Oil Price
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Whatever happened to Peak Oil?
He was in Palmerston North and probably caught a STD?
You may be talking about the broader topic than one ferner though.
More on topic - no airlines or demand for how long? Lockdowns and individual travel is one thing, but the bigger picture for oil and demand ain't great for a while. Trump is probably right to fill up the tanks and sit on it.
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Whatever happened to Peak Oil?
He was in Palmerston North and probably caught a STD?
You may be talking about the broader topic than one ferner though.
More on topic - no airlines or demand for how long? Lockdowns and individual travel is one thing, but the bigger picture for oil and demand ain't great for a while. Trump is probably right to fill up the tanks and sit on it.
I’m not sure that’s his doing. The stuff keeps getting pumped out of the earth, it’s just not being used. You can’t simply shut down an industry like that. Certainly not in the time frame we’re talking about here.
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Whatever happened to Peak Oil?
He was in Palmerston North and probably caught a STD?
You may be talking about the broader topic than one ferner though.
More on topic - no airlines or demand for how long? Lockdowns and individual travel is one thing, but the bigger picture for oil and demand ain't great for a while. Trump is probably right to fill up the tanks and sit on it.
More likely his head exploded as he bought into too much of the scare mongering stuff he was pushing.
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@Tim the HL bankruptcy is a big thing. They have said the Singapore bank exposure is 600M - but I suspect it is much larger. Total bank exposure is said to be 3B and again, I think that is understated. HL owes money to Petrochina, they will probably also owe a lot to Formosa (Taiwan oil company) as they did a lot of business with those companies. The real problem though is all the companies that have trades with HL - the derivative trades that were losers for HL. These can be based on a much higher oil price and if that is part of a counterparty hedge strategy - that counterparty is now taking the full hit on the flat price fall. This could hit big companies like Total, BP etc - all of whom do business with HL.
Expect a lot of arrests, a lot of 'resignations' and a few people going missing -
@Catogrande said in Oil Price:
I’m not sure that’s his doing. The stuff keeps getting pumped out of the earth, it’s just not being used. You can’t simply shut down an industry like that. Certainly not in the time frame we’re talking about here.
Was referring to what Trump said in press conference yesterday that US reserves will be full for the first time in years. Adding 75 million barrels. So yes he is buying it up cheap and sitting on it.
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@Catogrande said in Oil Price:
I’m not sure that’s his doing. The stuff keeps getting pumped out of the earth, it’s just not being used. You can’t simply shut down an industry like that. Certainly not in the time frame we’re talking about here.
Was referring to what Trump said in press conference yesterday that US reserves will be full for the first time in years. Adding 75 million barrels. So yes he is buying it up cheap and sitting on it.
Hmm. If yesterday he was looking for Congress to approve a move he may have missed that boat already. Dunno for sure but that piece sounds like talking a good talk rather than walking a good walk. Good politics on his part regardless though.
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@Catogrande I did actually see the press conference when he said it. Whether he follows through, or is able to, we will see. If it doesn't happen then someone will call him on it no doubt.