Oil at sub $15 pb

allandwf

allandwf

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10,993
RobinL said:
I have a feeling this one is different. Over supply, hugely reduced demand and NSea break even is around $25 for the most efficient. The oil companies have squeezed all the slack out if procurement. Additionally long term investment is eyeing all the carbon neutral promises for 2035 and negative publicity on oil investments. Rather than a bounce back this will be a slow grind to a low but sustainable number. My guess is bottom at $18 and not higher than $25 by end of year. NSea contracts already cancelled... Bit of a gloomy outlook for a while. Doubt I'll be renewing my offshore survival this year. Would have been my 10th!

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I can still see it being above $50 again by the end of the year. A lot of unknowns, and ifs and buts, but I'll be optimistic.
 
Silvercat

Silvercat

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1,166
Motorsport3 said:
And gas station price is still well over £1 /lt which is taxes that appear to be fixed.
Also the difference between regular and super is also well over 10-12p /lt, shouldn't that be compressed too?

Of course any drop is good for our Italian V8. Pity that we can't use them.
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Dont forget that all crude oil is traded in US$ so what we pay at the pumps is also heavily influenced by £/$ exchange rate.
 
MRichards

MRichards

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283
Gasoline retail prices in the colonies have hit record lows. Yesterday 91 RON ULP at A$0.85.6,98RON at A$1.03. Local refinery running at 50% capacity & only operational staff working. They have run out of storage for Jet A1 & working some of it into diesel fuel. The remainder is being exported. Two other refineries taking the opportunity to do maintenance shutdowns. Meanwhile Exxon employees buying gasoline from refinery for A$0.50,happy days.
 
midlifecrisis

midlifecrisis

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If the producers are paying to offload due to no demand, I'll happily create demand by them sponsoring me to drive the GT, say £1 a mile? ;)
 
daverichardson

daverichardson

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RobinL said:
I have a feeling this one is different. Over supply, hugely reduced demand and NSea break even is around $25 for the most efficient. The oil companies have squeezed all the slack out if procurement. Additionally long term investment is eyeing all the carbon neutral promises for 2035 and negative publicity on oil investments. Rather than a bounce back this will be a slow grind to a low but sustainable number. My guess is bottom at $18 and not higher than $25 by end of year. NSea contracts already cancelled... Bit of a gloomy outlook for a while. Doubt I'll be renewing my offshore survival this year. Would have been my 10th!

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Junior!:p
I was 25 years offshore N Sea
Seen this all before (well not -ive), however that is W Texas Intermediate oil a different bench mark to Brent as the standard is in UK which is around $25
Admittedly an economic woe.
Not sure $25 is the break even either but I bow yo your most recent experience
best wishes
 
BennyD

BennyD

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A mate of mine who is in a neighbours heating oil buying scheme has just filled his tank at 19p/litre. This time last year it was about 60p/l.
 
Silvercat

Silvercat

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1,166
BennyD said:
A mate of mine who is in a neighbours heating oil buying scheme has just filled his tank at 19p/litre. This time last year it was about 60p/l.
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Yep..sadly I bought 1200 lts 3 weeks ago at 42.4p / litre...I can now buy it at 23.7p/litre! You're right heating oil was selling at 58-62p/litre last year. Wish I had another 2500 litre tank so I could stockpile now for next winter. I buy between 5700 and 7000 litres a year so a really big saving to be had.
 
rockits

rockits

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9,172
I placed an order a few weeks back with Value Oils who I have used before with no issue. Went for the slow delivery as was in no rush as have 1/4 tank left.

The price dropped and I hadn't had delivery yet. I contacted them a week before deliver was due to say I have been offered a better price and I would like to cancel my order.

They agreed to match the current price which ended up being about £160 less. Didn't change the delivery time at all good and happy. They were quick to respond very helpful and I would use them again so can heartily recommend them.

Like others I ordered 2000 litres and was about half the price of my previous order last year.
 
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