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6 minutes ago, UTPhil2006 said:

That was your first mistake going there. They also think they have the best QB room in the country 


texags is great comic relief / you need a reminder they’re a bunch of racist fucks 

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2 hours ago, tx 3 putt said:

Always a good laugh going to texags …

If Trump was president we’d be pumping 5000 more barrels a day !

But the WH isn’t filling up the Strategic Reserve !

They’re lying about the numbers, deep state !

 

A few points: 1) we would be pumping more, and the price would be lower. The Biden admin has been hostile to the industry. That has evolved from outward hostility to Granholm getting a dose of reality and calming down, whilst still making the absurd decision to block new LNG permitting. 2) WH missed their window. They should’ve down that $15 ago but are too stupid to do so. 3) The reporting has totally changed to include certain refined product. That’s driven by API/EIA and not a Biden thing. We aren’t producing a record amount of crude in and of itself. 

The numbers produced are a win for the industry, for Biden (even though they’ve occurred in spite of Biden), and are totally fool’s gold. These continued reports do nothing at all to change my opinion on the direction of crude. 

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22 hours ago, Rex Kramer said:

A few points: 1) we would be pumping more, and the price would be lower. The Biden admin has been hostile to the industry. That has evolved from outward hostility to Granholm getting a dose of reality and calming down, whilst still making the absurd decision to block new LNG permitting. 2) WH missed their window. They should’ve down that $15 ago but are too stupid to do so. 3) The reporting has totally changed to include certain refined product. That’s driven by API/EIA and not a Biden thing. We aren’t producing a record amount of crude in and of itself. 

The numbers produced are a win for the industry, for Biden (even though they’ve occurred in spite of Biden), and are totally fool’s gold. These continued reports do nothing at all to change my opinion on the direction of crude. 

image.png.4be91e6049b42b81cff9ea19c061e264.png
 

US speeds up return of oil to Strategic Petroleum Reserve -Energy Dept

https://www.reuters.com/markets/commodities/us-speeds-up-return-oil-strategic-petroleum-reserve-energy-dept-2023-12-01/?_sm_au_=iVV7bGnk7tsDN6177qBfJK0CNRBH2

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59 minutes ago, StassneyHorn said:

Why does this trigger you?  Is it because the admin released 180 million barrels but only bought back 9 million?  Or is it because they’ve had multiple opportunities to buy at $60-$65 crude but continually fail to do so?

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lol you know there are limits on the amount you can buy back at once and that buying 180 million at a time isn’t viable, yet you act like that’s possible in this post. Just like the admin didn’t release 180 all at once, they won’t buy it all at once, and when they have bought it’s averaged $75. Show us the multiple opportunities in the $65-70 range the last two years that would’ve been good to buy? It’s the same timeframe you kept betting on $100 oil 

I’ll give it you that you’re consistent in this thread on being wrong.

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5 minutes ago, StassneyHorn said:

lol you know there are limits on the amount you can buy back at once and that buying 180 million at a time isn’t viable, yet you act like that’s possible in this post. Just like the admin didn’t release 180 all at once, they won’t buy it all at once, and when they have bought it’s averaged $75. Show us the multiple opportunities in the $65-70 range the last two years that would’ve been good to buy? It’s the same timeframe you kept betting on $100 oil 

I’ll give it you that you’re consistent in this thread on being wrong.

Of course I know this; however, they’re not nearly as limited as you think. I’m just interested in what they’ve bought back. You linked a report they’d bought back 5% of volume released and intimated you were triggered.

Are you asking me about the number of days we’ve traded below $70 the last two years?  Yeah I’m not gonna help you out there lil buddy.

I never “bet” on $100 oil. I predicted it awhile ago and was 100% correct. See 2022 when we hit $120 and averaged $95 or so for the year. You know, when you hit $100 you typically don’t stay there for long, right?

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The triggered comment is very obviously pointed at you and your, let’s call it a plethora, of incorrect guesses at 100 dollar oil within the last two years that’s already been quoted a couple pages back.

Yes you can get a day sometimes a couple of them together under 70 the last two years. There has not been an extended amount of time in that $65-70 range the last two years to purchase the amount you are suggesting and do it all within a day, no help needed looking that up lil buddy.

 

so your point number one you tried to make is just more bullshit oil n guess, we hate Biden

point number two is factually incorrect thinking there’s numerous opportunities to buy 15 dollars under 75

point number three is tears 

Edited by StassneyHorn
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37 minutes ago, StassneyHorn said:

The triggered comment is very obviously pointed at you and your, let’s call it a plethora, of incorrect guesses at 100 dollar oil within the last two years that’s already been quoted a couple pages back.

Yes you can get a day sometimes a couple of them together under 70 the last two years. There has not been an extended amount of time in that $65-70 range the last two years to purchase the amount you are suggesting and do it all within a day, no help needed looking that up lil buddy.

 

so your point number one you tried to make is just more bullshit oil n guess, we hate Biden

point number two is factually incorrect thinking there’s numerous opportunities to buy 15 dollars under 75

point number three is tears 

I haven’t been on this board since what, ‘21?  Nonetheless, I called for $100 that year, and was absolutely correct. You do realize we had an extended period within the last 2 years between $100-$120?

On oil ranging from $60-$70, you clearly do not pay attention to oil prices. 

But cool triggered meme. Nailed me. 

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Admin started buying back oil December 2022 after ending the selling in November 2022. It sold its reserves on avg for $96 and is buying back at an average at $75. Those are facts. They are doing it at profit. There has been exactly 1 day since the admin stopped releasing oil and has been in the market to buy back where intraday prices fell under $65. 

Also here are a couple of deleted Porterhouse posts. Didn't bother to include ones tyou would argue about. July 20,2022 was the last day oil has closed above $100. 

On 5/3/2023 at 5:38 PM, Guest said:

Pretty much my exact feelings. I’ve got a guy trying to buy something from me and his bids are changing by the hour. I’ve stopped engaging him and am just rolling my eyes. The drop in crude is ridiculous and will be totally erased by Memorial Day.  We’ll be $100 by the summer. 

Gas is fucked for a while. 

 

On 9/27/2023 at 9:08 AM, Guest said:

$100 around the corner. Gas likely to remain hampered by slightly high storage levels. Really need a cold winter. Probably low in the short term and pretty damn volatile. 





 

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4 minutes ago, StassneyHorn said:

Admin started buying back oil December 2022 after ending the selling in November 2022. It sold its reserves on avg for $96 and is buying back at an average at $75. Those are facts. They are doing it at profit. There has been exactly 1 day since the admin stopped releasing oil and has been in the market to buy back where intraday prices fell under $65. 

Also here are a couple of deleted Porterhouse posts. Didn't bother to include ones tyou would argue about. July 20,2022 was the last day oil has closed above $100. 

 





 

I initially said “$15 ago”, and there have been ample opportunities to do so.  I haven’t heard anything about a continued buyback program. And you haven’t either apparently because you linked an article citing their whopping 5% buyback. There have been many trading days under $70, and, $75 average buyback price is great. Why has it apparently stopped?

Look, I’m responding to 3 putt’s Texags post and nothing more. If the Biden admin can put it back at a net neutral cost, that’s great. 

And what the fuck ever on the other dude’s posts. I don’t own properties. I’m a banker. He was 100% on gas though. 

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On 3/27/2024 at 11:44 AM, Rex Kramer said:

WH missed their window. They should’ve down that $15 ago but are too stupid to do so.

We should have bought a bunch during the initial COVID lock down when oil was around $40/barrel.

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1 minute ago, Schulz2.0 said:

We should have bought a bunch during the initial COVID lock down when oil was around $40/barrel.

100%, but crude probably averaged $25-$30 from 4/1/20-12/31/20. And Trump used SPR releases as a political tool too, but more idiotically. 

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March 15,2024
 
The administration has so far bought back about 29.61 million barrels of domestically-produced crude oil, since the 2022 sales, it says. The DOE says it has also sped up the return of nearly 4 million barrels to the SPR from loans to oil companies.
The pace of the buybacks has been slowed by planned maintenance at two of the four SPR sites, department officials have said.
Quick buybacks of much larger volumes could also risk pushing up oil and gasoline prices ahead of the Nov. 5 presidential election, analysts have said. Energy Secretary Jennifer Granholm said on Feb. 21 the U.S. was being careful not to do anything to remove supply from the market when prices might be high.
 
 
The U.S., which is producing oil at record volumes with more increases expected this year, has more crude in the SPR than required as a member of the Paris-based International Energy Agency, the West's energy watchdog. Under the agreement, the U.S. is required to hold 90 days' worth of net petroleum imports.
 
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13 minutes ago, StassneyHorn said:
March 15,2024
 
The administration has so far bought back about 29.61 million barrels of domestically-produced crude oil, since the 2022 sales, it says. The DOE says it has also sped up the return of nearly 4 million barrels to the SPR from loans to oil companies.
The pace of the buybacks has been slowed by planned maintenance at two of the four SPR sites, department officials have said.
Quick buybacks of much larger volumes could also risk pushing up oil and gasoline prices ahead of the Nov. 5 presidential election, analysts have said. Energy Secretary Jennifer Granholm said on Feb. 21 the U.S. was being careful not to do anything to remove supply from the market when prices might be high.
 
 
The U.S., which is producing oil at record volumes with more increases expected this year, has more crude in the SPR than required as a member of the Paris-based International Energy Agency, the West's energy watchdog. Under the agreement, the U.S. is required to hold 90 days' worth of net petroleum imports.
 

Better, but still only 16% of what they released.  And they’ve missed their window of cheap-ish oil.  

It’s laughable you’re bolding IEA’s notion of what the US should hold when we’re down a net 150 million bbls.  Granholm has no notion that every major oil shale play has peaked, except the Permian, and is in irreversible decline. And the Permian will hit its peak later this year. It’s not clear or not whether you understand this. I suspect not as most people don’t. 

4 minutes ago, The Royal We said:

Futurama Squinting GIF

Hi pal. Coming after your business. 

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6 hours ago, StassneyHorn said:


sold at $95, replenishment at $75. seems like an ok move

 

also … 

Quote

Last year's 180-million-barrel-sale sank levels in the reserve to the lowest in 40 years, angering some Republicans who accused the administration of leaving the U.S. with a thin supply buffer to adequately respond to a future supply crisis. But Republicans in recent years had called for big sales from the reserve as domestic U.S. oil output has soared thanks to fracking and other drilling techniques.


triggered GIF

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1 hour ago, Schulz2.0 said:

We should have bought a bunch during the initial COVID lock down when oil was around $40/barrel.


question, when futures hit $0, shouldn’t you fill it all up ? Or anything under $20 is an auto buy

 

side note - imo we had clowns in place at the time

Edited by tx 3 putt
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So when shown there has been 3x as much oil brought back, along with an explanation of why it isn’t being bought back as quickly to not shock prices upwards, we get some some lib statement about peak oil. 
We should all be happy this ruins congress’s plan of selling off oil at a later date to create more government programs.

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29 minutes ago, tx 3 putt said:


sold at $95, replenishment at $75. seems like an ok move

 

also … 


triggered GIF

What exactly has been replenished?  16%….lol. 

I’m not triggered by this, like the TexAgs posters you sought out, I guess. Take the Republican out of this: we are VERY thin, heading toward a crisis, and we should all be concerned right now. 

26 minutes ago, tx 3 putt said:


question, when futures hit $0, shouldn’t you fill it all up ? Or anything under $20 is an auto buy

 

side note - imo we had clowns in place at the time

I definitely agree we had clowns in place. Schulz is very much correct and we were all bitching about it at the time. I guess the ‘20 Energy Dept was drinking bleach. 

 

21 minutes ago, StassneyHorn said:

So when shown there has been 3x as much oil brought back, along with an explanation of why it isn’t being bought back as quickly to not shock prices upwards, we get some some lib statement about peak oil. 
We should all be happy this ruins congress’s plan of selling off oil at a later date to create more government programs.

I’m so confused by how peak oil is a lib statement?  For the record, I think Biden / Granholm ought to keep doing what they’re doing, but they’re going SO slowly they’ll never replenish what they released, and if they do, it’ll exceed a weighted average $95. 

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3 minutes ago, Rex Kramer said:

What exactly has been replenished?  16%….lol. 

I’m not triggered by this, like the TexAgs posters you sought out, I guess. Take the Republican out of this: we are VERY thin, heading toward a crisis, and we should all be concerned right now. 

I definitely agree we had clowns in place. Schulz is very much correct and we were all bitching about it at the time. I guess the ‘20 Energy Dept was drinking bleach. 

 

I’m so confused by how peak oil is a lib statement?  For the record, I think Biden / Granholm ought to keep doing what they’re doing, but they’re going SO slowly they’ll never replenish what they released, and if they do, it’ll exceed a weighted average $95. 


hey, they had to keep away covid

 

the triggered comment was for politicians talking out both sides of their mouth while providing zero solutions 

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3 minutes ago, tx 3 putt said:


hey, they had to keep away covid

 

the triggered comment was for politicians talking out both sides of their mouth while providing zero solutions 

You don’t fuck with the SPR. Ever. Trump and Biden both used it as a tool to manipulate price. Trump released at $70 (!) and never bought back at $20-$30. Biden’s fucking around appears to be much smarter, but for the plan, he released WAY too much to little relief, and he’s about to find out. 

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4 minutes ago, tx 3 putt said:

$30 and under should be an auto buy.

Yes. I said don’t fuck with SPR. Absolutely buy when opportunities like that present themselves. We’ve all forgotten what a true supply crisis looks like. The manipulations by Trump in ‘19 and Biden in ‘22 are pure horse hockey. 

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25 minutes ago, Rex Kramer said:

Yes. I said don’t fuck with SPR. Absolutely buy when opportunities like that present themselves. We’ve all forgotten what a true supply crisis looks like. The manipulations by Trump in ‘19 and Biden in ‘22 are pure horse hockey. 


I’d expand it too. 

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17 hours ago, Rex Kramer said:

100%, but crude probably averaged $25-$30 from 4/1/20-12/31/20. And Trump used SPR releases as a political tool too, but more idiotically. 

The world wasn’t in the middle of an extreme political & military crisis and there wasn’t the threat of a nuclear war then….

The sell off in 2022 would be similar to FDR dumping a SPR in 1941.

Edited by Armybrat
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26 minutes ago, Armybrat said:

The world wasn’t in the middle of an extreme political & military crisis and there wasn’t the threat of a nuclear war then….

The sell off in 2022 would be similar to FDR dumping a SPR in 1941.

I’m confused by your post

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What I’m saying is, dumping the SPR when the world is in the middle of a very dangerous widespread wartime crisis to score political points isn’t very smart. 
IIRC, such was pointed out by some after Putin started his second invasion of Ukraine.

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26 minutes ago, Armybrat said:

What I’m saying is, dumping the SPR when the world is in the middle of a very dangerous widespread wartime crisis to score political points isn’t very smart. 
IIRC, such was pointed out by some after Putin started his second invasion of Ukraine.

A regional contained crisis. What Biden did was no less dumb than what Trump did, but actually smarter because Biden released at a much higher price point and has attempted to buy back.

Regardless, both these idiots fail to consider the word “Strategic” PR when they’re executing their foolish tacts. 

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11 hours ago, DCA_HORN said:

The problem isn't the price. It's crude type and the integrity of the caverns themselves. We will see about the latter. 

Can you expand on this? What is the integrity issue with the salt domes? Over geologic time, sure, but are you talking about something on human time scales?

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On 3/28/2024 at 1:22 PM, StassneyHorn said:

The triggered comment is very obviously pointed at you and your, let’s call it a plethora, of incorrect guesses at 100 dollar oil within the last two years that’s already been quoted a couple pages back.

Yes you can get a day sometimes a couple of them together under 70 the last two years. There has not been an extended amount of time in that $65-70 range the last two years to purchase the amount you are suggesting and do it all within a day, no help needed looking that up lil buddy.

 

so your point number one you tried to make is just more bullshit oil n guess, we hate Biden

point number two is factually incorrect thinking there’s numerous opportunities to buy 15 dollars under 75

point number three is tears 


Rex Kramer? Factually incorrect? I refuse to believe it! 

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1 hour ago, MadTrapper said:

Can you expand on this? What is the integrity issue with the salt domes? Over geologic time, sure, but are you talking about something on human time scales?

Well it was filled with a lot of heavy sour that a lot of the GC refineries are designed to run on. We aren't replacing it with that. 

 

Salt dissolves. When you move that much fluid, the salt structure changes. I'm guessing this is what a lot of the maintenance is. 

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23 hours ago, Armybrat said:

What I’m saying is, dumping the SPR when the world is in the middle of a very dangerous widespread wartime crisis to score political points isn’t very smart. 
IIRC, such was pointed out by some after Putin started his second invasion of Ukraine.

When WTI went negative, they refused to fill up the SPR because they viewed it as a bailout for the oil  companies. Yes, really.

Just piss poor fiscal policy but it is the US government here, so we shouldn’t be surprised. 

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49 minutes ago, billfromlaketravis said:

When WTI went negative, they refused to fill up the SPR because they viewed it as a bailout for the oil  companies. Yes, really.

Just piss poor fiscal policy but it is the US government here, so we shouldn’t be surprised. 

On one hand Trump absolutely would’ve been fried as bailing out the oil companies, and everyone would’ve forgotten that he’d fucked them 7-9 months prior. On the other, he’s never cared much about criticism and whatever excuse provided it was total mismanagement. 

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SPR inventory:

Year end 9.30.21 2021: 593.7mm

Year end 2022 9.30.22 372.4mm

Year end 2023 9.30.23 354.4mm

Current 363.6mm

The DOE just canceled a 3mm purchase.  Odds are increasing they will further drain it versus filling it up for the balance of the year.

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5 hours ago, babysdaddy said:

SPR inventory:

Year end 9.30.21 2021: 593.7mm

Year end 2022 9.30.22 372.4mm

Year end 2023 9.30.23 354.4mm

Current 363.6mm

The DOE just canceled a 3mm purchase.  Odds are increasing they will further drain it versus filling it up for the balance of the year.

Probably correct no matter who’s elected. 

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