The 2020 Stock Market Crash Thread

CynicalContrarian

Peacock
Gold Member
Huh.
Noting that Australia has all the minerals, timber (or hemp options) & farm land any nation could ever want.
The one short fall to making Australia a truly independent country, is a lack of oil.
So, now would be a better time to stock up on oil for a strategic reserve.

I don't expect the Clowns in Canberra to do so however...
 

Tactician

Kingfisher
Tail Gunner said:
Reply to Leonard Enterprises pty Ltd:

Your $10 payment has been deducted from your $120,000 daily storage cost. As all oil tankers are now full by other parties, delivery is impossible. Do you own your home free of any mortgages? Our collection lawyers in Perth will be in contact.
Haha, a few tanker stocks have taken off today as land storage fills up.

The spot price of oil is trading at a big discount compared to its future price a few years out from now. People are trying to arbitrage this by loading up on cheap physical oil & selling futures to lock in their profits, and that's where tankers come into play as land storage runs out.

I totally missed the boat (heh) on this one, but if Leonard & his neighbors dig a big enough swimming pool & somehow secures delivery, maybe he can rake in some of that sweet storage money.
 

joost

Kingfisher
SlickyBoy said:
Deepdiver said:
I have been a long term subscriber to some Agora and their Publisher Bill Bonner's newsletters. Most so gold focused as the main alternative to equities in a market "crash".
Stop giving your money to scam artists who laugh at you, like Bonner,

Not as bad as the bitcoin scammers. I watched a video recently and saw this in comments:



continues

 

Tail Gunner

Hummingbird
Gold Member
Tactician said:
Tail Gunner said:
Reply to Leonard Enterprises pty Ltd:

Your $10 payment has been deducted from your $120,000 daily storage cost. As all oil tankers are now full by other parties, delivery is impossible. Do you own your home free of any mortgages? Our collection lawyers in Perth will be in contact.
Haha, a few tanker stocks have taken off today as land storage fills up.

I totally missed the boat (heh) on this one
That makes two of us. I actually had a pending order for an oil tanker stock on my short list of beaten down stocks to buy. This was actually a pick that was completely independent of the recent oil price decline. The price recently came to within a few dollars of my buy price, but just took off in the opposite direction over the past week.

[attachment=43643]
 

Attachments

Tail Gunner

Hummingbird
Gold Member
SlickyBoy said:
WomenLuvDeez said:
Learn to trade options, you can make thousands in a few minutes if done properly but you can lose just as much if done improperly. Learn to read greeks. If you dont have a high risk/high reward appetite learn to sell premiums for contracts. Its much more safe and fairly easy money. The next crash if you learn to trade options you can turn 10k into 100k+


Please tell me this is a spam posting that slipped in. Easy - heh. The SEC goes out of their way to say the exact opposite, with good reason.

Before you can trade options, your broker must approve your brokerage account for options trading. In order to be approved for options trading, you will need to fill out your broker’s options agreement. In an options agreement, you will need to provide information that will assist your broker in determining your knowledge of options and trading strategies, as well as your general investing knowledge and your financial ability to bear the risks of options trading. Based on the information you provide, your broker will determine whether options trading is suitable for you and, if so, what types of options trading may occur in your account.
He is actually correct. If you learn to trade options, especially if you sell premiums for contracts on an underlying stock, you can generate a very nice -- and relatively safe -- income (especially in a consistently rising market, which is now most of the time). If you take the time to learn the Greeks, which can take some time, then you are especially well versed. Like most things in life, you must learn what you are doing -- or it is just gambling.

The part about "making thousands in a few minutes" is hyperbole. The vertical bull put credit spread trades that earn a nice, relatively safe, income take weeks or months to complete. You can keep rolling your trades to generate more income on a solid stock in a rising market.
 

jordypip23

Pelican
Gold Member
Enhanced Eddie said:
Neiman Marcus to file for bankruptcy.

This is going to be bad folks... if even a large retail chain with very affluent customers is folding this early in the game.
For now it's a major shifting, but the upper middle class & wealthy are still spending money online. Affluent in places such as the East Coast (these are all New Yorkers hunkered down in the city or "country" weekend getaways within a 1 to 2 hour drive of the city) are spending their money on more food related delivered luxuries or other physical items to furnish their dwellings:

People are splurging on luxury goods during the coronavirus pandemic - NY Post
 

SlickyBoy

Ostrich
Tail Gunner said:
He is actually correct. If you learn to trade options, especially if you sell premiums for contracts on an underlying stock, you can generate a very nice -- and relatively safe -- income (especially in a consistently rising market, which is now most of the time). If you take the time to learn the Greeks, which can take some time, then you are especially well versed. Like most things in life, you must learn what you are doing -- or it is just gambling.

The part about "making thousands in a few minutes" is hyperbole. The vertical bull put credit spread trades that earn a nice, relatively safe, income take weeks or months to complete. You can keep rolling your trades to generate more income on a solid stock in a rising market.
Perhaps, at least on paper. But for all of the people - and there are not all that many - who are able to consistently day trade stocks profitably, I have yet to hear of even one consistently profitable options trader. They have good runs here and there, but eventually they blow up. This is what the SEC is trying to prevent - turning the retail market into even more of a casino than it is for the average schlub.
 

NoMoreTO

Pelican
For now it's a major shifting, but the upper middle class & wealthy are still spending money online. Affluent in places such as the East Coast (these are all New Yorkers hunkered down in the city or "country" weekend getaways within a 1 to 2 hour drive of the city) are spending their money on more food related delivered luxuries or other physical items to furnish their dwellings:
I can see this. There is something about being couped up that causes you to want to do something or buy something. Luckily I bought physical silver, but if I was someone else it might have been Gucci Shoes
 

Tail Gunner

Hummingbird
Gold Member
So, regarding determining a market bottom, this letter from a major hedge fund manager states that "in 15 bear markets since 1950, only one did not see the initial major low retested within three months . . . In all other cases, the bottom has been tested once or twice." [BTW: I highly recommend reading the entire letter, written by Howard Marks.]

https://www.oaktreecapital.com/docs/default-source/memos/calibrating.pdf?sfvrsn=6


This means that we will likely get a second bite at the apple. Just be aware that retesting a prior low does not necessarily mean seeing a new low. We might be lucky just to see prior lows for the stocks on our watch list.

In addition, that three month period also mostly coincides with the old adage "to sell in May and go away."

From 1950 to around 2013, the Dow Jones Industrial Average has had an average return of only 0.3% during the May to October period, compared with an average gain of 7.5% during the November to April period, according to a 2017 column in Forbes.
https://www.investopedia.com/terms/s/sell-in-may-and-go-away.asp
 

Emancipator

Hummingbird
Gold Member
China’s Economy Shrinks, Ending a Nearly Half-Century of Growth
https://web.archive.org/web/2020042...04/16/business/china-coronavirus-economy.html

EIJING — The coronavirus outbreak has brought China’s extraordinary, nearly half-century-long run of growth to an end — a stark reminder of the enormous task ahead for world leaders trying to restart the global economy.

Chinese officials on Friday said that the world’s second-largest economy shrank 6.8 percent in the first three months of the year compared with a year ago, ending a streak of untrammeled growth that survived the Tiananmen Square crackdown, the SARS epidemic and even the global financial crisis. The data reflects China’s drastic efforts to stamp out the coronavirus, which included shutting down most factories and offices in January and February as the outbreak sickened tens of thousands of people.

...

China has gradually lifted many of its limits on work and travel in recent weeks. But businesspeople across China say that times remain difficult. Families say their incomes have fallen.

“This year is difficult — some have lost their jobs, some cannot find work to do,” said Liu Xia, a fruit vendor from a village on the northern outskirts of Beijing. “Those who do go to work and those who are still in business are greatly affected.”

...

Yet China’s leaders face pressure to act. Withering household incomes have caused families to retrench their spending. Han Xiaojuan, a 35-year-old who has a small shop selling jackets and slippers, said many people were only buying necessities these days.

“I’ve been in this business for more than 10 years in Beijing,” Ms. Han said. “This is the worst of times.”

China has eased up on its most drastic measures against the epidemic. Last week a stringent lockdown ended in Wuhan, where the outbreak began.

Yet many social distancing measures remain. From restaurants to passenger planes to trains, many seats may no longer be used, which limits sales. Shopping malls and sidewalk shops still have less foot traffic than usual, as many people stay home, wary of infection.

The continued effect of the epidemic showed up in other data released on Friday morning, reflecting the country’s economic performance in March. That data, like statistics on imports and exports that were released on Tuesday, showed that the economy has begun to recover but still has a considerable distance to go.

Industrial production slipped 1.1 percent in March compared to a year ago, while retail sales fell 15.8 percent. Investment in fixed assets was down 16.1 percent for the first three months of the year compared with last year.
The next blow for China’s economy could come from weakening global demand for its exports.

Even Chinese businesses with existing overseas customers are finding that many buyers want to postpone or cancel deliveries.

“The delays in orders are occurring everywhere,” said Aaron Yang, owner of Arnan Fashion Jewelry, an earrings exporter in Yiwu, in east-central China.

Wu Jianying, the owner of Fang Weimei Toys, a water pistol exporter in Yiwu, said that this should be the busiest time of year for her exports, as retailers in the West prepare for the summer swimming pool season. But retailers have stopped placing orders. Some have even stopped wiring money for existing orders.

“The payments are difficult to collect,” she said.

Businesspeople say the near-complete closure of China’s borders to limit a potential second wave of infections has hurt export orders.

“A lot of clients wanted to come to China from Africa but can’t, because the flights are canceled,” said He Liehui, chief executive of Touchroad Group, a Shanghai trading and investment firm that buys minerals and timber from Africa and exports apparel and other manufactured goods there.

Mr. He said there had already been changes within both the domestic and overseas markets. Sales have fallen for more fashionable garments with higher price tags. But sales have actually increased for pajamas and other simple garments that people may want to wear indoors during lockdowns, he said.

“For that, the companies need to make some adjustments” in what they manufacture, he said.

Beijing has closed the country’s borders so tightly that even foreign residents of China who have gone overseas are not allowed to return. That has slowed big construction projects and other investments that need technicians and other specialists who cannot re-enter the country, said Cheung Yup Fan, the chairman of the European Chamber of Commerce in the city of Tianjin.

Another worry lies in how many small and medium-sized enterprises in China can survive the current difficulties. Even before the pandemic, many of those businesses had been struggling, as state-owned enterprises with better political connections increasingly monopolized the available loans from the state-controlled banking sector.

As a result, small businesses tend to borrow within informal networks. Now those networks are in trouble, said Sara Hsu, an economist at the State University of New York at New Paltz who specializes in small businesses in China.

“A lot of small and medium enterprises borrow from friends and families, who also have small and medium enterprises,” she said. “There’s going to be a crunch for all of these borrowers.”

China’s output for the entire quarter was depressed by the broad suspension of economic activity from late January to late February. SpaceKnow, a commercial satellite imagery business, said northern China’s notorious air pollution almost completely vanished in February as businesses shut down and people stopped driving.

Even now, satellite imagery of nighttime lighting in China suggests that the country’s industrial base is running at half its usual level, according to SpaceKnow.

“China may have seen the Covid-19 outbreak first and local closures slowed the economy, but now China appears to be feeling the brunt of the slowing global economy,” said Jeremy Fand, the company’s chief executive.
China is hurting
 

Mountaineer

Kingfisher
Gold Member
WTI crude price goes negative for the first time in history
By Cameron Wallace on 4/20/2020

HOUSTON - A perfect storm of weak demand, unbridled production by warring producers, and an exhaustion of storage capacity drove West Texas Intermediate crude to a negative price for the first time in history, closing at -$37.63/bbl.

Crude stockpiles at the Cushing pipeline hub in Oklahoma are reaching capacity, and many major pipeline operators are requiring shippers to prove their crude has a destination so that it will not strand the lines. Solutions being considered in Washington include utilizing the U.S. Strategic Petroleum Reserve as temporary storage, and deploying financial incentives to keep operators from producing and adding to the glut.

All this comes in the wake of the “OPEC++” deal, in which OPEC producers, its allies, and even competitors like the U.S., Mexico and Canada came together and agreed to a 9.7 MMbpd production cut. The amount of the cut is only about a third of global daily oversupply, however, and an agreement start date of May 1 has encouraged participants like Saudi Arabia to pump as fast as possible before the deal takes effect.

In addition to the above market factors, an expiry of May futures on Tuesday the 21st is playing a major role in the price crash, and indicate that this historic decline is more a creation of the market than one of actual demand. June futures remain positive for WTI, standing at $22.12 as of 12:50 pm U.S. Central time. Brent crude prices declined less dramatically, closing down $1.87 to $26.21, further suggesting that the WTI price crash will not persist over the coming days.
https://www.worldoil.com/news/2020/4/20/wti-crude-price-goes-negative-for-the-first-time-in-history

Just on this one factor I expect the lockdowns to continue at least until start of May.
 

Mountaineer

Kingfisher
Gold Member
World Oil editorial: Oil market meltdown—what does it take to get action?

What does it take for both U.S. federal and Texas state regulators to intervene and take action? There has been enough diddling around for weeks on end by both groups.

As this editorial is being written, the global oil market is having its greatest meltdown ever, save none. On Monday morning, oil has fallen to a record post-1973 level, lower than 1986, in both nominal and constant-dollar terms. Those who tried to sugar-coat the current downturn, by saying it wasn’t as bad as 1986, now look quite foolish, indeed.

So, this brings the question: What does it take for both U.S. federal and Texas state regulators to intervene and take action? There has been enough diddling around for weeks on end by both groups. Now is the time for action—the U.S. domestic industry—save for the very largest operators and API, who keep insisting that the illusionary free market is going to take care of things—is at stake. We need both prorationing on the state level in Texas, and a tariff on imported oil on the U.S. federal level. Nothing short of this is going to be enough—not when oil price futures have now plunged to literally less than nothing.

Two factors are working to keep supply way too high. First, because the OPEC+ agreement does not go into effect until May 1, Saudi Arabia feels that it is free to continue to overproduce. And these irresponsible actors in Riyadh are happy to do so, because, in the short term, they think that they can force quite a few U.S. producers into bankruptcy or severely wounded condition in the next two weeks. And if they succeed, and U.S. oil output falls sharply, then it’s all the more market share for KSA.

Second, the Coronavirus pandemic has cut down global oil demand by somewhere between 25 MMbpd and 35 MMbpd. Yes, the downturn is temporary, but it’s going to be long enough to do real damage. And even though state and federal officials are looking to begin opening up the U.S. economy in another two weeks, the pickup in demand is going to be slow. People are not going to jump onto airplanes immediately, nor are they going to start taking long driving vacations, not with the fear of going into other states, where the rate of virus might have been higher. Also, the demand for products made from petrochemicals is not going to ramp up overnight. We could cite other factors, but you get the picture.

The ongoing carnage. For the last two months, the U.S. E&P sector has been deteriorating, and since mid-March, when most of the country began working from home, the carnage has been intensifying. Already, we have had one significantly sized independent shale player, Whiting Petroleum (in the Bakken), go into bankruptcy protection. And more are likely to follow, especially after today. Some of the likely victims, we’re sorry to say, may include California Resources Corporation, Chesapeake Energy, Denbury Resources, Oasis Petroleum and Ultra Petroleum.

Additional operators that are under stress include Continental Resources (Bakken, Permian basin and Oklahoma), Devon Energy (Permian, Eagle Ford, Oklahoma and Wyoming), and Hess (Bakken and offshore, GOM). And there are countless hundreds upon hundreds of additional medium- and small-sized operators in peril.

Then, we have the equipment/service sector, where the layoffs have been large and are increasing. On April 16, Weatherford announced that it would lay off 25% of its 24,000-strong workforce, equal to 6,000 people, while also reducing executive pay 20% and putting other employees on pay cuts.

On April 7, Halliburton said that it would lay off at least 600 employees in Texas and Oklahoma, of which 350 would be in the latter state. Back on March 18, Halliburton furloughed 3,500 employees in Houston, where they work one week on, one week off, for up to 60 days. And in its Fort Lupton facility in Weld County, Colorado, Halliburton “permanently” laid off 130 workers. This follows the laying-off of 178 employees last October at another Colorado facility in Grand Junction.

On April 9, Schlumberger said it would furlough employees, modify work schedules and cut executive pay 20%. There were no specific numbers cited, but you can bet that the numbers are quite significant.

Meanwhile, on April 15, Baker Hughes laid off more than 200 people at an Oklahoma facility after saying two days earlier that it would cut capital spending by more than 20% from 2019 levels and write down the value of $15 billion of assets as part of its first-quarter financial performance.

Rounding out the top five equipment/service players, NOV had multiple layoffs in the back half of last year. One has to wonder what additional steps are being taken or will be taken. We could cite many more mid-sized and niche players in the equipment/service sector, but again, you get the picture.

Moving forward. Obviously, something needs to be done quickly, to protect the U.S. E&P industry. Back in the 1986-1989 period, nothing was done to get the price up and stabilize activity, save for the Reagan administration jawboning the Saudis to ease up on oil output. But, this happened only after senators from oil states yelled at Mr. Reagan to stop the bleeding. The ironic part of that situation was that the Reagan people encouraged KSA to over-produce, because they wanted to destroy the hard-currency earnings of the Soviet Union. The Saudis, eager to gain market share, were quite happy to help. The result was large-scale layoffs, and many people left the industry, never to return, creating an experience and skills gap that lasted many years. And it took 19 long years, until August 2004, for oil to regain the value in constant dollars that it had in late 1983. All through the 1990s, the industry, so to speak, slogged through the wilderness. We don’t have that kind of time now.

Within 24 hours of this editorial being posted, the Railroad Commission of Texas will once again pick up the question of whether to implement prorationing at its latest open meeting. Last Tuesday, April 14, the three commissioners heard testimony from some 50 operators, associations, consultants and think tanks. One would hope that today’s oil market performance will force some action out of the RRC. And one also would hope that President Trump takes a couple of hours’ attention away from Covid-19, long enough to impose a tariff on imported oil and take other concrete steps. The situation demands it!
https://www.worldoil.com/magazine/2...rket-meltdown-what-does-it-take-to-get-action
 
Tail Gunner said:
SlickyBoy said:
WomenLuvDeez said:
Learn to trade options, you can make thousands in a few minutes if done properly but you can lose just as much if done improperly. Learn to read greeks. If you dont have a high risk/high reward appetite learn to sell premiums for contracts. Its much more safe and fairly easy money. The next crash if you learn to trade options you can turn 10k into 100k+


Please tell me this is a spam posting that slipped in. Easy - heh. The SEC goes out of their way to say the exact opposite, with good reason.

Before you can trade options, your broker must approve your brokerage account for options trading. In order to be approved for options trading, you will need to fill out your broker’s options agreement. In an options agreement, you will need to provide information that will assist your broker in determining your knowledge of options and trading strategies, as well as your general investing knowledge and your financial ability to bear the risks of options trading. Based on the information you provide, your broker will determine whether options trading is suitable for you and, if so, what types of options trading may occur in your account.
He is actually correct. If you learn to trade options, especially if you sell premiums for contracts on an underlying stock, you can generate a very nice -- and relatively safe -- income (especially in a consistently rising market, which is now most of the time). If you take the time to learn the Greeks, which can take some time, then you are especially well versed. Like most things in life, you must learn what you are doing -- or it is just gambling.

The part about "making thousands in a few minutes" is hyperbole. The vertical bull put credit spread trades that earn a nice, relatively safe, income take weeks or months to complete. You can keep rolling your trades to generate more income on a solid stock in a rising market.
It wasn't hyperbole(but it is risky). For example, yesterday I bought naked calls on amazon & tesla. Amazon went up and so did tesla and I made $3.2k. Today I did the opposite with a naked put and cashed out when my profit went to around $1.1k. Also, as long as you have money(could be as little as $50 or less, just depends what stock you are looking at buying a call/put/spread on and what the premiums are) you can trade options on robinhood or td ameritrade/ThinkOrSwim(which is the one I use and highly recommend for beginners because it gives you 100k in paper money to practice on options/forex/futures/stocks/etc before you use your own money, if you decide you want to).

Selling credit spreads is much less risky than selling naked calls/puts and can easily generate you a nice income. But it still carrys risk like anything in the stock market. Here's a youtube video explanation on selling credit spreads https://www.youtube.com/watch?v=6_0...aGvNsXapTB_P3gGSe6pa7xeBpjImYSBnp0IOb0NAKcNxo

If you want further proof of the possibilities, goto reddit.com/r/wallstreetbets and you can see all the big gains/losses from calls/puts/spreads.
 

Tail Gunner

Hummingbird
Gold Member
WomenLuvDeez said:
Tail Gunner said:
SlickyBoy said:
WomenLuvDeez said:
Learn to trade options, you can make thousands in a few minutes if done properly but you can lose just as much if done improperly. Learn to read greeks. If you dont have a high risk/high reward appetite learn to sell premiums for contracts. Its much more safe and fairly easy money. The next crash if you learn to trade options you can turn 10k into 100k+


Please tell me this is a spam posting that slipped in. Easy - heh. The SEC goes out of their way to say the exact opposite, with good reason.

Before you can trade options, your broker must approve your brokerage account for options trading. In order to be approved for options trading, you will need to fill out your broker’s options agreement. In an options agreement, you will need to provide information that will assist your broker in determining your knowledge of options and trading strategies, as well as your general investing knowledge and your financial ability to bear the risks of options trading. Based on the information you provide, your broker will determine whether options trading is suitable for you and, if so, what types of options trading may occur in your account.
He is actually correct. If you learn to trade options, especially if you sell premiums for contracts on an underlying stock, you can generate a very nice -- and relatively safe -- income (especially in a consistently rising market, which is now most of the time). If you take the time to learn the Greeks, which can take some time, then you are especially well versed. Like most things in life, you must learn what you are doing -- or it is just gambling.

The part about "making thousands in a few minutes" is hyperbole. The vertical bull put credit spread trades that earn a nice, relatively safe, income take weeks or months to complete. You can keep rolling your trades to generate more income on a solid stock in a rising market.
It wasn't hyperbole(but it is risky). For example, yesterday I bought naked calls on amazon & tesla. Amazon went up and so did tesla and I made $3.2k. Today I did the opposite with a naked put and cashed out when my profit went to around $1.1k. Also, as long as you have money(could be as little as $50 or less, just depends what stock you are looking at buying a call/put/spread on and what the premiums are) you can trade options on robinhood or td ameritrade/ThinkOrSwim(which is the one I use and highly recommend for beginners because it gives you 100k in paper money to practice on options/forex/futures/stocks/etc before you use your own money, if you decide you want to).

Selling credit spreads is much less risky than selling naked calls/puts and can easily generate you a nice income. But it still carrys risk like anything in the stock market. Here's a youtube video explanation on selling credit spreads https://www.youtube.com/watch?v=6_0...aGvNsXapTB_P3gGSe6pa7xeBpjImYSBnp0IOb0NAKcNxo
Thanks, but I do not need a video. I traded credit spreads for years and I speak from experience. The key to making a nice safe, risk-adverse profit is selling options (and protecting yourself with a spread), not buying options.

But I am open to new ideas. So, why don't you disclose the trade that you made yesterday for $3,200? That way, we can look at the risk profile and judge it for ourselves.
 

estraudi

Kingfisher
Gold Member
WomenLuvDeez said:
you can trade options on robinhood or td ameritrade/ThinkOrSwim(which is the one I use and highly recommend for beginners because it gives you 100k in paper money to practice before you use your own money, if you decide you want to).
I recommend the TD ameritrade route. Bigger guns get paid out earlier than smaller guns at closing and after, when prices are still shifting a bit.
So robinhood is easier to use but is practically last in line for the daily payout.
 

Tail Gunner

Hummingbird
Gold Member
estraudi said:
WomenLuvDeez said:
you can trade options on robinhood or td ameritrade/ThinkOrSwim(which is the one I use and highly recommend for beginners because it gives you 100k in paper money to practice before you use your own money, if you decide you want to).
I recommend the TD ameritrade route. Bigger guns get paid out earlier than smaller guns at closing and after, when prices are still shifting a bit.
So robinhood is easier to use but is practically last in line for the daily payout.
There is truth to this. I knew a guy who had a trading account at Bank of New York Mellon, where you need to deposit some serious coin (north of seven figures) to even get an account, and he had terrific fills on his option spreads compared to all the schmucks using typical trading platforms.
 

RexImperator

Crow
Gold Member
the global oil market is having its greatest meltdown ever, save none. On Monday morning, oil has fallen to a record post-1973 level, lower than 1986, in both nominal and constant-dollar terms.
This could wreck some firms on Wall St. who funded the U.S. oil shale boom over the last decade...but I expect they’ll get a bailout.

Places like west Texas and North Dakota will likely experience some kind of depression.

Whiting Petroleum Corp. has filed for Chapter 11 bankruptcy protection, the first publicly traded casualty of crashing crude-oil prices that are expected to bite into record U.S. output.

Whiting was once the largest oil producer in North Dakota, now the second-biggest oil-producing state in the country.
https://m.startribune.com/big-player-in-north-dakota-oil-industry-files-for-bankruptcy/569286172/
 

Tail Gunner

Hummingbird
Gold Member
RexImperator said:
the global oil market is having its greatest meltdown ever, save none. On Monday morning, oil has fallen to a record post-1973 level, lower than 1986, in both nominal and constant-dollar terms.
This could wreck some firms on Wall St. who funded the U.S. oil shale boom over the last decade...but I expect they’ll get a bailout.

Places like west Texas and North Dakota will likely experience some kind of depression.

Whiting Petroleum Corp. has filed for Chapter 11 bankruptcy protection, the first publicly traded casualty of crashing crude-oil prices that are expected to bite into record U.S. output.

Whiting was once the largest oil producer in North Dakota, now the second-biggest oil-producing state in the country.
https://m.startribune.com/big-player-in-north-dakota-oil-industry-files-for-bankruptcy/569286172/
It is happening all over the world.

Former Singapore Billionaire Lim’s Oil Giant Files For Bankruptcy
Pamela Ambler, Forbes Staff

The company is seeking a six-month moratorium on its roughly $3.85 billion debt load owed to 23 banks.
https://www.forbes.com/sites/pamela...tcy-amid-price-war-and-covid-19/#79a104c213ad
 

Deepdiver

Hummingbird
Gold Member
Looks like Trump going to allow the Strategic Petroleum Reserve to be used for storage by any companies that can pump or train oil to their storage locations current capacity 75 Million Barrels and US Gov gets a (low) market storage fee... Probably has to do this as an Executive Order so Mafiosi Pelosi actually does not have to be consulted to actually allow funding for the Gov to buy oil... Shame USGov as buyer of last resort could actually buy very low now perhaps $10 a barrel and then gradually sell some when the price rebounds at a nice profit. Of course earning profits makes no sense to progressive Communists who will either tax or nationalize (steal) for the party's and their supreme leaders benefit.

Teachers Unions will come under increasing scrutiny as the progressive Communists key funding and voting support block as 5G Broadband wireless remote learning makes them increasingly marginalized as Test Protors and glorified tutors as society with Zoom and Microsoft Team find that it drastically reduces air pollution to allow cubicle commandos to work from home especially with productivity tools that track work product deliverables remotely rather than sit in traffic 1 to 3 hours per day.

A huge opportunity exists for higher IQ Remote Learning Academies to flourish remotely providing revolutionary teaching technologies that capture, coach, and motivate gifted students to flourish and contribute to society and themselves and their families without racking up obscene debts. The students could participate in numerous market driven crowd genius initiatives to provide market value to societies problems with application of AI, true STEM, personalized individual dna/rna disease cures and basically disrupt nanny state eduation with paiducation that focuses on the students current and future physical intellectual emotional and financial well being with the students learning limited only by their willingness to apply their genius to societies most pressing problems.

For instance is Covid19 a lab created viral bioweapon that was either accidentally or worse intentionally released on the world and the best ways to crowd genius novel solutions to prevent this from decimating humanity in the future.

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Deepdiver

Hummingbird
Gold Member
Today's Oil futures update:

June oil futures contract drops more than 40% as crude continues unprecedented sell-off
PUBLISHED MON, APR 20 20206:10 PM EDTUPDATED MOMENTS AGO

https://www.cnbc.com/2020/04/20/jun...tract-is-still-trading-at-negative-price.html

KEY POINTS
The West Texas Intermediate contract for May delivery moved into positive territory on Tuesday, one day after falling below zero for the first time in history.
Today is the last day of trading for the contract, which has fueled the contract’s wild price action.

The June contract is more actively traded and therefore a better indication of where traders believe oil is headed. It fell 43.37% on Tuesday to settle at $11.57 per barrel, after closing above the $20 mark on Monday.

Amid unprecedented demand loss from the coronavirus pandemic, storage is quickly filling up, meaning there will soon be nowhere to store crude
 
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