Discover and read the best of Twitter Threads about #oilcrash

Most recents (4)

@Jkylebass @RaoulGMI holds a similar view, but it garnered very little support at the time and most in finance/trading seem to reject the idea (eg, @JamesGRickards @Nouriel @ErikSTownsend @chigrl @Amena_Bakr). In fact, it's hard to find a supporter of the current administration who agrees.
@Jkylebass @RaoulGMI @JamesGRickards @Nouriel @ErikSTownsend @chigrl @Amena_Bakr 2/ Unsurprisingly foreign policy and international relations circles discuss it openly. If this is in fact a "MBS-PUTIN TWO-STEP" (economic warfare against the US), why the vocal support from the administration for MBS & Putin? Why were we 'peacemaking' these last two weeks...
@Jkylebass @RaoulGMI @JamesGRickards @Nouriel @ErikSTownsend @chigrl @Amena_Bakr 3/ ...and sending them ventilators/PPE? MBS & Putin DEFINITELY knew their 'price war' would be devastating for the US economy during the WU-flu, yet we're supporting them while they attack us? Could you share your thoughts why? (CAN ANYONE??)
Read 20 tweets
#Thread

Will Oil become Valueless

Social media Idiots 👇 went crazy the moment the news about Alberta oil going into negative hit the headlines. While this is one of the rare events when a theoretical concept has come true.

#OilPrice
#Petrol
#OilCrash
All crude oils are not same — there is West Texas Intermediate (WTI), Brent, Dubai CrudCrude at the end of the day is a physical commodity that is traded on exchanges or Over-The-Counter (OTC) but delivered at a physical location (Cushing in Oaklahoma is where WTI is delivered.
While Brent is delivered globally at various ports). Let us discuss the top 2 types of crude and what the recent market moves tell us about it. WTI — West Texas Intermediate is the crude that went negative on 20th April. In fact, it went below -$30 at a point today.
Read 12 tweets
Oil #Brent #crudeoil WTI vs Brent. Image
1. Most popular grades of oil quality are West Texas Intermediary (WTI) & Brent North Sea Crude (Brent) (sourced from US from Permian basin)
It’s a benchmark for North America
2. Brent is a blend from of 15 oil fields n other in the North Sea. It's 2/3rds of world production. Benchmark for Africa, Europe + Middle East
Read 21 tweets
#WTI #CrudeOil futures for May,expiring tomorrow,tanked 57%,to $7.98 per barrel

June contract,expiring on 19thMay, traded@ $26.62/barrel

July futures,traded@ $28/barrel

And all this,despite #OPEC's decision to cut supply by 9.7 million barrels a day,wef 1st May2020

#OilCrash
Normally,spread between #Spot &one month forward contract,is 40-50 cents

This time,spread is $10-12,implying weakness in #crudeoil,will continue

Global demand for #Oil in April 2020,was lower by 29 million barrels per day,Vs April 2019

#COVIDー19&global #lockdown, playing out
Indian #Crude basket is a derived basket of #crudeoil comprising #sourcrude(Dubai&Oman)&sweet crude(Brent)

Indian basket,aligned to #Brent crude,has fallen too,but not as much as #WTI crude

April 2020 #Brent@$20.92 per barrel March $32.01
Feb $55.70
Jan 2020@ $63.83

#OilCrash
Read 16 tweets

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