Oil down hard thank Saudi

[SASKFARMER]

Down only 6.10 now so stabilizing.

But this is about the saudis and Russia going after USA shale. Now if the USA was like canada they would kill shale from within but this is the USA it won’t go down without a fight.

Follow the money.

Skippy is crying under his desk.

[sk_wheatking]

Seem's to me that Russia is trying to take trump down in 2020 election by flooding crude markets therefore crashing economy and creating political turmoil in u.s.!!!!

Oh, but trump is colluding with the russians, most likely to buy a bunch of bankrupt hotel properties that will turn up due to wiped out american economy.

Also, I think that the american exchange drop right off the bat could be partially blamed on the Biden family unloading their Burisma shares.

Erroll, any comment?

[chuckChuck]

Canadian oil production continues to grow.
https://www.eia.gov/international/content/analysis/countries_long/Canada/canada_CAXS.pdf https://www.eia.gov/international/content/analysis/countries_long/Canada/canada_CAXS.pdf

[jazz]

Again, I always look behind the scenes rather than the front line headlines. Corona is nothing compared to the flu. The regular flu killed more people yesterday than corona has in 60 days. So looks like MSM latched on, then Wall Street decided to shake out some week hands and margins at the same time. Looks like it backfired when the Saudis and Russians decided to throw a little oil war in there. A 1800 pt drop on the dow looks like some big guys are getting caught with their pants down.

This looks like a response to a bigger economic trade war than just what we see in the markets.

[agstar77]

Trump should phone his good buddy Putin and his fencing partner in Saudi Arabia. It would be a perfect phone call. The great dealmaker should get to work. When you get into bed with these two , you suffer the consequences.

[sumdumguy]

Agree Agstar, big trade war has been smouldering since Trump election. This may be the long-predicted war over oil. How many commodities go down with the ship, that’s my worry. No world power houses want to see America great, no matter how buddy-buddy.

[jazz]

Saudi and Russia fund their entire countries budgets on the backs of oil. How long can they run a trade war? They lose revenue at these prices too. I predict maybe 2 months of this. US shale isnt going ti budge and Trump isnt going back. Better get used to the new way of doing things.

So long as US has the reserve currency, controls world finance, they can crush Russia and Saudi if needed.

[agstar77]

The U.S. could have put the screws to the Saudis by cutting off military supplies. They could punish Russia by giving Ukraine more aid. Not under Trump.

[sumdumguy]

Big buy opportunity for oil, just say when!

[foragefarmer]

Economics 101 guys, supply and demand. Just like grain farmers oversupplying and the prices go into the shitter.

Now we know why Teck pulled out, over production cost to produce the oil and with prices $34.00 barrel for the good stuff not the oil sands discounted product it was a smart move on their part.

Now guys "we have the rest of the story".