National Gun Forum banner
1 - 9 of 9 Posts

· Grand Imperial Poobah
Joined
·
33,022 Posts
Discussion Starter · #1 ·

U.S. equity markets slid Monday as oil crashed toward its lowest close since recordkeeping began in March 1983.

The Dow Jones Industrial Average fell by as many as 489 points, or 2.02 percent, before paring its losses. The S&P 500 and Nasdaq Composite were down 1.53 percent and 1.01 percent, respectively, at their lows.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES23924.24-318.25-1.31%
SP500S&P 5002856.24-18.32-0.64%
I:COMPNASDAQ COMPOSITE INDEX8654.408224+4.27+0.05%

Ongoing concerns over swelling oil inventories pushed West Texas Intermediate crude for May delivery down by as much as 77 percent to $4.05 per barrel.

The plunge in crude prices pressured oil majors Exxon Mobil and Chevron, which were the biggest decliners among Dow components.

Elsewhere in the space, oil services provider Halliburton lost $1.02 billion in the first quarter and said it would cut costs by $1 billion as the crash in oil prices has decimated investment. Explorers Continental Resources and EOG Resources were among the other energy names in focus.

TickerSecurityLastChangeChange %
XOMEXXON MOBIL CORPORATION41.77-1.45-3.35%
CVXCHEVRON CORP.85.22-1.95-2.24%
HALHALLIBURTON COMPANY7.61+0.03+0.40%
CLRCONTINENTAL RESOURCES10.82-0.40-3.57%
EOGEOG RESOURCES41.37-0.47-1.12%

President Trump said during his coronavirus task force update on Sunday evening that lawmakers were closing in on a deal that would replenish funding for small businesses ravaged by the economic fallout from COVID-19. An agreement would also provide funding for testing and to hospitals that have been overwhelmed with patients.

United Airlines lost a larger-than-expected $2.1 billion in the first quarter and the company said it could borrow up to $4.5 billion through the CARES Act. Over the weekend, the airline reached a sale and leaseback deal for 22 Boeing aircraft with Singapore-based Bank of China Aviation.

Hard-hit Norwegian Cruise Line Holdings has enlisted Goldman Sachs to explore financing alternatives, according to the Wall Street Journal.

TickerSecurityLastChangeChange %
UALUNITED AIRLINES HLDG.27.82-1.26-4.33%
DALDELTA AIR LINES INC.23.77-0.50-2.06%
AALAMERICAN AIRLINES GROUP INC.11.05-0.52-4.50%
NCLHNORWEGIAN CRUISE LINE HOLDINGS LTD.11.66-0.72-5.82%
CCLCARNIVAL CORP.12.29-0.28-2.19%

Meanwhile, Walmart sales soared by almost 20 percent in March, the Journal reported, citing company documents.

Shake Shack said it would return the $10 million small business loan it received from the U.S. government after raising $150 million in an equity offering last week.

Embattled Cheesecake Factory Inc. received a $200 million investment from private-equity firm Roark Capital.

TickerSecurityLastChangeChange %
WMTWALMART INC.131.86-0.26-0.20%
SHAKSHAKE SHACK INC45.91+2.41+5.54%
CAKECHEESECAKE19.59+0.87+4.65%

U.S. Treasurys rallied, pushing the yield on the 10-year note down by 1.6 basis points to 0.64 percent.

In Europe, France's CAC paced the decline, down 0.65 percent, while Germany's DAX and Britain’s FTSE were off 0.47 percent and 0.45 percent, respectively.

Overnight, Japan’s Nikkei fell 1.15 percent, China’s Shanghai Composite lost 0.49 percent and Hong Kong’s Hang Seng slipped 0.21 percent.
 

· Grand Imperial Poobah
Joined
·
33,022 Posts
Discussion Starter · #3 ·
Gasoline is $1.299 a gallon here. It will probably drop under $1 a gallon in a week or three.
 

· Registered
Joined
·
6,726 Posts
it will bounce back.......its a far cry from the clinton era when they predicted crude would top $100/barrel and $7/gal gasoline would be the new norm..........

the Country will be back to work soon.......
i predict the doom and gloom from the press will end right after the election.
 

· Registered
Joined
·
3,573 Posts
Heard an energy expert from Texas Tech on the radio this morning.
His take on this was that the Saudi's have not been happy with American energy policies for the past decade with our new found oil independence through fraking etc.
So they started a game plan to destroy or fracker's and small oil companies by lowering the price to put them out.
Fracking is only profitable at a certain price per barrel.
Wel Russia wanted in on the game and started pumping oil like there was no tomorrow as the Saudi's were cutting into their market share. Both countries depend heavily on oil to fund their economies.
Well what do you know, right smack in the middle of their play a global pandemic hits and drives demand to zero.
Now there is so much oil in the pipeline there is no place to put it.
They played a dangerous game and all lost big time.
 

· Grand Imperial Poobah
Joined
·
33,022 Posts
Discussion Starter · #8 ·
Russia and Saudi Arabia are highly dependent on their oil exports for revenue. This is a economic disaster for both nations. 😁

IMHO, we should import oil like crazy while the price is stupid low, and fill every "dry hole" here with their oil.
 
  • Like
Reactions: Popeye

· Registered
Joined
·
17,528 Posts
I wish i had a way to store more gas right now. I do have some 55 gallon drums but my buddy is delivering some fuel oil this week to top off my tank and put 40 or so gallons in each barrel. Price is right plus i get another small discount through a "friends and family" deal
 
1 - 9 of 9 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top