Bakken crude oil price

[jon_norstog]

I looked it up on Oil Monster. It was $11.11 a barrel on March 27. West Texas Intermediate runs $17.50-$18.00. Brent is in the low $20s. Supposedly all the world's storage tanks are full. Trump said on 3/13 that he was going to top off the strategic reserve but I haven't heard anything since then. At these prices, after shipping the producers are basically paying their customers to take the stuff.

Whiting Oil stock is $0.65 a share now and the board just adopted a "poison pill" that kicks in if aNy shareholder w/ 5% or more buy 5% of the shares. I'm not sure who is moving in - could be Russia or Saudi, maybe just someone else with a lot of cash burning holes in their pocket.

This is some crazy s**t.

jn

[Former Cav]

the chicoms..
read below.

https://improvelife.co.in/2020/03/covid-19-big-scam-by-china-part-1.html

[togor]

The virus is a hoax? With every public health lab in the west in on the charade?

That makes no sense to me.

[jon_norstog]

It's on the internet. It's GOTTA be true!


BTW Bakken light sweet is $9.69 this morning.
jn

[jon_norstog]

Whiting just filed for Chapter 11. Bullet points from "Seeking Alpha" website


"Whiting Petroleum (NYSE:WLL) says it filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas; shares are halted.

The company says it has more than $585M of cash on its balance sheet and will continue to operate its business.

Whiting also says it reached an agreement in principle with certain noteholders that contemplates a comprehensive restructuring that will significantly reduce debt and establish a more sustainable capital structure.

Under the restructuring plan, Whiting's existing equity holders would receive 3% of the new equity of the reorganized company.

Shares are down 12% premarket to $0.59."

Talk about making the funny money disappear. They apparently ARE going to continue producing.

jn

[Mark in Ottawa]

There seems to be some credibility to the idea that the Russians and the Saudis started their oil price war in order to push the market price below the cost of producing "non-conventional" oil. This would drive their American and Canadian competitors into bankruptcy and eventually lead to a large increase in oil prices. It would of course also reverse the energy self-sufficiency of the USA. Am I cynical or just realistic?

[Former Cav]

There seems to be some credibility to the idea that the Russians and the Saudis started their oil price war in order to push the market price below the cost of producing "non-conventional" oil. This would drive their American and Canadian competitors into bankruptcy and eventually lead to a large increase in oil prices. It would of course also reverse the energy self-sufficiency of the USA. Am I cynical or just realistic?

that is what I was trying to point out with that link above but everyone wants to disregard that the chicoms are NOT our friends.

[togor]

that is what I was trying to point out with that link above but everyone wants to disregard that the chicoms are NOT our friends.

It's a perfect storm of economic shutdown and foreign oversupply. But long term our best bet is to burn less oil because that gives us the most immunity to foreign leverage.

[S.A. Boggs]

It's a perfect storm of economic shutdown and foreign oversupply. But long term our best bet is to burn less oil because that gives us the most immunity to foreign leverage.

Makes sense.
Sam

[jon_norstog]

There seems to be some credibility to the idea that the Russians and the Saudis started their oil price war in order to push the market price below the cost of producing "non-conventional" oil. This would drive their American and Canadian competitors into bankruptcy and eventually lead to a large increase in oil prices. It would of course also reverse the energy self-sufficiency of the USA. Am I cynical or just realistic?

Well that seems to be the whole point of the Saudi strategy. The Russians refused to go along and just pumped like mad, which was what bin Salman had in mind, but maybe not quite so damn MUCH! The three xxxxxxx manipulate global energy markets!

Meanwhile, Whiting has declared bankruptcy, but not before giving themselves $14.6 million in bonuses

https://seekingalpha.com/news/3557657-whiting-execs-grabbed-14_6m-in-bonuses-ahead-of-bankruptcy?utm_medium=email&utm_source=seeking_alpha&mail_subject=wll-whiting-execs-grabbed-14-6m-in-bonuses-ahead-of-bankruptcy&utm_campaign=rta-stock-news&utm_content=link-3

jn

[jon_norstog]

The latest from a petroleum news website. Looks like the action is political rather than in the market.

https://oilprice.com/Energy/Energy-General/US-Shale-Ready-To-Fire-Back-In-The-Oil-Price-War.html

jn