 |
|
03-06-2022, 07:46 PM
|
 |
|
|
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 19,036
|
|
World oil prices spiking hard right now
https://oilprice.com/
I’ll capture a screen grab.
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
|
03-06-2022, 07:51 PM
|
|
|
|
Join Date: Aug 2013
Posts: 993
|
|
Expect to see $200 if the US and others stop Russian oil imports....
|
03-06-2022, 08:10 PM
|
|
Banned
|
|
Join Date: May 2008
Location: Calgary-Kootenay Lake
Posts: 350
|
|
Just had a chat with my friend in Russia. They pay 0.60$CAD for premium gas. WTF?
|
03-06-2022, 08:13 PM
|
|
|
|
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 19,036
|
|
Quote:
Originally Posted by straight
Just had a chat with my friend in Russia. They pay 0.60$CAD for premium gas. WTF?
|
Cheap labour. Zero carbon tax. No environmental rules. State subsidies.
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
|
03-06-2022, 08:14 PM
|
|
|
|
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 19,036
|
|
Quote:
Originally Posted by flyrodfisher
Expect to see $200 if the US and others stop Russian oil imports....
|
Question is will oil stocks pop tomorrow.
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
|
03-06-2022, 08:19 PM
|
|
|
|
Join Date: Aug 2013
Posts: 993
|
|
Quote:
Originally Posted by Sundancefisher
Question is will oil stocks pop tomorrow.
|
Probably a bit...but not as much as one would expect...because Dow futures are down 450 right now.
Bumpy roads ahead....
|
03-06-2022, 08:24 PM
|
|
Moderator
|
|
Join Date: Aug 2012
Location: Wheatland County
Posts: 5,716
|
|
Tough not to think this one won't get political but there is a little rope.
__________________
If you're not a Liberal when you're young, you have no heart. If you're not a Conservative when you're old, you have no brain. Winston Churchill
You can, you should, & if you're brave enough to start, you will. Stephen King
|
03-06-2022, 09:05 PM
|
|
|
|
Join Date: May 2010
Location: edmonton
Posts: 3,878
|
|
Thats good for Alberta !  remember in March 2020 , a McDonald’s bigmac meal was more then a barrel of wcs… 
|
03-06-2022, 09:56 PM
|
|
|
|
Join Date: Dec 2014
Location: Alberta
Posts: 264
|
|
Booking completions services right now and we are looking at 3-6 weeks to get service rigs, snubbers, rod rigs. Just in the last week it went downhill fast on that end. Rates should be going through the roof soon along with wages. Just a matter of time
Lots to do with the rush before break up, but cant deny those prices. Hearing lots of wells that have been shut in for 5 years are getting repaired and fired back up.
Not many reasons to be unemployed in Alberta right now
Last edited by Sleddawg; 03-06-2022 at 10:03 PM.
|
03-07-2022, 07:19 AM
|
|
|
|
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 19,036
|
|
Went as high at $134/barrel… now settled in at $120.
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
|
03-07-2022, 08:05 AM
|
|
|
|
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 19,036
|
|
Main influencers on price right now is the war, potential embargo on Russian oil, Iranian oil production deal and Venezuelan oil production deal.
Alberta yesterday said our production could increase also as there is room in pipes and trains. But if that was the case then why isn’t it being produced now which is odd.
Most Alberta oil companies seem to be making the bounce.
What’s amazing is Western Canada Select is currently at $101. I remember it’s low of $8 in 2020.
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
|
03-07-2022, 09:01 AM
|
 |
|
|
Join Date: Dec 2008
Location: Near Edmonton
Posts: 15,313
|
|
As happy as I am to see this rebound in Alberta's fortunes, I can't help feeling very bad as well. Millions are being displaced, thousands killed. I would very happily take a slower run up in the oil prices and share prices to avoid what is happening now. I won't be popping any Champagne corks any time soon.
|
03-07-2022, 09:47 AM
|
|
|
|
Join Date: Sep 2012
Posts: 6,305
|
|
It sure would have been a lot of help if KXL line was still under construction and Guberment in Ottawa was not choking the Trans Mountain line build. We could have easily replaced a significant amount of Russian oil.
|
03-07-2022, 10:02 AM
|
|
Banned
|
|
Join Date: May 2008
Location: Calgary-Kootenay Lake
Posts: 350
|
|
Quote:
Originally Posted by Sundancefisher
Cheap labour. Zero carbon tax. No environmental rules. State subsidies.
|
With this knowledge I should feel happy paying $2/litre - is it what you want to say?
|
03-07-2022, 10:06 AM
|
|
|
|
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 19,036
|
|
Quote:
Originally Posted by straight
With this knowledge I should feel happy paying $2/litre - is it what you want to say?
|
Point is you can’t match apples to armadillos.
Your statement inferred you didn’t know why gas was cheaper in Russia.
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
|
03-07-2022, 10:08 AM
|
|
|
|
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 19,036
|
|
Quote:
Originally Posted by Dean2
As happy as I am to see this rebound in Alberta's fortunes, I can't help feeling very bad as well. Millions are being displaced, thousands killed. I would very happily take a slower run up in the oil prices and share prices to avoid what is happening now. I won't be popping any Champagne corks any time soon.
|
Agreed. Nothing to celebrate. Slow rise of prices with sustainable increasing demand is more likely to last than a surge and slump.
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
|
03-07-2022, 10:09 AM
|
|
|
|
Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 19,036
|
|
Quote:
Originally Posted by Big Grey Wolf
It sure would have been a lot of help if KXL line was still under construction and Guberment in Ottawa was not choking the Trans Mountain line build. We could have easily replaced a significant amount of Russian oil.
|
Savage said we have lots of production to help offset production loses in the world. However if so why are we producing it now? I wonder about that.
KXL should be restarted as should Energy East.
__________________
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
|
03-07-2022, 11:52 AM
|
 |
|
|
Join Date: Jul 2010
Location: Edmonton
Posts: 11,880
|
|
Key point is extraction costs in different depending on where you are in the world and Russia and the Middle east are fractions of the cost of what it takes for us to extract a BBL.
With low oil prices, and net losses for many companies here (when oil is under about $30BBL) these guys were producing at a loss for two reasons; contract obligation (global nomination quantities) AND revenue in to pay for Capex (Capital investment on infrastructure) to cover the interest costs of that cash.
With oil back up into the higher prices, we should expect to see another push for pipelines and more efficient means of delivery. That could only improve our long term proposition.
As far as gas is concerned, this is where investment into off shore gas supply off the coast of Europe is required immediately.
I would bet dollars to doughnuts even "as sworn enemies" Europe will continue to buy from Russia and Russia will be happy to sell to the the EU ...... the irony is thick here. Gas is a different story and much more problematic for the EU.
Both Canada and the US are net producers and exporters (producing more than we consume) so the potential impact and pitfalls are certainly far less here.
|
03-08-2022, 09:07 AM
|
|
|
|
Join Date: Sep 2014
Posts: 4
|
|
EZM- are you sure that US is a net producer? I have been wondering why US is buying 600 million barrels a day from Russia. US is now begging around the world for more oil so they can cut Russia out. Russia will find somewhere else to sell oil, so banning Russia oil imports in US is just symbolism.
How long would it take for Canada or ramp up and replace Russian oil? It seems the only way to reduce the price of oil is to increase supply.
|
03-08-2022, 10:00 AM
|
 |
|
|
Join Date: Apr 2008
Location: alberta
Posts: 1,995
|
|
Quote:
Originally Posted by Cougar Gold
EZM- are you sure that US is a net producer? I have been wondering why US is buying 600 million barrels a day from Russia. US is now begging around the world for more oil so they can cut Russia out. Russia will find somewhere else to sell oil, so banning Russia oil imports in US is just symbolism.
How long would it take for Canada or ramp up and replace Russian oil? It seems the only way to reduce the price of oil is to increase supply.
|
under trump it was
he made a big deal about it at the time
and for the record. IT WAS A BIG DEAL
even though my oil stocks tanked it was because of tru-dough nut-lee and bc eco-terrorists I believe
USA will get there again soon in 2024
|
03-08-2022, 01:20 PM
|
|
Banned
|
|
Join Date: Sep 2010
Location: Port Alberni, Vancouver Island, BC
Posts: 3,444
|
|
U.S. bans all Russian oil and gas imports
"How high can oil prices go? Pick a number. This is a market in disarray" energy strategist Michael Tran with RBC mused in a note to clients Tuesday.
https://www.cbc.ca/news/business/us-...-ban-1.6376816
|
03-08-2022, 01:56 PM
|
|
|
|
Join Date: Apr 2012
Posts: 1,003
|
|
Quote:
Originally Posted by fishtank
Thats good for Alberta ! remember in March 2020 , a McDonald’s bigmac meal was more then a barrel of wcs… |
To be fair the bigmac meal produces far more gas then a barrel of wcs...
|
03-08-2022, 02:06 PM
|
|
|
|
Join Date: Oct 2007
Posts: 2,359
|
|
Oil spike is the pin that is going to pop this everything economic bubble. After all the gov't money printing inflation was already running rampant. Now we have an oil spike that is going to further goose the cost of everything. Central banks can't do anything about it. Even if they don't raise rates inflation will have the same effect of raising costs and tempering spending. Consumer sentiment is going down, spending going down, company revenue forecasts will follow. Market will continue to take hits on the negative revisions and end of fabulous growth projections. Jobs market will weaken and eventually RE will get hammered back into some semblance of reality. We have a long long way to go to unwind all the steps that have blown up this everything bubble. Lots of pain ahead.
Enjoy for now but be smart and take oil profits before demand starts to crater with the economy.
|
03-08-2022, 02:30 PM
|
 |
|
|
Join Date: Jun 2007
Location: Edmonton
Posts: 2,110
|
|
Quote:
Originally Posted by The Elkster
Enjoy for now but be smart and take oil profits before demand starts to crater with the economy.
|
I’d agree tread carefully. Not sure where China will end up on all this. China has been fairly quiet.
|
03-08-2022, 02:32 PM
|
 |
|
|
Join Date: Feb 2012
Location: Blackfalds
Posts: 6,965
|
|
I set trailing sell limits just now. Trying to avoid the crash if there is one.
__________________
Trudeau and Biden sit to pee
|
03-08-2022, 02:34 PM
|
|
|
|
Join Date: Jan 2018
Location: West Central Alberta/Costa Rica
Posts: 1,117
|
|
Quote:
Originally Posted by DiabeticKripple
I set trailing sell limits just now. Trying to avoid the crash if there is one.
|
Yep, no such thing as bad profit!
|
03-08-2022, 02:42 PM
|
|
|
|
Join Date: Oct 2007
Posts: 2,359
|
|
Quote:
Originally Posted by Penner
I’d agree tread carefully. Not sure where China will end up on all this. China has been fairly quiet.
|
I don't even want to think about it. China can do what it wants given that the rest of the world relies on so many of its exports. They are the one country that is in a more leveraged position than Russia. Any resistance/sanctions to a Chinese aggression would cost us dearly. Maybe to the point of leading to civil unrest in the west. Severe shortages tend to do that. Still waiting to see what Russia does with Nord stream 1. If that goes down or worse (gets bombed) that is going to kill the EU economy and people and by extension all markets worldwide will suffer.
Just a bad recipe given the sensitive point we are at in the economic cycle.
|
03-08-2022, 03:13 PM
|
|
Banned
|
|
Join Date: Nov 2020
Posts: 82
|
|
|
03-08-2022, 06:43 PM
|
|
|
|
Join Date: Aug 2013
Posts: 993
|
|
Quote:
Originally Posted by Cougar Gold
I have been wondering why US is buying 600 million barrels a day from Russia.
|
Not True.
"In 2021, the U.S. imported an average of 209,000 barrels per day (bpd) of crude oil and 500,000 bpd of other petroleum products from Russia."
https://www.afpm.org/newsroom/blog/o...ssia-explained
The bulk of the "other" 500,000 bpd is gasoline...
With regard to your question about "ramping up"...we are pipeline constrained...
Last time anyone checked...Biden didn't want Keystone XL...
|
03-08-2022, 10:12 PM
|
|
|
|
Join Date: May 2010
Location: edmonton
Posts: 3,878
|
|
Nancy pelosi is trying to delayed the Russian oil ban , probably give some of her friend and family time to unwind and reload their stock positions ….. 
|
| Thread Tools |
|
|
| Display Modes |
 Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT -6. The time now is 05:01 AM.
|
