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Replies: 16
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CU Guru [1907]
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Market open will be interesting Monday for oil and DOW
Sep 14, 2019, 12:14 PM
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Been to this plant and area numerous times while working over there, the hub in Abqaiq is vital to moving oil in KSA. It makes it target priority #1 to disrupt world oil supplies and depending on just how bad it was damaged it could cause a spike in prices. Only other place that is close to being this important is the Ras Tanura offshore loading terminals. Our economy will not be happy to absorb a big hike given we cannot even stomach 2% interest rates and fuel prices hit home rather quickly eroding consumer spending on other items.
https://www.bbc.com/news/world-middle-east-49699429
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Heisman Winner [119553]
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I think it will go up, cause higher prices and
Sep 14, 2019, 12:58 PM
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More dependence on US oil....
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CU Guru [1907]
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Re: I think it will go up, cause higher prices and
Sep 14, 2019, 1:13 PM
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Higher prices will be a drag on our economy but it might just get Chevron to get cracking on fracking the land in Pa. we hold mineral rights on . So there is that from a personal view. Big picture though it will hurt the vast majority here.
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Hall of Famer [22930]
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Oddly, hasn’t stock market gone up with higher oil prices?
Sep 14, 2019, 8:14 PM
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Thought I read that somewhere. Seemed counterintuitive (unless Dow oil companies spiked)
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CU Guru [1907]
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Re: Oddly, hasn’t stock market gone up with higher oil prices?
Sep 15, 2019, 12:32 PM
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That is true only if world economies are expanding, not the case right now.
Stagnant to recessionary economies hit with higher costs tend to speed declines.
In 2007 oil hit $147 by 2 hedge funds holding 90% of futures contracts. Manipulating the oil market is legal by the requirements on purchasing large blocks of contracts. One pays pennies on face value of said contract, does not have to take possession of oil nor have a need to refine the oil.
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Legend [15492]
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Re: Market open will be interesting Monday for oil and DOW
Sep 15, 2019, 1:37 PM
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A more interesting question is where did Yemeni Houthi's get a drone?
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CU Guru [1907]
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Re: Market open will be interesting Monday for oil and DOW
Sep 15, 2019, 3:15 PM
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Nobody knows for sure what hit Abqaiq right now. No radar tracks and it was hit on the north side of the facility away from Yemen and closer to the Shi’a held areas in Iraq. Do know that the Shiites in Ksa had a bad day after the statement saying from the Houithi side saying they had help internal in KSA.
The religious sect distrust and hate is always just bubbling below the surface. Funny thing is the Shi’a are almost entirely located in the Eastern Province where all the oil and facilities are over there. Along with downstream petrochemical plants.
Read an article late last night suggesting if the Abqaiq facility is down for 30 days oil will be over $100, almost double Friday closing. Putting gas in SC at around $3.50 up from $2.12 where I live.
That eats up a lot of discretionary spending. Look for releases from USA strategic reserves and also storage tank oil from Saudi to attempt to hold prices down but going forward we are likely to see a risk premium prices in to a barrel of oil.
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CU Guru [1907]
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Re: Market open will be interesting Monday for oil and DOW
Sep 15, 2019, 3:58 PM
[ in reply to Re: Market open will be interesting Monday for oil and DOW ] |
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Hmm, seems I recall saying that Iran would not sit by idly and watch their economy crumble after the USA imposed sanctions on their oil. If they were gonna go down they would attempt to take the global economy with them. Some folks laughed at that thought and said they could do nothing, seems they were wrong.
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110%er [6101]
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Mossad false flag, again.
Sep 15, 2019, 7:10 PM
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Is this the plant that refines SA sour crude into Sweet Crude? Regardless, it only represents 3% of the global supply so I wouldn’t expect a petropocalypse. But, you never know...everything that happens these days is made to look cataclysmic, no matter how small.
The main focus should be on the US petrodollar. SA is the largest supplier of oil in the world and they only accept US dollars in exchange for oil. Countries that want some of that Saudi oil are indirectly propping up the US economy. The US dollar still finds buyers around the world because of high demand for oil. That’s why the dumba$$ FED can print tons of money without devaluing our currency. As long as there is high demand for oil there will be demand for US dollars. Countries that sell their own oil in something other than US dollars would obviously be considered a threat (think Venezuela).
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CU Guru [1907]
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Re: Mossad false flag, again.
Sep 15, 2019, 10:50 PM
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Heavy crude is not refined in to light sweet crude, it comes out the ground by grade. Light sweet from the Shaybah field comes out the ground like yellow kerosene, Strike 1.
5% is a big deal,especially as KSA is the world swing producer. Strike 2.
USD is World Reserve Currency and a safe haven. Your petro dollar idea is also wrong. Petro dollars more precisely is money Arab nations get for their oil. Oil is traded in USD as it is World Reserve Currency and accepted everywhere., Only thing in your post that is correct is threats of oil producing nations trading in other currencies as that threatens the USD as World Reserve Currecy, think Iraq and Qhadaffi land. Strike 3.
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CU Guru [1907]
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Re: Mossad false flag, again.
Sep 15, 2019, 11:00 PM
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Mossad? Seems like Arabs you see a Jew underneath every rock. Like I told them when they were talking how they did this and that- If the Jews were that good,sneaky and treacherous they would have wiped you guys off the planet long ago.
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110%er [6101]
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Re: Mossad false flag, again.
Sep 16, 2019, 8:12 AM
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False flags have been a mainstay in sparking conflict and wars for over a century. It is the trademark Mossad MO.
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CU Guru [1907]
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Re: Mossad false flag, again.
Sep 16, 2019, 8:16 AM
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Man it is like watching Ancient Aliens with you.
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110%er [6101]
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CU Guru [1907]
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Re: Mossad false flag, again.
Sep 16, 2019, 8:50 AM
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You are wrong on terminology again as heavy and light refer to viscosity only.
H2S removal is done to sell and move any oil as in very lowPPM it kills immediately.
You example on false flag is wrong on the Liberty too as they claimed accidental/ mistake led to firing on it. Better example would be Gulf of Tonkin but hey somebody needs to get that tinfoil liner out your hat .
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All-In [48078]
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CU Guru [1907]
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Re: Market open will be interesting Monday for oil and DOW
Sep 16, 2019, 7:45 AM
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Oil futures up $5.50 a barrel and DOW is red over 100 points . Not too bad, now it depends on what Aramco says on time frame. Fear not supply will move this for now because there is ample supply stored in tanks to meet the loss of 5M barrels per day. Toss in Strategic Reserves in the USA and you have like 90 days sitting around to fill the gap total.
Bet new air defense missile pad are being looked at around the facility. Along with latest radar systems to boot. Heck just south of the Iraq border the northern facilities had Nike batteries along the coast, every now and again they would track us while we were flying offshore as practice, not fun because if one got loose it would certainly ruin our day.
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