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Thread: OIL..

  1. #511

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    Quote Originally Posted by silverone View Post
    $39.42 right now...
    ^from 3-28-16

    Today it's coming BAAACCKKKK... $37.73 currently...
    x3

  2. #512

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    Huge oil tanker traffic jam builds at Iraq's Basra port

    http://www.illinoisgasprices.com/new...940/index.aspx


    REUTERS -- A traffic jam of nearly 30 large oil tankers has built up outside the Iraqi port of Basra due to loading delays, with some waiting up to three weeks and costing ship operators around $75,000 a day per vessel.

    Shippers and port sources said more delays are expected throughout April as the city's facilities struggle to cope with Iraq's soaring crude output.

    The problems at Basra, coupled with continuing storage tank shortages in China, have pushed supertanker rates from the Middle East to Asia to unseasonal highs as the delays disrupt future sailing schedules and charterers cover future tonnage requirements.

    "The VLCC (very large crude carrier) market is being sustained by a whole pattern of delays and congestion, affecting ports in Basra," said Ralph Leszczynski, head of research at...

    Read the Full Article


    What's the Frequency, Kenneth?

    432Hz

  3. #513

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    $37.56 at this time...
    x3

  4. #514

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    $39.60!!!!!!!! it's a Recovery!!!!!!
    x3

  5. #515

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    Iraq Is Latest To Announce Record Oil Production: Why This Is Just The Beginning Of The Supply Glut

    http://www.zerohedge.com/news/2016-0...ng-supply-glut

    First it was the Saudis; then Russia announced another month of record oil production.


    And now it is Iraq's turn. According to the state-run Oil Marketing Co., Iraq increased crude output to a record level in March, ahead of the long-awaited April 17 meeting in Qatar where OPEC members and other producers may or may not (they won't) agree to cap production to curb a global glut.


    As Bloomberg reports, crude output in OPECís second-biggest producer rose to 4.55 million barrels a day last month from 4.46 million barrels in February, while exports increased to 3.81 million barrels a day in March from 3.23 million the previous month, the company, known as Somo, said in an e-mailed statement. The 500,000 barrel increase in monthly barrels has made up almost entirely for the 600,000 barrel decline in US shale output.




    The number of rigs drilling for oil in three Arab countries has more than doubled since 2010.
    What's the Frequency, Kenneth?

    432Hz

  6. #516

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    $40.30 with about 50 Minutes remaining for Wall St Casino...
    x3

  7. #517

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    Breaking:
    1. Kuwait oil worker end strike, going back to work

    2. Iran can't find enough oil tankers to export their oil

  8. #518

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    Quote Originally Posted by redraspberry View Post
    Iraq Is Latest To Announce Record Oil Production: Why This Is Just The Beginning Of The Supply Glut

    http://www.zerohedge.com/news/2016-0...ng-supply-glut

    First it was the Saudis; then Russia announced another month of record oil production.


    And now it is Iraq's turn. According to the state-run Oil Marketing Co., Iraq increased crude output to a record level in March, ahead of the long-awaited April 17 meeting in Qatar where OPEC members and other producers may or may not (they won't) agree to cap production to curb a global glut.


    As Bloomberg reports, crude output in OPEC’s second-biggest producer rose to 4.55 million barrels a day last month from 4.46 million barrels in February, while exports increased to 3.81 million barrels a day in March from 3.23 million the previous month, the company, known as Somo, said in an e-mailed statement. The 500,000 barrel increase in monthly barrels has made up almost entirely for the 600,000 barrel decline in US shale output.




    The number of rigs drilling for oil in three Arab countries has more than doubled since 2010.
    When everybody is producing more and they do not find more ships, pipelines and oilstorage sites at one moment will be full.
    Then productioncuts will occur the natural way, without necessity for all kind of oilministermuppets to dance on a kind of Doha theatre.

    Golditiki2+++

  9. #519

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    Quote Originally Posted by golditiki2 View Post
    When everybody is producing more and they do not find more ships, pipelines and oilstorage sites at one moment will be full.
    Then productioncuts will occur the natural way, without necessity for all kind of oilministermuppets to dance on a kind of Doha theatre.

    Golditiki2+++
    Doesn't stop the disconnect between retail prices and supply though. Gasoline has gone up 25% this year.
    What's the Frequency, Kenneth?

    432Hz

  10. #520

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    Halliburton Fires One Third Of Global Staff: "What We Are Experiencing Today Is Unsustainable"

    http://www.zerohedge.com/news/2016-0...y-far-beyond-h

    In a brutally frank and painfully honest first quarter operational update, Halliburton president Jeff Miller poured freezing cold water all over the "oil is stabilizing, and everything is going to be awesome" narrative. After explaining that the firm has laid off one-third of its global employees, and pointing to the collapse in sequential revenues across every business unit, Miller exclaimed: "What we are experiencing today is far beyond headwinds; it is
    unsustainable."

    Due to the deadline of its merger agreement with Baker Hughes Halliburtion has delayed its earnings conference call until May 3rd and so gave an operational update. The healdlines were horrific:

    • *HAL SEES OVER 30% DROP IN YR GLOBAL DRILLING, COMPLETION SPEND
    • *HALLIBURTON CUT ABOUT 1/3 OF STAFF GLOBALLY
    • *HALLIBURTON CUT OVER 6,000 JOBS DURING 1Q
    • *HALLIBURTON SEES ADDITIONAL 50% DECLINE IN NORTH AMERICA SPEND '16
    • *HALLIBURTON SAYS WORLDWIDE RIG COUNT LOWEST LEVEL SINCE 1999
    • *HALLIBURTON SEES PRODUCTION DECLINES IN BACK HALF OF '16
    What's the Frequency, Kenneth?

    432Hz

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