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  • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

    We still have one more day of trading of the May Oil Futures contract. Could swing wildly either way tomorrow still.
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    • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

      Wait, holy ****. Oil dropped $52 (-285%) to -$33.75? That's... holy f--k.
      Code:
      As of 9/21/10:         As of 9/13/10:
      College Hockey 6       College Football 0
      BTHC 4                 WCHA FC:  1
      Originally posted by SanTropez
      May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
      Originally posted by bigblue_dl
      I don't even know how to classify magic vagina smoke babies..
      Originally posted by Kepler
      When the giraffes start building radio telescopes they can join too.
      He's probably going to be a superstar but that man has more baggage than North West

      Comment


      • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

        For the investors out there, now is the time to look into oil drilling company stocks. It’s Buffet time.
        "The party told you to reject the evidence of your eyes and ears. It was their final, most essential command." George Orwell, 1984

        "One does not simply walk into Mordor. Its Black Gates are guarded by more than just Orcs. There is evil there that does not sleep, and the Great Eye is ever watchful. It is a barren wasteland, riddled with fire and ash and dust, the very air you breathe is a poisonous fume." Boromir

        "Good news! We have a delivery." Professor Farnsworth

        Comment


        • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

          "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
          -aparch

          "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
          -INCH

          Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
          -ScoobyDoo 12/17/2007

          Comment


          • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

            Originally posted by Handyman View Post
            Anyone shocked by this news? Anyone?
            **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

            Originally Posted by dropthatpuck-Scooby's a lost cause.
            Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

            Comment


            • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

              Originally posted by FadeToBlack&Gold View Post
              The paradox is that if he'd managed this properly, the demand for oil wouldn't have crashed as hard as it has.
              And the entire country wouldn't be shut down, so he wouldn't need to be out there encouraging insurrection to open it back up again.

              And, he would cruise to re-election.

              What happens when you can't think long term.
              What kind of cheese are you planning to put on top?

              Comment


              • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

                Originally posted by ScoobyDoo View Post
                Anyone shocked by this news? Anyone?
                The lawyers can wait. First thing we do, let's kill all the bankers.
                Cornell University
                National Champion 1967, 1970
                ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
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                Comment


                • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

                  Originally posted by St. Clown View Post
                  For the investors out there, now is the time to look into oil drilling company stocks. It’s Buffet time.
                  It took me a few moments to see what you did there. Interesting play. I was talking over stocks with Mrs. 316 yesterday wondering if there's other plays out there. Take tire companies. 2020 might be fine for them, but consider the fact that automobile transportation is down what? probably somewhere between 20-75% depending on how you look at it. I can't imagine they're going to have a good 2021.

                  Jim Cramer, yeah I know, once made an interesting comment about how to look for opportunities. I can't remember exactly when it was (03-06, or near peak in 08) he said that you shouldn't be looking at the oil companies for stocks. You should be looking at companies that manufacture railcars and the railroad companies themselves. Look for secondary and tertiary plays. You'll get beat by the good traders, but you'll be out in front of the average person looking to make a buck.

                  And to bring it full circle, I know Buffet bought huge stakes in the rail companies a while back. I remember reading something that indicated he was making a play on mineral rights since the railroads own most of the mineral rights in the nation. I'm not sure if mineral rights include oil, but that could be an interesting combo for Berkshire.
                  Code:
                  As of 9/21/10:         As of 9/13/10:
                  College Hockey 6       College Football 0
                  BTHC 4                 WCHA FC:  1
                  Originally posted by SanTropez
                  May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
                  Originally posted by bigblue_dl
                  I don't even know how to classify magic vagina smoke babies..
                  Originally posted by Kepler
                  When the giraffes start building radio telescopes they can join too.
                  He's probably going to be a superstar but that man has more baggage than North West

                  Comment


                  • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

                    Originally posted by rufus View Post
                    And, he would cruise to re-election.
                    Still possible if he can successfully play Pin the Tail on the Donkeys and/or suppress the vote. Or if Joe has a complete public implosion.

                    Comment


                    • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

                      Originally posted by dxmnkd316 View Post
                      Wait, holy ****. Oil dropped $52 (-285%) to -$33.75? That's... holy f--k.
                      west texas crude. How do you trade negative numbers crude?
                      I swear there ain't no heaven but I pray there ain't no hell.

                      Maine Hockey Love it or Leave it

                      Comment


                      • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

                        Originally posted by walrus View Post
                        west texas crude. How do you trade negative numbers crude?
                        Idiot's (my) understanding:

                        Oil company creates a contract to buy 1,000 barrels of crude at a location on a date. Someone buys that contract from the oil company. This contract is bought and sold by any number of traders. Eventually, that contract comes due. The person who holds that contract is contractually obligated to pick that oil up at a transfer station when the contract term is up. I think May's contracts closed today so if you held it, you had to pick it up on May 20th. Now, say you're an average moron who bought one of those contracts on speculation. You don't have means to receive, transport, or store that oil. So April 20th comes around, you are going to sell that at whatever price you can so you aren't obligated to pick up that oil.

                        This drop doesn't represent the value of oil, today it represented the cost to store the oil.
                        Code:
                        As of 9/21/10:         As of 9/13/10:
                        College Hockey 6       College Football 0
                        BTHC 4                 WCHA FC:  1
                        Originally posted by SanTropez
                        May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
                        Originally posted by bigblue_dl
                        I don't even know how to classify magic vagina smoke babies..
                        Originally posted by Kepler
                        When the giraffes start building radio telescopes they can join too.
                        He's probably going to be a superstar but that man has more baggage than North West

                        Comment


                        • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

                          Originally posted by dxmnkd316 View Post
                          This drop doesn't represent the value of oil, today it represented the cost to store the oil.
                          Right. And what is affecting that price is the glut -- oil keeps pouring onto the market because Putin wants to kill the shale industry. Meanwhile, the virus means nobody is consuming so storage space becomes more and more scarce. That Financial Times article forecast that global oil storage capacity will be exceeded soon. That literally no matter what the supplier will offer to pay, nobody can take receipt because there is nowhere to put it. Nowhere on Earth. Think about that.
                          Cornell University
                          National Champion 1967, 1970
                          ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                          Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                          Comment


                          • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

                            Originally posted by Kepler View Post
                            Right. And what is affecting that price is the glut -- oil keeps pouring onto the market because Putin wants to kill the shale industry. Meanwhile, the virus means nobody is consuming so storage space becomes more and more scarce. That Financial Times article forecast that global oil storage capacity will be exceeded soon. That literally no matter what the supplier will offer to pay, nobody can take receipt because there is nowhere to put it. Nowhere on Earth. Think about that.
                            I saw rumors of professional traders leasing crude oil tanker ocean ships to store oil because US oil storage capacity is effectively full.
                            Code:
                            As of 9/21/10:         As of 9/13/10:
                            College Hockey 6       College Football 0
                            BTHC 4                 WCHA FC:  1
                            Originally posted by SanTropez
                            May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
                            Originally posted by bigblue_dl
                            I don't even know how to classify magic vagina smoke babies..
                            Originally posted by Kepler
                            When the giraffes start building radio telescopes they can join too.
                            He's probably going to be a superstar but that man has more baggage than North West

                            Comment


                            • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

                              Originally posted by dxmnkd316 View Post
                              It took me a few moments to see what you did there. Interesting play. I was talking over stocks with Mrs. 316 yesterday wondering if there's other plays out there. Take tire companies. 2020 might be fine for them, but consider the fact that automobile transportation is down what? probably somewhere between 20-75% depending on how you look at it. I can't imagine they're going to have a good 2021.

                              Jim Cramer, yeah I know, once made an interesting comment about how to look for opportunities. I can't remember exactly when it was (03-06, or near peak in 08) he said that you shouldn't be looking at the oil companies for stocks. You should be looking at companies that manufacture railcars and the railroad companies themselves. Look for secondary and tertiary plays. You'll get beat by the good traders, but you'll be out in front of the average person looking to make a buck.

                              And to bring it full circle, I know Buffet bought huge stakes in the rail companies a while back. I remember reading something that indicated he was making a play on mineral rights since the railroads own most of the mineral rights in the nation. I'm not sure if mineral rights include oil, but that could be an interesting combo for Berkshire.
                              The drilling companies are going to be in a down cycle for a while. I wouldn’t expect a quick, big ROI, but they will rebound. Long-term should give good returns. Back in 99, I remember my roommate making this same play when crude was down. The market was ripe for a bigger rebound than today’s preferences of moving away from petroleum, but a rebound will be had.
                              "The party told you to reject the evidence of your eyes and ears. It was their final, most essential command." George Orwell, 1984

                              "One does not simply walk into Mordor. Its Black Gates are guarded by more than just Orcs. There is evil there that does not sleep, and the Great Eye is ever watchful. It is a barren wasteland, riddled with fire and ash and dust, the very air you breathe is a poisonous fume." Boromir

                              "Good news! We have a delivery." Professor Farnsworth

                              Comment


                              • Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

                                Originally posted by dxmnkd316 View Post
                                Idiot's (my) understanding:

                                Oil company creates a contract to buy 1,000 barrels of crude at a location on a date. Someone buys that contract from the oil company. This contract is bought and sold by any number of traders. Eventually, that contract comes due. The person who holds that contract is contractually obligated to pick that oil up at a transfer station when the contract term is up. I think May's contracts closed today so if you held it, you had to pick it up on May 20th. Now, say you're an average moron who bought one of those contracts on speculation. You don't have means to receive, transport, or store that oil. So April 20th comes around, you are going to sell that at whatever price you can so you aren't obligated to pick up that oil.

                                This drop doesn't represent the value of oil, today it represented the cost to store the oil.
                                Thats insane and I'm not smart or dumb enough to play the futures market I'm sure others will and make lots of money
                                I swear there ain't no heaven but I pray there ain't no hell.

                                Maine Hockey Love it or Leave it

                                Comment

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