Jump to content
JWTalk - Jehovah's Witnesses Online Community

Oil prices dropping


We lock topics that are over 365 days old, and the last reply made in this topic was 1667 days ago. If you want to discuss this subject, we prefer that you start a new topic.

Recommended Posts

Link to comment
Share on other sites

US oil prices crash below $0 a barrel. Global stocks are mixed
By Clare Duffy and Laura He, CNN Business
Apr 20, 2020
New York/Hong Kong  (CNN Business) - US oil prices crashed Monday to a record low as the market continues to be roiled by an epic collapse in demand caused by the coronavirus pandemic. Global stocks are mixed as investors brace for more companies to reveal how much the crisis is costing them. 
US oil futures were down below $0 a barrel, their worst level since NYMEX opened oil futures trading in 1983. Monday's plunge comes after prices hit an 18-year low last week as markets realized that record output cuts agreed by OPEC, Russia and other producers aren't nearly enough to offset the loss in demand. 
"It hasn't taken long for the market to recognize that the OPEC+ deal will not, in its present form, be enough to balance oil markets," wrote Stephen Innes, chief global markets strategist at AxiCorp, in a research note. 
The May futures contract for West Texas International is about to expire, and frantic last minute trading is compounding concerns about how much oil the United States will be able to store as demand dries up, according to Bjornar Tonhaugen, head of oil markets at Rystad Energy. He said that is leading to these "large price swings."
US oil futures for June fell more than 12% to $21.87.  Brent, the global benchmark, slumped 3.9% to just below $27 a barrel.
Meanwhile, London's FTSE 100 and Germany's DAX opened narrowly higher, but France's CAC 40 was slightly negative.
Europe's tepid open followed an uneasy day in Asia, where Japan's Nikkei 225 closed down nearly 1.2% as the country reported that exports fell sharply last month while the coronavirus weighed on economic activity. South Korea's Kospi ended 0.8% lower after struggling for direction much of the day.
Hong Kong's Hang Seng Index ended down 0.2%, while China's Shanghai Composite closed 0.5% higher. The People's Bank of China on Monday cut its one-year Loan Prime Rate by 20 basis points to 3.85%. The cut to the rate was widely expected after the central bank cut another key lending rate last week.
Dow futures, meanwhile, were last down 235 points, or around 1%. S&P 500 futures dropped 0.9% and Nasdaq futures fell 0.6%. 
Last week, Wall Street logged its second-straight week of gains. Investors appeared optimistic about a potential coronavirus treatment and discussions about reopening parts of the US economy. The surge came despite a dire GDP report from China and news that 22 million Americans have filed initial unemployment claims in the past four weeks. 
The coming week will bring further information on how major US corporations have been affected by the coronavirus pandemic, as companies including Netflix, Delta Air Lines and Chipotle report earnings for the first three months of 2020. 
But it could also bring needed relief for the country's smaller businesses. Treasury Secretary Steven Mnuchin told CNN's Jake Tapper that an an agreement with Democratic congressional leaders could be reached Sunday to provide billions of dollars more to small businesses through the Paycheck Protection Program. 
 

Link to comment
Share on other sites

43 minutes ago, Dustparticle said:

So, I am assuming that they toss the oil barrels into the streets before tossing the silver and gold.

 

There's no where to store the crude oil because it's not being refined & used just now. Trump will not be happy with the oil industry crashing as well.

Some minds are like concrete ...all mixed up and permanently set! 😁

Link to comment
Share on other sites

In a $20 oil environment, hundreds of US oil exploration and production companies will file for bankruptcy by the end of 2021, according to Rystad Energy

https://edition.cnn.com/2020/04/20/business/oil-price-crash-bankruptcy/index.html?utm_medium=social&utm_content=2020-04-20T20%3A02%3A04&utm_term=link&utm_source=fbbusiness


Edited by My little flower
Link to comment
Share on other sites

1 hour ago, Dustparticle said:

So, I am assuming that they toss the oil barrels into the streets before tossing the silver and gold.

Canada west heavy crude in negative territory, meaning they pay people to take it. 

Yet they expect taxpayers to bail them out.

Shut down - better than paying to have it hauled away and probably dumped since storage is full.

 

In spite of this gas prices have gone up some at 85 cents a liter while others are 65 cents a liter in the area.

Diesel never dropped much - truckers need that to deliver goods.

Consciousness, that annoying time between naps! :sleeping:

Link to comment
Share on other sites

Yeah funny how the price we pay at the stations hasn’t been going down...

Jer 29:11-“For I well know the thoughts I am thinking toward you, declares Jehovah, thoughts of peace, and not calamity, to give you a future and a hope.”

Psalm 56:3-“When I am afraid, I put my trust in you.”
Romans 8:38-”For I am convinced...”

Link to comment
Share on other sites

28 minutes ago, BLEmom said:

Yeah funny how the price we pay at the stations hasn’t been going down...

Before the crash, it was normal to pay $A1.4, 1.6 per litre, yesterday I filled the tank for $99c 

Very big difference. (Talking about Melbourne here) 

Man was created as an intelligent creature with the desire to explore and understand :)

 

Link to comment
Share on other sites

1 hour ago, Dustparticle said:

Stations need to pay bills and their employees too. 
 

I don’t believe the gas prices are about the local worker though. It’s amazing how fast prices will increase with even a hint of a possible deficit.  In contrast I’m commenting about how slow the prices come down even when the stock prices crash. 

Jer 29:11-“For I well know the thoughts I am thinking toward you, declares Jehovah, thoughts of peace, and not calamity, to give you a future and a hope.”

Psalm 56:3-“When I am afraid, I put my trust in you.”
Romans 8:38-”For I am convinced...”

Link to comment
Share on other sites

Before the crash, it was normal to pay $A1.4, 1.6 per litre, yesterday I filled the tank for $99c 
Very big difference. (Talking about Melbourne here) 
AUD $1.50 about a month (or so) ago.
Now $0.87¢ /Lit
Tropical Queensland. Tourist spot. No tourists, and plenty of fuel, and minimal local car use...

Old (Downunder) Tone

Link to comment
Share on other sites

That’s amazing!  My side of town the prices have hardly changed. On the other side where we have a Costco, it’s .40 cheaper. In my mind, it should be going down a lot more in our area too. But I’m sure I don’t have the ability to understand their wily ways. Lol

Jer 29:11-“For I well know the thoughts I am thinking toward you, declares Jehovah, thoughts of peace, and not calamity, to give you a future and a hope.”

Psalm 56:3-“When I am afraid, I put my trust in you.”
Romans 8:38-”For I am convinced...”

Link to comment
Share on other sites

9 hours ago, Maʹher-shalʹal-hash-baz said:

AUD $1.50 about a month (or so) ago.
Now $0.87¢ /Lit
Tropical Queensland. Tourist spot. No tourists, and plenty of fuel, and minimal local car use...

emoji3073.pngOld (Downunder) Tone emoji854.png
 

Yep, saw one for $0.88c/Lit in Melbourne today. 

Man was created as an intelligent creature with the desire to explore and understand :)

 

Link to comment
Share on other sites

17 hours ago, BLEmom said:

I don’t believe the gas prices are about the local worker though. It’s amazing how fast prices will increase with even a hint of a possible deficit.  In contrast I’m commenting about how slow the prices come down even when the stock prices crash. 

This is how it goes.  Prices take off like a scalded cat , then float down like a feather over a thermal draft , never quite going all the way back to where they were before.

Link to comment
Share on other sites

17 hours ago, BLEmom said:

I don’t believe the gas prices are about the local worker though. It’s amazing how fast prices will increase with even a hint of a possible deficit.  In contrast I’m commenting about how slow the prices come down even when the stock prices crash. 

Part of that is because the inventory cost the higher rate, so the companies are trying not to sell it at a loss. It's also a supply and demand issue. They will keep it at the higher price as long as people will pay the higher price. 

CAUTION: The comments above may contain personal opinion, speculation, inaccurate information, sarcasm, wit, satire or humor, let the reader use discernment...:D

 

Link to comment
Share on other sites

  • Recently Browsing   0 members

    • No registered users viewing this page.

About JWTalk.net - Jehovah's Witnesses Online Community

Since 2006, JWTalk has proved to be a well-moderated online community for real Jehovah's Witnesses on the web. However, our community is not an official website of Jehovah's Witnesses. It is not endorsed, sponsored, or maintained by any legal entity used by Jehovah's Witnesses. We are a pro-JW community maintained by brothers and sisters around the world. We expect all community members to be active publishers in their congregations, therefore, please do not apply for membership if you are not currently one of Jehovah's Witnesses.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

JWTalk 23.8.11 (changelog)