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Hey Oil Barons.......


936horn

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1 minute ago, Trey3216 said:

Dear XTO,

I've been waiting in suspense for said funds for over 14 years.  The cashier's check can be mailed to:

 

1st National Bank of Cajun

1 Cajun $$ Way 


Thanks for remembering me!!

 

Cajun 

And on the subject of unpaid interest on those funds, my representation is already on your property and ready to negotiate...

bob-odinkirk-as-saul-goodman-ben-leuner-

 

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Saudi Arabia is shutting down half of its oil production after drones attacked the world’s largest oil processing facility in the kingdom, The Wall Street Journal reported.

The closure will impact almost five million barrels of crude production a day, about 5% of the world’s daily oil production, the WSJ reported, citing sources familiar with the matter.

 

Early Saturday, an oilfield operated by Saudi Aramco, the state-owned oil giant, was attacked by a number of drones, which sparked a huge fire at a processor crucial to global energy supplies.

Yemen’s Houthi rebels have claimed responsibility for the attack, saying it was one of their largest attacks ever inside the kingdom, the WSJ reported.

“We promise the Saudi regime that our future operations will expand and be more painful as long as its aggression and siege continue,” a Houthi spokesman said. The attack involved 10 drones, the Houthis said.

The Saudi interior ministry said the fires were under control.

Saudi officials are considering drawing down their oil stocks to sell to foreign buyers to make sure world oil supplies won’t be disrupted by the attack and shutdown, the WSJ reported.

 

The Iran-backed Houthis had been behind a series of attacks on Saudi pipelines, tankers and other infrastructure in the past few years as tensions rise among Iran and the U.S. and partners like Saudi Arabia.

The Islamic Republic, a target of U.S. sanctions for decades, has recently attacked oil tankers in the Strait of Hormuz, shot down a U.S. military drone and announced plans to execute 17 suspected U.S. spies.

Saudi Arabia is moving forward to take Saudi Aramco public in a major shakeup of the kingdom’s energy sector.

https://www.cnbc.com/2019/09/14/saudi-arabia-is-shutting-down-half-of-its-oil-production-after-drone-attack-wsj-says.html

Welp, this might be the tipping point to the "stability" we have seen in the ME in recent years.

Edited by Eastwood
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17 minutes ago, SquishMitten said:

So the largest production facility in the world can be taken completely offline by 10 drones from a rebel force? Seems like quite an oversight in security. I’d imagine these weren’t drones you buy off Amazon, but I doubt they’re anything close to military grade.

No way they were simple drones - twitter says they found cruise missile parts.

Here's some context.

 

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In the short term, definitely. It will be interesting to see if ME instability will start taking up a huge chunk of the price, again. I really don't feel like it was priced in for the last 5 years once shale was proven to be able to respond quickly to any shortfalls. However, now most feel that shale is a short term solution, so any indication of long term ME disruptions may have a greater impact moving forward.

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And on cue, Trumpy authorizes release from APR if necessary.  Real chance of running the reserves worldwide to nil in short order.    American producers have already scaled back capex because they’re trying to not Sanchez themselves.  For a decade, people have wanted the producers to reign in capex.   They reign it in, and then they birch about production.    

 

The days of cheap oil oil and gas are about over my friends.   

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58 minutes ago, Johnny Chimpo said:

Reuter’s is reporting they destroyed five crude stabilization towers. You can’t just replace those in a week or two. Those are long lead items that would take months to fab I figure.  

 

6 months is my guess, month to ship and another 2 months to get it up and running. <<<< that's handing everyone involved a blank check

south koreans about to make some money 

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4 hours ago, tx 3 putt said:

Blank checks get shit done but they’ll have to buy some other companies slot in the production que

something fishy about this whole story. The kingdom has been shooting  incoming missiles for some time. Now multiple drones / rockets just get by undetected ?

arab-businessman-working-office-doing-26lll

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But, more serious...

Quote

Iran launched nearly a dozen cruise missiles and over 20 drones from its territory in the attack on a key Saudi oil facility Saturday, a senior Trump administration official told ABC News Sunday.

https://abcnews.go.com/International/iran-fired-cruise-missiles-attack-saudi-oil-facility/story?id=65632653

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29 minutes ago, jimmyjazz said:

What's the typical correlation and timing between oil price spikes and those at the gas pump?   The price at my neighborhood Valero hasn't moved a penny.

Kind of awaiting the news from the Saudi oil minister regarding length of shutdown I'd bet.  I went ahead and filled up yesterday because I fully expect gasoline prices to jump 15-20%, or more, in the next few days.  

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1 hour ago, tx 3 putt said:

Iran firing cruise missiles will certainly escalate things.

imo, some long game by Iran here. They have technology / defense system to take out an air craft carrier and are setting the trap. 

They risk quite a bit though, namely heavy American retaliation (with a decent chunk of the world backing such retaliation), and Iran has plenty of targets, unlike some Al Qaeda fucker living in the hills.  And that's not getting into even more economic isolation - price of oil may shoot up, but if you can't easily sell it, it does you no good.

Seems like it makes more sense economically (and militarily) to keep the pressure on through Yemen, and just wear the Saudis down, occasionally fucking with their oil infrastructure (shipping, pipelines, etc.).

If they wanted to fuck with the oil markets, they certainly did that.

 

Edited by atomheartbevo
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On 9/25/2019 at 8:34 AM, Storm the Field said:

All gains from the strike on Saudi have disappeared. Last 2 EIA reports have both shown builds in crude inventory. WTI back down to around $56.50.

Refined fuels is the play IMO. Marathon Refining (MPC) is up ~14% (~$8/share) since the 14th. 

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  • 3 weeks later...
On 10/14/2019 at 6:29 AM, Dr. Beeper said:

Yeah. I know a bit about that situation. Know CEO fairly well. He’s a UT grad who’s had an interesting past 6 years. EP was doomed to fail for a variety of reasons and has been on deaths doorstep for awhile. 

Wait, you’re Jeff Hildebrand? 

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