks.
Oil is extending its longest rally since January 2019 after surging last week on optimism that the worst economic impacts of the deadly coronavirus had been accounted for. Any disruptions to global supply could go some way to offsetting the demand destruction from the outbreak, just as China and other nations in Asia roll out stimulus packages to cushion the blow.
Rosneft’s sanctioned unit has been “Venezuela’s primary conduit for brokering cargoes, which find their way predominantly to refineries in India and China,” Stephen Innes, Asia Pacific market strategist at AxiCorp, said in a note. “Throttling this Asian supply channel will provide some support for oil prices.” [more]

https://www.rigzone.com/news/wire/su...61134-article/

Filled up wife's car for $2.959 today. Same old story, not worth a 10 mile round trip for the $.2 per gal savings.

E10 is going for $2.09 a gallon in BPGA!gaspump2.gif