Oil down hard thank Saudi

[chuckChuck]

Canadian oil production continues to grow.
https://www.eia.gov/international/content/analysis/countries_long/Canada/canada_CAXS.pdf https://www.eia.gov/international/content/analysis/countries_long/Canada/canada_CAXS.pdf

[jazz]

Again, I always look behind the scenes rather than the front line headlines. Corona is nothing compared to the flu. The regular flu killed more people yesterday than corona has in 60 days. So looks like MSM latched on, then Wall Street decided to shake out some week hands and margins at the same time. Looks like it backfired when the Saudis and Russians decided to throw a little oil war in there. A 1800 pt drop on the dow looks like some big guys are getting caught with their pants down.

This looks like a response to a bigger economic trade war than just what we see in the markets.

[agstar77]

Trump should phone his good buddy Putin and his fencing partner in Saudi Arabia. It would be a perfect phone call. The great dealmaker should get to work. When you get into bed with these two , you suffer the consequences.

[sumdumguy]

Agree Agstar, big trade war has been smouldering since Trump election. This may be the long-predicted war over oil. How many commodities go down with the ship, that’s my worry. No world power houses want to see America great, no matter how buddy-buddy.

[jazz]

Saudi and Russia fund their entire countries budgets on the backs of oil. How long can they run a trade war? They lose revenue at these prices too. I predict maybe 2 months of this. US shale isnt going ti budge and Trump isnt going back. Better get used to the new way of doing things.

So long as US has the reserve currency, controls world finance, they can crush Russia and Saudi if needed.

[agstar77]

The U.S. could have put the screws to the Saudis by cutting off military supplies. They could punish Russia by giving Ukraine more aid. Not under Trump.

[sumdumguy]

Big buy opportunity for oil, just say when!

[foragefarmer]

Economics 101 guys, supply and demand. Just like grain farmers oversupplying and the prices go into the shitter.

Now we know why Teck pulled out, over production cost to produce the oil and with prices $34.00 barrel for the good stuff not the oil sands discounted product it was a smart move on their part.

Now guys "we have the rest of the story".

[SASKFARMER]

Forage in your world that’s the rest of the story in the real world it’s a correction and Trudeau is to blame for any company pulling out of canada.

I’ll put it in terms you might even get

You have to go pee and only one bathroom in a city but you have to do a proposal to pee to get in. Before Trudeau it was environment and jobs and safety etc. Easy to go pee.

After skippy you had to do a gender which one are you out of 400 plus study the flow of the water out of the toilet that the gov already has. Delay and delay till you either piss your pants or piss in the bush and leave.


That’s canada in a nut shell a shit hole pissed up place.

I’ll bet on the USA till my last breath and canada well keep voting for morons like Trudeau and you won’t be around to much longer.

[foragefarmer]

Here I'll put in terms that EVEN you'll understand. MORE oil in the MARKET with less being CONSUMED.

Hmmmm price goes DOWN!!

To much sun Golden spoon Boy?????

[Oliver88]

Down only 6.10 now so stabilizing.

But this is about the saudis and Russia going after USA shale. Now if the USA was like canada they would kill shale from within but this is the USA it won’t go down without a fight.

Follow the money.

Skippy is crying under his desk.

[ATTACH]5684[/ATTACH]

Skippy isn’t on a personal day?

[furrowtickler]

Here I'll put in terms that EVEN you'll understand. MORE oil in the MARKET with less being CONSUMED.

Hmmmm price goes DOWN!!

To much sun Golden spoon Boy?????

So Tech knew ahead of time there would be an oil war with Saudi and Russia ?
Before that and the corona virus oil was holding steady .
I would say it was a combination of a very poor business climate in Canada , AKA pipeline disputes / rail disruptions and oil that was hovering around $34.
Then add corona virus into the mix, and yes demand dropped . It was the combination of all of that most likely .
Not just one thing , there is always more to every story.