notnalc68
That dude from Mississippi
OPEC was trying to cut production, but Russia wouldn’t.
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Banks/Money Managment
- Thread starter longarmwj
- Start date
OPEC was trying to cut production, but Russia wouldn’t.
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jdofmemi
Active Member
Recently they were, but not that long ago they tried to run wide open to drive the price down and hurt the US shale producers.
They failed at that, due to a number of reasons, one of those being that our domestic production exceeded demand, and we didn't need their oil.
notnalc68
That dude from Mississippi
Yes, I knew that. They are not our friends, at all, but I was speaking of the past couple of weeks.
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notnalc68
That dude from Mississippi
Possibly, but if it goes much lower, you better get a bunch of chickens and get ready to sell eggs. I believe the Goldman Sachs article I shared to be nearly correct. We will flirt with an S&P 500 level of 2000, with a lot of volatility for months, then rebound. You’ll never buy at the exact bottom, but stocks are trading at huge discount, now.
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rubiDave
Active Member
Brute
Hooked
It was Russia that was most pissed at the US shale oil biz for cutting into their market share...hence why they don't want to cut production as OPEC wished for...this was a move to directly hurt the US shale oil sector
Exodus 4x4
New member
Lol been there done that and trust me, if there’s one thing that will suck all the money out of your account faster than a Jeep it’s an oil well.
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fiend
Caught the Bug
The modern day gold mine. Best bet to make money is to sell shovels and picks.
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jesse3638
Hooked
Noble Woodsman
New member
If you really want a good overview of this, there is a whole chapter about it in the book "The Absent Superpower", where the author, who does this analysis stuff for a living, lays out the fundamental reasons why Russia cannot compete with US shale prices long term. Right now, Russia is taking a loss, and they can continue for a while longer due to their cash reserves, but long term, Russia just cannot produce shale gas cheaper than the US due to geographical and geological challenges.
When the market stabilizes after this price war, new producers will start up and backfill the capacity lost from those who went under. This happens every time there are major price swings in the oil and gas market.
I agree with Brute that the oversupply will probably take longer than a few months to recover. Currently, the US is projected to run out of crude oil storage capacity by July.
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notnalc68
That dude from Mississippi
Exactly, and it will hurt, but at least the oil is still there.
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WJCO
Meme King
Sounds like the IRS will also now be moving the tax FILING day to July 15th as well:
https://www.cnbc.com/2020/03/20/cco...will-move-tax-filing-deadline-to-july-15.html
The IRS is moving its national income tax filing day ahead to July 15 as part of a growing effort to stem the financial pain from the coronavirus pandemic, Treasury Secretary Steven Mnuchin announced Friday.
The move gives Americans three months more than they otherwise would have to file their income tax returns.
“At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15,” Mnuchin wrote in a tweet about the extension.
“All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
https://www.cnbc.com/2020/03/20/cco...will-move-tax-filing-deadline-to-july-15.html
The IRS is moving its national income tax filing day ahead to July 15 as part of a growing effort to stem the financial pain from the coronavirus pandemic, Treasury Secretary Steven Mnuchin announced Friday.
The move gives Americans three months more than they otherwise would have to file their income tax returns.
“At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15,” Mnuchin wrote in a tweet about the extension.
“All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
Ddays
Hooked
Bet the folks that already filed and had to pay are pissed!
wjtstudios
Hooked
I can’t imagine, I’ve always waited to the last minute to send everything out just incase something ever happened. I guess that just did.
2015 JKUR AEV JK350
1985 CJ8 Scrambler
Ddays
Hooked
Same here. I can't remember the last time I didn't do an extension. My accountant has a standing order to file for one unless I say otherwise.
wjtstudios
Hooked
Same boat, but you still need to make sure we were closely paid up to avoid any penalties. I’ve always extended to max out my company match for retirement.
2015 JKUR AEV JK350
1985 CJ8 Scrambler
A.J.
Active Member
Not really pissed but yeah that’s me. Already filed and paid.
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