Wango Contango! Saudi Arabia to sell 600,000 barrels of oil per day to U.S. in April

[Tom Kirkman + 8,860]

Yippee, just what the U.S. needs right now, thanks MbS !  We really need the oil ! !   Because our oil storage is empty ! !   What a relief.

(Is the sarcasm font working yet this morning, or does it need a swift kick to get it out of lockdown?)

 

Saudi Arabia to sell 600,000 barrels of oil per day to U.S. in April: Bloomberg News

(Reuters) - Saudi Arabia is set to sell about 600,000 barrels of crude per day to the United States in April, which will be the highest volume in a year, Bloomberg reported bloom.bg/34S9rZy on Friday, citing a Saudi industry official familiar with allocations to U.S. refiners.

The report comes as crude prices have plummeted since global demand collapsed on the coronavirus outbreak while Saudi Arabia and Russia produced oil flat out in race for market share.

Global oil producers recently came to an agreement to reduce oil output by a record 20 million barrels per day.

Edited April 18, 2020 by Tom Kirkman
Edited thread title for Trump / Ted Nugent reference. Bat Scratch Fever.

[James Regan + 1,776]

Special offers now with every 600,000Bbls you get a free VLCC.

We need a new word for this current situation as super contango has already been used, its soooo 2015.

We are in a bit of a dilemma boys, whats to do?

Its funny as we can normally fix anything in the oilfield, other than ourselves.

I blame China with a CHA........

[Tom Kirkman + 8,860]

7 minutes ago, James Regan said:

We need a new word for this current situation as super contango has already been used, its soooo 2015.

We have the best contagos, don't we folks?  Biggest contangos in the world.  China can't compete with our contangos.  Number one tippy top contangos.

[James Regan + 1,776]

2 minutes ago, Tom Kirkman said:

We have the best contagos.  Biggest contangos in the world.  China can't compete with our contangos.  Number one tippy top contangos.

"Our Contangos are beautiful , no-one can do a contango like us, when we contango most others would be scared, were never scared, nothing scares us be cause we rip".

Im sure a contango is a surfing term robbed by the Financial Fundamentalist Sector - FFS.

Wango Tango has been taken also by the Detroit Motor City Madman.

[Tom Kirkman + 8,860]

7 minutes ago, James Regan said:

Wango Tango has been taken also by the Detroit Motor City Madman.

WANGO  CONTANGO

Bat Scratch Fever

[James Regan + 1,776]

44 minutes ago, Tom Kirkman said:

WANGO  CONTANGO

Bat Scratch Fever

Fantastic- The OP Think Tank shoots it scores and there it is we are going through a WANGO TANGO suffering from Bat Scratch Fever......JENIUS

Edited April 18, 2020 by James Regan

[James Regan + 1,776]

32 minutes ago, Tom Kirkman said:

WANGO  CONTANGO

Bat Scratch Fever

Wordsmithing at its finest, theres so much going on in that phrase, Im contacting the Oxford Dictionary, this is worthy of a Noble prize.

[James Regan + 1,776]

Ted is no Liberal and I think he supports the NRA, can we not make him an Honorary OP Member.....

Edited April 18, 2020 by James Regan

[James Regan + 1,776]

I was doomed as a kid, I was 13 years old my third concert I saw.

1. AC/DC-Highway to Hell - with Bon Scott (Def Leopard in support lead guitar was 16 years old) - Hammesmith Odeon 1980 0r 79

2. Nazareth with Saxon in Support - Hammersmith Odeon - I was so small one of the bouncers lifted me on the stage during Broken down Angel- Yep I was on stage with Dan McCafferty

3.Ted Nugent - Southampton Gaumont. 

Most kids at 13 were playing football, I was playing truant, my Mum was fairly cool my older brother cooler.......Other wise I would be posting AHA and Culture Club on here, Robs favourites 😂

Edited April 18, 2020 by James Regan

[James Regan + 1,776]

1 hour ago, Tom Kirkman said:

Yippee, just what the U.S. needs right now, thanks MbS !  We really need the oil ! !   Because our oil storage is empty ! !   What a relief.

(Is the sarcasm font working yet this morning, or does it need a swift kick to get it out of lockdown?)

 

Saudi Arabia to sell 600,000 barrels of oil per day to U.S. in April: Bloomberg News

(Reuters) - Saudi Arabia is set to sell about 600,000 barrels of crude per day to the United States in April, which will be the highest volume in a year, Bloomberg reported bloom.bg/34S9rZy on Friday, citing a Saudi industry official familiar with allocations to U.S. refiners.

The report comes as crude prices have plummeted since global demand collapsed on the coronavirus outbreak while Saudi Arabia and Russia produced oil flat out in race for market share.

Global oil producers recently came to an agreement to reduce oil output by a record 20 million barrels per day.

Something has to give here, its not making sense, deep state is at play, there are things we don't know or this is fake news. Can the Jones act not be extended a little further such as worldwide?

[RSD + 41]

Relax everyone - 600,000 bpd is the daily run rate of the Motiva refinery in Port Arthur TX (607,000 bpd to be precise), and that refinery is configured to process Arab Light crude - its not set up to process the crude that comes from the Permian etc and so can't take oil from there.  If the refinery is operating on lower run rates currently then the balance of the 600,000 bpd it is receiving will just go into its own storage tanks at the refinery.

Not sure why the Bloomberg article says that this is the highest volume in a year as that's nonsense - Motiva takes its 600,000 bpd rain hail or shine except when its doing a turnaround, and usually some Arab Light goes into the west coast refineries as well.

Edited April 18, 2020 by RSD

[0R0 + 6,251]

11 hours ago, James Regan said:

Special offers now with every 600,000Bbls you get a free VLCC.

We need a new word for this current situation as super contango has already been used, its soooo 2015.

We are in a bit of a dilemma boys, whats to do?

Its funny as we can normally fix anything in the oilfield, other than ourselves.

I blame China with a CHA........

It is the oil that comes free with the VLCC. The VLCC is expensive and desirable, the oil, not so much.