/biz/ - Business & Finance

>>19211311
Doesn't have to go to minus. overall market is essentially in a giant contango still, being half the price of normal oil. "crashed" rates are 3 times the norm, 6 month and year long contracts are all more expensive than spot (meaning that oil producers/storers think that times ahead will be worse than now), tankers can reduce boat supply at any time they need, and demmurage/storage may become the new memo if California is setting an example. We don't need negative oil, not in the slightest. The hype is fun, but if you remove ALL speculative hype the stocks are still hype kek. As we speak, API reported that we are drawing from inventory, June closed up beyond 30 in backwardation, and AH tankers stocks been going up for some and others simply haven't gotten worse. Literally the worst possible news came in everywhere today for the "hype," and nothing fell much more than prior and overall we are on a flat or slightly up trajectory past few days. I am kicking myself for saying this, but I think bad news might be actually priced in now and this could be a bottom which might of been an institutional test of lows as well. But hey, all of that is speculative. All I do know is they are making money, have good market conditions, and are below NAV with good divvies and that is enough for me. I know you troll a bit, but I am responding for others as well because I feel like a few had the winds taken out of their sails despite prices not even falling on our stocks today from all this.

>>19211318
Nothing is counting off shore oil. WTI is American produced and does not count offshore. It does count our shale, with many reserves now forever broken and the vast majority shutting down. WTI may potentially shoot up, while Brent and other oils drive lower. We mainly look at WTI but it is not the whole story. The blockade does in fact increase the price despite being another kind of oil because it prevents storage filling. Less supply, higher price.

Well, pre-market starts, FRO immediately up 17 cents. Time to sleep for 4 or so hours before market, I really need naps or to cover my sleep better. I was up late anyways so had to check pre-market to get an idea for tomorrow, glad that I see green right away. good night /tsg/, sweet dreams.