And dropping. Unbelievable
Gasoline is at $0.71 per gallon while Ethanol is $0.99.
Gasoline is at $0.71 per gallon while Ethanol is $0.99.
Currently down $7.43 at $10.84 per barrel.
This is gonna hurt.
Talked to my energy trader buddy, he said the may contracts are rolling off and there's nowhere to store it. However June contracts are in the 20-25 range. If this economy doesn't start up, I'd image they'll have the same issue next month.
Talked to my energy trader buddy, he said the may contracts are rolling off and there's nowhere to store it. However June contracts are in the 20-25 range. If this economy doesn't start up, I'd image they'll have the same issue next month.
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Not good at all.
It’s terrible. But, for those that may not know, we were (state of OK) already starting to lose a lot of oil business to NM/TX. They have been the new/old hotspot. Oil production in Oklahoma was in trouble before Covid-19. And getting rid of Covid, if it were possible, may not help. Oklahoma companies were laying off employees when oil was $55/barrel. Closing field camps when it was $45-50/barrel.
Y’all need to get with the state reps and senators and get them to lower the gross production tax and amend some other items. We need new exploration and new ideas, or oil in Oklahoma is going to be nearly a thing of the past.
Y’all need to get with the state reps and senators and get them to lower the gross production tax and amend some other items. We need new exploration and new ideas, or oil in Oklahoma is going to be nearly a thing of the past.
LOL. They just raised the GPA not long ago. They were warned but they didn't listen. Great foresight there!
Another thing that hurts is all the wind farms which continue to be built. They've allowed the utilities to book more capacity to wind than they should have and now there's less demand for NG which really hurts. We have more gas than oil.
$8.85 a barrel
Down 51.5% or $9.42
Down 51.5% or $9.42
These contracts expire tomorrow. That’s the reason they are being dumped. Brent is still at $27
June futures are at $21, July at $26.
Still not good. But it is not as bad as it appears on the surface.
