Wall Street clobbered as crude plummets, virus crisis deepens

[dbc]

Mr Gambit did not believe there was a master stroke from Russia and Saudi Arabia. He better keep stroking his pole if he wishes for the US oil industry to survive.

The US can kill the Russian oil industry easily. 80% of the technology used in the oil and gas industry comes from US companies (GE/Baker/Halliburton/Schlumberger etc). The US has already killed Russian unconventional and deep sea prospects by denying related technologies. Also, US producers are incredibly efficient because these are small / medium mom & pops that have very little CAPEX unlike the inefficient ARAMCO's and state owned Russian oil companies. These moms & pops can survive at an average of 30$s per barrel. When oil is below that price they simply plug the well stop production and take a vacation.

As for Saudi.....they can pretty much stick a plastic straw in the ground and produce oil. No one can win a price war with them.

 

[Enigma SIG]

OUCHIE!

 

[mmr]

Good time to buy. Market now down 30 percent from peak.

 

[riscol]

14 million barrels Saudi oil steaming towards the US.

https://www.aljazeera.com/ajimpact/...i-crude-oil-armada-heads-200408142443637.html

Gotta laugh at the McDonald clowns earlier comments

 

[riscol]

https://edition.cnn.com/2020/04/20/business/oil-price-crash-bankruptcy/index.html

Master stroke from Russia and MBS to bring down US shale industry