Oil Futures in the negative (and how this relates directly to CFB donations)

[dantheman4248]

https://twitter.com/joelklatt/status/1252304698389835776?s=21

Makes you think what will happen with donations. Strictly in the SEC I know this hurts Alabama, LSU and A&M the most. How "Oil Money" are we at the top? This could have serious ramifications of the power structure in college football as certain people won't get paid their under the counter salaries.

[Dolphus Raymond]

The total collapse of oil prices will hurt Mississippi and other states for a good while. The economic blow-back from this is and will continue to be, significant. Just damn.

[TrapGame]

Oklahoma State is screwed then.

[Lord McBuckethead]

If you had a place to store a few million barrels, today would be a good day to buy and stock up. Buy a million barrells and they give you 20 million to take them off their hands and they give you the oil. Sounds like a good deal, that is if you can actually take delivery.

[Jack Lambert]

I thought it was only West texas oil that was down to close to zero but oil on the crude market was up around 26.00.

[Jack Lambert]

If you had a place to store a few million barrels, today would be a good day to buy and stock up. Buy a million barrells and they give you 20 million to take them off their hands and they give you the oil. Sounds like a good deal, that is if you can actually take delivery.

Nobody anywhere can store it. They don't have the compacidy. They already at 100%. I think the United State goverment could but the money would have to be approved to restock the strategic oil reserve.

[Cowbell]

Cash price of West Texas Crude was $6 last week so most oil guys saw this coming. They have no storage left.

I remember starting a thread on here a few weeks ago about how the economy was going to hurt really bad because of this and getting laughed at by several.

[dantheman4248]

I thought it was only West texas oil that was down to close to zero but oil on the crude market was up around 26.00.

Feel like WTI is going to relate more to the money guys in college football than the others. Though smart investors diversify their portfolio, Brent "holding" at $26 is still not that great for them.

[Jack Lambert]

Cash price of West Texas Crude was $6 last week so most oil guys saw this coming. They have no storage left.

I remember starting a thread on here a few weeks ago about how the economy was going to hurt really bad because of this and getting laughed at by several.

I have filled my car up with gas once in four weeks. I usually in that period of time do five fill ups. I have extra money for toilet paper. A lot of good that has done me but I do spend it on take out food to try and help local restaurants.

[Jack Lambert]

Feel like WTI is going to relate more to the money guys in college football than the others. Though smart investors diversify their portfolio, Brent "holding" at $26 is still not that great for them.

My cousins husband is a ferry boat captain of a boat that transport oil workers. For years he live an expensive life. He made a ton of money but spent a ton of money. He has been struggling now for a few years. He lives in Houston and that is not a inexpensive place to live.

[Dawgbite]

I bought a new truck the end of February and it still has less than 900 miles on it.

[RocketDawg]

Nobody anywhere can store it. They don't have the compacidy. They already at 100%. I think the United State goverment could but the money would have to be approved to restock the strategic oil reserve.

Correct. So why not just leave it in the ground for a while longer?

[redstickdawg]

Nobody anywhere can store it. They don't have the compacidy. They already at 100%. I think the United State goverment could but the money would have to be approved to restock the strategic oil reserve.

The SPR has been full for a while. There is no place to put the oil or anything else in terms of petroleum products.

[turkish]

How much of a barrel of crude is used for passenger vehicles?

[redstickdawg]

Correct. So why not just leave it in the ground for a while longer?

That's certainly going to happen along with a tremendous amount of pain for many, many people. There's going to be a depression in the oil section of the global economy. Deflation is a nightmare scenario.

[Jack Lambert]

The SPR has been full for a while. There is no place to put the oil or anything else in terms of petroleum products.

I am no expert.

[dantheman4248]

Correct. So why not just leave it in the ground for a while longer?

It's cheaper to do what they are doing that to stop production. Stopping pumping takes a lot of money.

[Pinto]

Without comment.

http://dlvr.it/RV7Z9K

[Jack Lambert]

It's cheaper to do what they are doing that to stop production. Stopping pumping takes a lot of money.

Aren't they going to have to shut down here shortly to switch to summer blend? Something they seem to do every year.

[Ezsoil]

Without comment.

http://dlvr.it/RV7Z9K

What that idiot does not understand ...the price of oil just made the green economy even less economically viable than it already was... and she has a degree in economics..

[redstickdawg]

Aren't they going to have to shut down here shortly to switch to summer blend? Something they seem to do every year.

summer low RVP / DVPE gas has already been in the tank for a while. All the change is a change in formulation to lower vapor pressure blendstocks.

[dantheman4248]

AOC is an idiot for the optics of that tweet.

It's clear her intent was thinking of celebrating green energy options as viable but she doesn't really understand economics well. If her and Bernie could switch ages it would be wonderful. She is not who needs to be the face of youth in the progressive movement.

[The Federalist Engineer]

Delete

[Homedawg]

https://twitter.com/joelklatt/status/1252304698389835776?s=21

Makes you think what will happen with donations. Strictly in the SEC I know this hurts Alabama, LSU and A&M the most. How "Oil Money" are we at the top? This could have serious ramifications of the power structure in college football as certain people won't get paid their under the counter salaries.

One, Maybe socialism will fix it. Two, we have major major donors that are hurt as well. Considering we have less donors and less money I'd say it hurts us more. W that and the furniture industry out we will feel the sting worse than a school that has 100x the money. But maybe you will save us....

[oildawg]

This will certainly impact wealth of oil related large donors. I can?t quantity but our impact would be less in absolute terms than LSU, TAMU, Oklahoma, Oklahoma St, etc. However, if you look at our top donors, many are related to oil & gas industry.

We are, no doubt, in a low price oil environment that is not good for the industry and may persist for awhile. Many companies will file for bankruptcy this year. Thousands of layoffs. But, it should be self correcting & many now see this as a signal for a significant boom to come down the road. Same ole boom / bust cycle - exacerbated by COVID-19 right now.

[msbulldog]

The SPR has been full for a while. There is no place to put the oil or anything else in terms of petroleum products.

Trump said yesterday they could take 75 million gallons or barrels.

[FISHDAWG]

I thought it was only West texas oil that was down to close to zero but oil on the crude market was up around 26.00.

at $26 / barrel - after adding transportation cost is still considered a negative position

[Cooterpoot]

So, you're saying it'll be a much cheaper drive to Starkville this fall.

[redstickdawg]

Trump said yesterday they could take 75 million gallons or barrels.

75 MMbbls is peanuts in the system and the scope of the glut.

[SheltonChoked]

Correct. So why not just leave it in the ground for a while longer?

Depending on the drive, it either damages the well or really damages the well.

That being said, they will.

[Jack Lambert]

I might be crazy but when the shelter in place goes away I think there will be a lot of gas used. I am ready to just get out and go on a long drive. I'm pretty sure there are a lot like me.

[SheltonChoked]

Aren't they going to have to shut down here shortly to switch to summer blend? Something they seem to do every year.

That's the refineries.

Production doesn't stop.

Ever.

*Unless you are losing money by producing...

[Cooterpoot]

I might be crazy but when the shelter in place goes away I think there will be a lot of gas used. I am ready to just get out and go on a long drive. I'm pretty sure there are a lot like me.

Shelter in place doesn't prevent anyone from driving around. Tater Tot told everyone to get out drive around.

[Jack Lambert]

[QUOTE=Cooterpoot;1244902]Shelter in place doesn't prevent anyone from driving around. Tater Tot told everyone to get out drive around.[/QUOTE

I was referring to the rest of the country. Now as far as Miss goes you are not supposed to just drive. You have to be going to work, (I have a letter from my employer to show police), to buy food, gas and other essential supplies. I think there has not been a problem with police because it's not that hard to lie and say I am going to take care of my elderly mother or going to buy food. I see a lot of people out on the road and I think the shelter in place order is being ignore but I don't have a problem with someone just wanting to get out but I am ready to go on a trip not just ride around. Also I have been warned not to ride around with a car load of people. You will be pulled over by certain police.

[SheltonChoked]

[QUOTE=Cooterpoot;1244902]Shelter in place doesn't prevent anyone from driving around. Tater Tot told everyone to get out drive around.[/QUOTE

I was referring to the rest of the country. Now as far as Miss goes you are not supposed to just drive. You have to be going to work, (I have a letter from my employer to show police), to buy food, gas and other essential supplies. I think there has not been a problem with police because it's not that hard to lie and say I am going to take care of my elderly mother or going to buy food. I see a lot of people out on the road and I think the shelter in place order is being ignore but I don't have a problem with someone just wanting to get out but I am ready to go on a trip not just ride around. Also I have been warned not to ride around with a car load of people. You will be pulled over by certain police.


I agree Jack.

Everyone is going to want to not be at home.

I'm guessing the beaches will be overloaded, and parks, and lakes...