Available storage could fill up in months.

[BLA + 1,666]

Then the shutdowns and bankruptcies begin. 

https://www.reuters.com/article/us-health-coronavirus-oil-surplus-idUSKBN2152WK 

[notsonice + 1,068]

The only way to stop the slide in oil is to Tariff the crap out of imported Oil and shove the Saudi oil up MBS where the sun does not shine. US should use its power to get MBS to stop his madness as it is causing economic damage everywhere. US needs to tell MBS that we are pulling out of Saudi Arabia if they do not cut production. No need to protect Saudi Arabia if they are on an economic war path with a vital US industry. US needs to install a tariff that is the difference in todays price and $50 to ensure US domestic production and producers are protected. Why the US economy is important and without a Gas and Oil Industry we are looking at a deep recession that can last for years. Hope Trump grows a pair fast. We owe nothing to MBS and Saudi Arabia and we should not let him destroy are economy.

[Houston Process Dude + 13]

Some bold play will disrupt this OPEC pissing match. Too many divestment moves being played out in Houston.  

Edited April 8, 2020 by Houston Process Dude
edit for spacing

[Houston Process Dude + 13]

On 3/18/2020 at 2:21 PM, BLA said:

Then the shutdowns and bankruptcies begin. 

https://www.reuters.com/article/us-health-coronavirus-oil-surplus-idUSKBN2152WK 

E&P's that weren/t hedged are history.  Why many players are starting to make divestment moves.  n

[Gerry Maddoux + 3,627]

^

In your article, Goldman estimates that one-billion barrels of storage are still available! Did I read that right? Lots of storage!

Well, bring it on. I personally think we are well past having a meeting of the minds: Saudis, Russians, US. 

This is crunch time. Just fill up the storage, let the price fall where it may, see who is still on his feet when the dust settles. 

Sure, it will put shale and offshore E&P on its back for a couple of years, but it might be worth it.

[Bighornz + 1]

Why is that bad for oil prices?. Will force smaller guys to go out therefore consolidate to the very few and production curs therefore less production.

[Jan van Eck + 7,558]

You folks are forgetting that the dramatic drop in oil and nat-gas prices is really great news for the plastics industry.

The basic building-block resins, polystyrene and polyethylene, have been priced through the roof, causing many users to switch to  other materials, including metals and glass.  Getting back to low pricing for the monomers, specifically ethylene, will allow for a vast expansion of the plastics industry, employing millions and dramatically altering our internal manufacturing dynamics with plastics materials instead of substitutes  (such as zinc die-casting, for example).   Don't look at low crude prices as a total disaster; it is not.  Not at all. 

Edited April 9, 2020 by Jan van Eck
typing error