Half of Saudi Arabia’s production destroyed
09-15-2019, 06:59 PM
#21
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Would likely go up appreciably. 10 plus large drones were flown into Saudi Arabia, undetected, and took out a significant oil depot. These oil installations are located in areas with large Shiite population centers. They have exposed major vulnerabilities to the oil supply chain in Saudi Arabia. The market will react to that with rising oil prices. I would expect further drone strikes. No one seems to know for sure where the strikes even came from. Latest intel suggests it may have originated in southern Iraq.
09-15-2019, 07:38 PM
#22
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Originally Posted by The Duke
Would likely go up appreciably. 10 plus large drones were flown into Saudi Arabia, undetected, and took out a significant oil depot. These oil installations are located in areas with large Shiite population centers. They have exposed major vulnerabilities to the oil supply chain in Saudi Arabia. The market will react to that with rising oil prices. I would expect further drone strikes. No one seems to know for sure where the strikes even came from. Latest intel suggests it may have originated in southern Iraq.
Elizabeth Warren, Sanders, and Harris have said they would ban fracking nationwide as well as offshore drilling. Can you imagine the cost of gas and jetA if that happens?
That being said we really can't transition to electric ground transportation quick enough. That would do wonders for the economy, keeping all that energy production money inside the US as well as helping the consumer smooth out their monthly budgeting. We have never had a modern day recession unless it was preceded by a spike in gas prices.
09-15-2019, 08:33 PM
#23
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Originally Posted by Name User
That being said we really can't transition to electric ground transportation quick enough. That would do wonders for the economy, keeping all that energy production money inside the US as well as helping the consumer smooth out their monthly budgeting. We have never had a modern day recession unless it was preceded by a spike in gas prices.
09-15-2019, 09:18 PM
#24
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Originally Posted by Name User
I think price spikes will be because increased risk is now being priced in rather than a supply shortage.
Elizabeth Warren, Sanders, and Harris have said they would ban fracking nationwide as well as offshore drilling. Can you imagine the cost of gas and jetA if that happens?
That being said we really can't transition to electric ground transportation quick enough. That would do wonders for the economy, keeping all that energy production money inside the US as well as helping the consumer smooth out their monthly budgeting. We have never had a modern day recession unless it was preceded by a spike in gas prices.
Elizabeth Warren, Sanders, and Harris have said they would ban fracking nationwide as well as offshore drilling. Can you imagine the cost of gas and jetA if that happens?
That being said we really can't transition to electric ground transportation quick enough. That would do wonders for the economy, keeping all that energy production money inside the US as well as helping the consumer smooth out their monthly budgeting. We have never had a modern day recession unless it was preceded by a spike in gas prices.
Agree with all of this. First sentence is especially spot on regarding price now having to reflect the increased risk (rather than solely supply). Correct regarding price spikes being a harbinger of recessions. I think 8 or 9 of all previous recessions were preceded by sharp oil price spikes. Seems to jive with forecasts calling for recession around 2021 timeframe.
09-16-2019, 03:18 AM
#25
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Originally Posted by rickair7777
Yeah, had a dinner with an oil dude tonight, minimal disruption.
Except for the Houthis... they are about to get seriously disrupted. Shouldn't have efffed with the crude production.
Except for the Houthis... they are about to get seriously disrupted. Shouldn't have efffed with the crude production.
Wait....didin't you watch the Global warming/climate change debate????
During hour 5 of 7, Ms Warren said the Oil Executives are evil and should be "locked up" (but Biden said no jail for non-violent crime a few days later).
So Maybe the Houthis weren't involved, with oil prices so low for so long, and execs would love a little rise in price....it makes natural sense that the "evil oil execs" are most likely behind this attack!
09-16-2019, 05:47 AM
#26
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Originally Posted by full of luv
Did anyone see the "Oil execs" that night?????
Wait....didin't you watch the Global warming/climate change debate????
During hour 5 of 7, Ms Warren said the Oil Executives are evil and should be "locked up" (but Biden said no jail for non-violent crime a few days later).
So Maybe the Houthis weren't involved, with oil prices so low for so long, and execs would love a little rise in price....it makes natural sense that the "evil oil execs" are most likely behind this attack!
Wait....didin't you watch the Global warming/climate change debate????
During hour 5 of 7, Ms Warren said the Oil Executives are evil and should be "locked up" (but Biden said no jail for non-violent crime a few days later).
So Maybe the Houthis weren't involved, with oil prices so low for so long, and execs would love a little rise in price....it makes natural sense that the "evil oil execs" are most likely behind this attack!
09-16-2019, 05:51 AM
#27
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Posts: 1,544
A few quotes from CNBC this morning:
Crude oil had "it's biggest intraday jump on record." Brent crude is currently up ~11% to $~66/barrel.
How high the price of oil will settle depends on how long the outage takes place. "Goldman Sachs said an extended oil outage could push Brent crude prices north of $75/barrel."
Crude oil had "it's biggest intraday jump on record." Brent crude is currently up ~11% to $~66/barrel.
How high the price of oil will settle depends on how long the outage takes place. "Goldman Sachs said an extended oil outage could push Brent crude prices north of $75/barrel."
09-16-2019, 12:19 PM
#30
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Originally Posted by BoilerUP
CNBC also says Aramco should have 2M of the initial 5.7M BPD production loss back online today.
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