Crude Oil

[errolanderson]

Alberta bitumen prices may go to zero (0), even negative is possible . . . .

With no sign of the global oil price war subsiding, supertanker rates have exploded as floating ocean storage with no port to head to. Apparently, 10 million barrel surplus daily is flooding into global markets. Super tanker storage capacity is said to be 1.8 billion barrels with about 800 tankers in-operation.

Texas and Suffield natural gas spot prices went negative over the past five 5) years, in other words, the market pays you to haul it away. This situation may force Western Cdn Select (WCS) into a similar situation without any abatement in the Russia/ Saudi war.

[Oliver88]

Would you call that good margins with 90 cent gas and 80 cent farm diesel?

Bucket, can’t you get 65-70 cent (+GST) or lower diesel delivered now?

I agree with your point about refinery making good margins.

[bucket]

Mar 20 rack price .497 diesel, .32 gasoline

Would you call that good margins with 90 cent gas and 80 cent farm diesel?

[farming101]

Rack price today at Saskatoon is .513/l for diesel and .371 for gasoline. We have hit rock bottom on gas or very near to it

Mar 20 rack price .497 diesel, .32 gasoline

[Oliver88]

Good 👍
We should worry about keeping our own house in order here in Canada . The whole Trump derangement syndrome getting old lol .

TSX has been pounded bad since the oil free fall due to Saudi/Russia spat and now the China Virus.
CDN $ has lost close to a dime in last month. Very interesting how reliant our $ is on the energy sector and ironic that lefties HATE the energy industry.

[farming101]

A barrel of Western Cdn Select (WCS) oil hit a low of $7.84 per barrel U.S. within the last 24 hours . . . the cost of two (2) Chia teas (complete with a stopper).

Possibilities:
1. Oil prices will rebound
2. Tea prices are going to implode or tea will disappear from the market altogether.
3. A black market for tea and oil will rise up with barter the means of exchange.

Meanwhile the USD put in a 3 year high today. As long as tea drinkers have USD they'll be fine

[errolanderson]

A barrel of Western Cdn Select (WCS) oil hit a low of $7.84 per barrel U.S. within the last 24 hours . . . the cost of two (2) Chia teas (complete with a stopper).

[agstar77]

If we didn't live next door I would not worry about orange face.

[furrowtickler]

I don't have a problem with that.

Good 👍
We should worry about keeping our own house in order here in Canada . The whole Trump derangement syndrome getting old lol .

[agstar77]

Canada could stop taking Saudi oil and end that contract for arm vehicles.
What did Trudeau say about those armed vehicles again ? Oh ya , it’s a go
But no barley sales there , but that’s ok 👎

I don't have a problem with that.