Aramco Slashes Crude Pricing, Starting Oil War as OPEC Flops

Hows does $30/Barrel sound?

https://www.cnn.com/2020/03/08/investing/oil-prices-crash-opec-russia-saudi-arabia/index.html

 

Don't you just hate it when the big boys throw their toys out of the cot. We had bushfires, coronavirus... now oil tantrum

 

Serious drop, I was hoping it would stay in the 40's, but some analysts are now saying the 30's all the way to a 15$ a barrel bottom. I am on the ship channel in Houston in the refinery neighborhoods, its probably going to be rough until the price is worked out.

 

Hard to argue with that.

Still, that Cheap Gas will be awesome.

A lot of extra money in people's pockets.

Wonder how low gas will get?

We went from 2.55 to 1.95 in the last week.

 

Unfortunately I don't drive that much, I maybe buy 50 gallons a month, so its not going to change my life or give me more than a 100 dollars a month. Some places around here in Houston will be ok as we have a LOT of chemical\plastic plants that use feed from the refineries and will get that at a discount with their finished products not taking much a hit. But we also have a lot of crude refineries, processors, and TRADERS that will suffer. All the cuts from crude have slid pretty hard to.

 

KSA moving towards record output, more pressure on the price per barrel.

 

UAE is now announcing a production boost, I hope this does not last long. I am hoping its a short little war before they hold an emergency meeting to cut back production and try to get the price back up.