What's going to happen to crude oil

anglo

LE
The price of oil as dropped below $30 a barrel and now the Arabs have upped production
to try to take market share from the Russians, how low can oil prices go?

Saudi Arabia Doubles Down On Production As Prices Crash | OilPrice.com

 
It's going back to school to become more refined.

Serious answer..... Not too sure. Seems a ropey time to be playing silly buggers.
 
It will float to the top?
I think the Arabs are after the 'merican frackers also.
 
"On hearing of rock bottom oil prices UK petrol stations announced a price rise of 6p per litre".

Not a news story yet but give it a few days :rolleyes:
 
Oil prices in Canada hit $7.63 a barrel.
TSX loses another 8% as Canadian oil price falls to lowest level on record
Western Canadian Select (WCS) was changing hands at one point as low as $7.63 US per barrel, down $4.60 from Tuesday's level. The U.S. benchmark known as West Texas Intermediate (WTI) also fell to below $22 a barrel, a level it has not hit since 2003.
There are different types of oil, and WCS is a heavy oil that in normal times sells at a discount to begin with, as it costs more to refine and transport, and has fewer of the more valuable lighter (shorter chain molecules) bits in it. That's still pretty cheap however.

As well as Russia and Saudi Arabia being in a pissing match with one another, predictions are that oil demand will fall by 8 million barrels a day this year. That is a massive fall in demand.
Goldman Sachs predicts the global demand for oil will decline by eight million barrels a day this year. If it happens, that would be the largest annual plunge on record.
 

anglo

LE
I reckon counties are going to stock as much oil as possible and the price of oil will stay low
for least 3 years
 
I reckon counties are going to stock as much oil as possible and the price of oil will stay low
for least 3 years
I suspect that oil traders will be buying up oil cheap, putting it in tankers, and parking them somewhere until the price goes back up.
 

This is an interesting article. OilPrice.com has some good commentary, but I'm wary of spin/agendas.

Hopefully the Saudis have (again) gone to war with the only trading partner that tolerates them and get a proper humping. Either way the US is hugely less dependant on overseas oil that it was before.
The last time the Saudis tried to bankrupt the US frackers they just became more efficient.
Hopefully the low prices will cause the Russians grief too.
Ideally the party would be over for middle eastern regimes dependant on oil and with any luck there will also be a big shift of manufacturing back to Europe / US/ etc from China, which really really hurts them too.
They need to suffer for causing this bullshit too.
 
I suspect that oil traders will be buying up oil cheap, putting it in tankers, and parking them somewhere until the price goes back up.
seems the tankers are already full and there are loads going nowhere.
 
Here's a view inc stats from Fair Fuel UK.

Taking aside the chancellor's revenue, the end user (consumer won't Benefit overal) as OPEC Cartel simply won't allow it to.


Sent from my SM-G935F using Tapatalk
 
Here's a view inc stats from Fair Fuel UK.

Taking aside the chancellor's revenue, the end user (consumer won't Benefit overal) as OPEC Cartel simply won't allow it to.


Sent from my SM-G935F using Tapatalk
The OPEC Cartel has allowed the oil price to fall by falling out with each other. That is as far as their influence goes on the price that the UK end consumer pays. The pump price will drop as the cheaper stocks feed through, but it will never drop by the same proportion as the market crude price because the Chancellor’s duty is fixed and not proportional (a part of the VAT aside).
 
Funny how when the Iranian dust-off over the New Year resulted in the UK pump price went up literally overnight, but any reduction in said price is dependant on 'cheaper' oil feeding through.

Blatent price-gouging.
 
Might lower crude a bit, more chance increases refined price


@Ortholith

£/$ rate has large impact too and pound sank 5% today ($1.22 to $1.15) as money moved to $ 'reserve currency'
 
Funny how when the Iranian dust-off over the New Year resulted in the UK pump price went up literally overnight, but any reduction in said price is dependant on 'cheaper' oil feeding through.

Blatent price-gouging.
Welcome to the real world
 

anglo

LE
Might lower crude a bit, more chance increases refined price


@Ortholith

£/$ rate has large impact too and pound sank 5% today ($1.22 to $1.15) as money moved to $ 'reserve currency'
The pound is now at it's lowest for 30 years, looks as if the money men are having at go
at the pound, no rhyme nor reason for it, as all countries are in the shit economically
 
Here's a view inc stats from Fair Fuel UK.

Taking aside the chancellor's revenue, the end user (consumer won't Benefit overal) as OPEC Cartel simply won't allow it to.


Sent from my SM-G935F using Tapatalk
Fuel tax in the UK is just short of 58p a liter, Then there is VAT of 20%.
Petrol is just over 1.20p
Which means about 78p is in taxes alone, which might explain why crude oil fluctuations do not always reflect at the pump.

Tax free it would be cheaper to buy petrol than it would milk
 

Yokel

LE
This might be a stupid question but can Crude Oil be stored and refined as and when needed? Can distilled products be stored? I have a vague memory of my brother struggling to start a chainsaw but saying the petrol might have gone stale?

Does the UK or anyone else have any significant oil storage capacity?
 
This might be a stupid question but can Crude Oil be stored and refined as and when needed? Can distilled products be stored? I have a vague memory of my brother struggling to start a chainsaw but saying the petrol might have gone stale?

Does the UK or anyone else have any significant oil storage capacity?
I was once told by a stinky pet op that petrol goes off and never to buy from out of the way fuel stations.
 
This might be a stupid question but can Crude Oil be stored and refined as and when needed? Can distilled products be stored? I have a vague memory of my brother struggling to start a chainsaw but saying the petrol might have gone stale?

Does the UK or anyone else have any significant oil storage capacity?
Yes, crude can be, and is stored. Most countries have a strategic reserve of some form, and the US has a considerable one. Refined products don’t keep so long as the lighter fractions boil off.
 
This might be a stupid question but can Crude Oil be stored and refined as and when needed? Can distilled products be stored? I have a vague memory of my brother struggling to start a chainsaw but saying the petrol might have gone stale?

Does the UK or anyone else have any significant oil storage capacity?
'Stale' only if not in air-tight container - volatiles evaporate and water & hungry bacteria/enzymes absorbed

UK has small reserve capacity - thanks Green twats & Blair/Brown. USA has large and Trump announced they would top to brim during low price. China allegedly has large reserve capacity too and buying
 

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