Oil prices see biggest drop since 1991

[the other mike]

Just when something unexpected happens, it never fails...something else unexpected happens.

Oil prices and stock indexes were in freefall Sunday after Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the United States and Europe.

Benchmark Brent crude oil futures dove 30% — the steepest drop since the Gulf War in 1991 — in early trading Sunday night before recovering slightly to a drop of 24%. The benchmark Brent crude oil price fell below $34 per barrel.

The oil price shocks reverberated throughout financial markets. Dow futures dropped more than 1,000 points, S&P 500 futures hit their limits after tumbling 5%, and the key 10-year Treasury note yield fell below 0.5%, a record low.

Saudi Arabia, the world's second-largest producer, this weekend said it will actually boost oil production instead of cutting it to stem falling prices, in a dramatic reversal in policy.

Late last week, Saudi Arabia, the rest of OPEC and Russia failed to agree on production cuts to combat falling prices because of fears that the coronavirus epidemic will halt world economic growth. Oil prices were down more than 30% this year before Sunday's collapse.

Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive Discounts

 

[MarathonMike]

I thought we could see $30 a barrel oil maybe in a few weeks, I never thought it would happen in one day.

 

[petro]

My V8 is happy.

 

[LeeOnLido]

another reason to impeach Trump

 

[beautress]

I thought we could see $30 a barrel oil maybe in a few weeks, I never thought it would happen in one day.

Time to visit the National Parks! We'll be able to buy the gasoline!

 

[Jackson]

another reason to impeach Trump

Give it a rest.

 

[the other mike]

I thought we could see $30 a barrel oil maybe in a few weeks, I never thought it would happen in one day.

Time to visit the National Parks! We'll be able to buy the gasoline!

Or Hawaii where a gallon of water costs more than gallon of gasoline
and a gallon of milk is more than a barrel of Saudi crude oil.

 

[bluzman61]

Just when something unexpected happens, it never fails...something else unexpected happens.

Oil prices and stock indexes were in freefall Sunday after Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the United States and Europe.

Benchmark Brent crude oil futures dove 30% — the steepest drop since the Gulf War in 1991 — in early trading Sunday night before recovering slightly to a drop of 24%. The benchmark Brent crude oil price fell below $34 per barrel.

The oil price shocks reverberated throughout financial markets. Dow futures dropped more than 1,000 points, S&P 500 futures hit their limits after tumbling 5%, and the key 10-year Treasury note yield fell below 0.5%, a record low.

Saudi Arabia, the world's second-largest producer, this weekend said it will actually boost oil production instead of cutting it to stem falling prices, in a dramatic reversal in policy.

Late last week, Saudi Arabia, the rest of OPEC and Russia failed to agree on production cuts to combat falling prices because of fears that the coronavirus epidemic will halt world economic growth. Oil prices were down more than 30% this year before Sunday's collapse.

Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive Discounts

This is GREAT news. I paid just $2.26 a gallon for gas tonight. I think it's the lowest it's been in over 20 years.

 

[the other mike]

Most of the big money is in all the other petroleum products that
hyperinflated in the early 2000's and many never dropped back down....and obviously the auto industry.

144 Products Made From Petroleum And 4 That May Shock You
https://www.innovativewealth.com/inflation-monitor/what-products-made-from-petroleum-outside-of-gasoline/

 

[beautress]

I thought we could see $30 a barrel oil maybe in a few weeks, I never thought it would happen in one day.

Time to visit the National Parks! We'll be able to buy the gasoline!

Or Hawaii where a gallon of water costs more than gallon of gasoline
and a gallon of milk is more than a barrel of Saudi crude oil.

Going to Hawaii was kind of fun when my husband was alive and well. So beautiful. The only time we went there, we got an unexpected call from his mother. His Dad was in the hospital and was not expected to live. We immediately hopped a plane, but before we landed, he had already died. My husband didn't get a chance to say farewell to his Dad whom he revered very much. He spent a couple of weeks with his mom after that, but I had to get home to tend to business. Seems like some times in life are good and bad mixed together in what we call life.

 

[MarathonMike]

I thought we could see $30 a barrel oil maybe in a few weeks, I never thought it would happen in one day.

Time to visit the National Parks! We'll be able to buy the gasoline!

Gas is $2.25 a gallon here in Az and I expect to see it under 2 bucks soon.

 

[the other mike]

This is GREAT news. I paid just $2.26 a gallon for gas tonight. I think it's the lowest it's been in over 20 years.

I don't know if there's any 'great' news on a day that
Wall Street is speculating on a bear market, the corona-death toll passed 4000 ,
store shelves are emptying from panic mode and our president is having to contemplate
issuing a police state. That means military check points, FEMA camps and all that good stuff.

 

[EvMetro]

I have been buying oil stocks for dividends, so I rarely sell. There are some really nice bargains right now, nice enough for me to not worry about prices going lower. I have dreamed of buying my favorite dividend paying oil stocks at these prices for a long time.

 

[the other mike]

Gas is $2.25 a gallon here in Az and I expect to see it under 2 bucks soon.

Arizona.
Where water costs more than gas.

 

[Jackson]

I thought we could see $30 a barrel oil maybe in a few weeks, I never thought it would happen in one day.

Time to visit the National Parks! We'll be able to buy the gasoline!

Or Hawaii where a gallon of water costs more than gallon of gasoline
and a gallon of milk is more than a barrel of Saudi crude oil.

Going to Hawaii was kind of fun when my husband was alive and well. So beautiful. The only time we went there, we got an unexpected call from his mother. His Dad was in the hospital and was not expected to live. We immediately hopped a plane, but before we landed, he had already died. My husband didn't get a chance to say farewell to his Dad whom he revered very much. He spent a couple of weeks with his mom after that, but I had to get home to tend to business. Seems like some times in life are good and bad mixed together in what we call life.

I'm sorry for your loss, but you'll never lose your experiences and memories.

 

[bluzman61]

This is GREAT news. I paid just $2.26 a gallon for gas tonight. I think it's the lowest it's been in over 20 years.

I don't know if there's any 'great' news on a day that
Wall Street is speculating on a bear market, the corona-death toll passed 4000 ,
store shelves are emptying from panic mode and our president is having to contemplate
issuing a police state. That means military check points, FEMA camps and all that good stuff.

The drop in oil prices IS great news. It makes up for the bad news.

 

[Rambunctious]

Gas and groceries and anything shipped by truck will begin to go down in cost if this oil price stays this low...so that's actually a good thing for the consumer....

 

[Rambunctious]

Trump voters will have even more money in their wallets...Buuuuaahahahahaha MAGA!!!!

 

[the other mike]

Going to Hawaii was kind of fun when my husband was alive and well. So beautiful. The only time we went there, we got an unexpected call from his mother. His Dad was in the hospital and was not expected to live. We immediately hopped a plane, but before we landed, he had already died. My husband didn't get a chance to say farewell to his Dad whom he revered very much. He spent a couple of weeks with his mom after that, but I had to get home to tend to business. Seems like some times in life are good and bad mixed together in what we call life.

Sorry for your losses and painful memories.

My wife and 2 boys on a dinner cruise near Waikiki beach.

At the Zoo
Me on the left

If you ever decide to go back and need some company, take me.
( my wife might not mind)

 

[bluzman61]

I thought we could see $30 a barrel oil maybe in a few weeks, I never thought it would happen in one day.

Time to visit the National Parks! We'll be able to buy the gasoline!

Gas is $2.25 a gallon here in Az and I expect to see it under 2 bucks soon.

What part of Arizona? I lived in the Phoenix area from roughly 1977-2010, about 33 years. I moved here, to Valparaiso, Indiana, in May of 2010. I don't ever see myself going back to Arizona, at least not the Phoenix area. It's too crowded and the illegal alien problem there is not good. It was getting bad in 2010, I imagine it's worse now.