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The Biggest Threat To Oil Prices: 2-Mile Long Stretch Of Iraq Oil Tankers Headed For The U.S.

Tyler Durden's picture




 

After some initial excitement, November has seen crude oil prices collapse back towards cycle lows amid demand doubts (e.g. sllumping China oil imports, overflowing Chinese oil capacity, plunging China Industrial Production) and supply concerns (e.g. inventories soaring). However, an even bigger problem looms that few are talking about. As Iraq - the fastest-growing member of OPEC - has unleashed a two-mile long, 3 million metric ton barrage of 19 million barrel excess supply directly to US ports in November.

Crude prices are already falling:

 

But OPEC has another trick up its sleeve to crush US Shale oil producers. As Bloomberg reports,

Iraq, the fastest-growing producer within the 12-nation group, loaded as many as 10 tankers in the past several weeks to deliver crude to U.S. ports in November, ship-tracking and charters compiled by Bloomberg show.

 

Assuming they arrive as scheduled, the 19 million barrels being hauled would mark the biggest monthly influx from Iraq since June 2012, according to Energy Information Administration figures.

 

 

The cargoes show how competition for sales among members of the Organization of Petroleum Exporting Countries is spilling out into global markets, intensifying competition with U.S. producers whose own output has retreated since summer. For tanker owners, it means rates for their ships are headed for the best quarter in seven years, fueled partly by the surge in one of the industry’s longest trade routes.

Worst still, they are slashing prices...

Iraq, pumping the most since at least 1962 amid competition among OPEC nations to find buyers, is discounting prices to woo customers.

 

The Middle East country sells its crude at premiums or discounts to global benchmarks, competing for buyers with suppliers such as Saudi Arabia, the world’s biggest exporter. Iraq sold its Heavy grade at a discount of $5.85 a barrel to the appropriate benchmark for November, the biggest discount since it split the grade from Iraqi Light in May. Saudi Arabia sold at $1.25 below benchmark for November, cutting by a further 20 cents in December.

 

“It’s being priced much more aggressively,” said Dominic Haywood, an oil analyst at Energy Aspects Ltd. in London. “It’s being discounted so U.S. Gulf Coast refiners are more incentivized to take it.”

So when does The Obama Administration ban crude imports?

And now, we get more news from Iraq:

  • *IRAQ CUTS DECEMBER CRUDE OIL OSPS TO EUROPE: TRADERS

So taking on the Russians?

*  *  *

Finally, as we noted previously, it appears Iraq (and Russia) are more than happy to compete on price.. and have been successful - for now - at gaining significant market share...

Even as both Iran and Saudi Arabia are losing Asian market share to Russia and Iraq, Tehran is closely allied with Baghdad and Moscow while Riyadh is not. That certainly seems to suggest that in the long run, the Saudis are going to end up with the short end of the stick.

Once again, it's the intersection of geopolitcs and energy, and you're reminded that at the end of the day, that's what it usually comes down to.

 

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Wed, 11/11/2015 - 12:08 | 6777349 williambanzai7
williambanzai7's picture

Is this what they call the Bagdad Dry index? Maybe we should send them back loaded with campus refugees...

Wed, 11/11/2015 - 12:11 | 6777404 Urban Roman
Urban Roman's picture

More sort-of a wet index. Or a greasy one.

Think that's bad, wait'll Da'esh joins OPEC. Gives a new meaning to the term 'gas war'...

Oh, and I'd suggest we send 'em back full of jounalism professors. What a useless lot of trash those are.

Wed, 11/11/2015 - 12:34 | 6777464 hedgeless_horseman
hedgeless_horseman's picture

 

 

You should see the long line of tankers backed up off Galveston, waiting to get into the the Houston refineries.  Last weekend, at night, they looked like a lighted bridge stretching out to the horizon. 

With the US Fields producing over 9,000,000 barrels per day of crude, there has never been a better time to buy a Monster Truck!

 

Unleaded gasoline at $1.79 / gallon here in Texas this morning, which is less than a gallon of water at the same gas station.

http://www.zerohedge.com/contributed/2013-11-05/hockey-sticks-day

Wed, 11/11/2015 - 12:46 | 6777577 two hoots
two hoots's picture

All about storage. When the tankers are all full, the pipes in the ground full something has to give. Oil constipation??  that could get messy.

Wed, 11/11/2015 - 12:54 | 6777611 MalteseFalcon
MalteseFalcon's picture

Oh noes!  Iraq is pumping oil again after taking 20 years off?  The sight of those oil tankers scares me.  I hear Iran found the oil it lost years ago, too!

Won't somebody please tell me that comforting Peak OilTM fable again?  Where is that kind Mr. Hubble?

I hope the price of gasoline won't go down, right?  We still believe in the "refinery is off line" fable.  There must be a bottleneck in the system somewhere?

Gasoline under $2 will destroy everything and everybody.

I'm scared!!!!!

Wed, 11/11/2015 - 13:33 | 6777795 Save_America1st
Save_America1st's picture

The ultimate "pump and dump".

 

Wed, 11/11/2015 - 19:01 | 6779283 Boris Alatovkrap
Boris Alatovkrap's picture

Truth is scarcity is mostly not existing, only through fiat control over resource. For example, oil. Oil is in ground and mother earth is create new oil as fast as is man can remove. Bottom of ocean is perpetually expell natural gas and oil through fissure. How about is diamond? Diamond or C4 is but common elemental compound. Only is rare because of constraint of supply through Debeers (control by Openheimer of Rothschild family). What about water? In California is drought and ration because Liberal government is dump 100B Liter into Ocean.

This is repeat through history.

Wed, 11/11/2015 - 21:26 | 6779853 nosam
nosam's picture

*100

Wed, 11/11/2015 - 13:37 | 6777808 Squid Viscous
Squid Viscous's picture

Is the Pentagram getting a cut - Wolfowitz said Iraq 2 would pay for itself...?

Wed, 11/11/2015 - 13:40 | 6777820 Save_America1st
Save_America1st's picture

The Energy Non-Crisis

by Pastor Lindsey Williams

http://www.reformation.org/energy-non-crisis.html

He may have been way ahead of his time w/ the knowledge he says he gained by working up in Alaska on the North Slope oil fields.

Maybe Gull Island really does have the most oil in the world still capped and ready to go once the rest of the world runs out?  Never know I guess

Chapter 16:  Gull Island will blow your mind!

http://www.reformation.org/energy-non-crisis-ch16.html

 

Wed, 11/11/2015 - 14:00 | 6777920 ILLILLILLI
ILLILLILLI's picture

Even a blind pig will find an acorn once in a while...

Wed, 11/11/2015 - 13:40 | 6777831 The9thDoctor
The9thDoctor's picture

ZH is the only place on the entire interwebs that whines about oil prices going down.

Must be nice to be a white shoe boy who never got dirt under his fingernails in his entire life.

When fuel costs go up, every consumer item goes up, as it requires diesel fuel for the consumer good to be transported. The working class now takes what little cash they save at the pump and now uses it towards their monthly rent increases, as apartment rents are sky high. Despite mortgage rates being all time lows, the principal is completely unaffordable and out of reach of most families.

Who wants to pay a quarter mil for a dumpy house in a drug infested hood? Even if one would be dumb enough to buy a house in this market, how can one afford it with their $20,000 a year jawb and student loan debt?

Yes ZH, if gas prices were only $5 a gallon, and minimum wage was $0 an hour (this nation was founded on slavery mind you) and the robot revolution was stopped (despite ZH being on the www which was science fiction fantasy back in the 1980s), then and only then would Austrian school free market capitalism thrive and everyone could afford a horseless carriage that they built by hand and own a single family home despite the lack of space to build them with an ever expanding population.

I get accused of being utopian, but the philosophy of ZH is dystopian if you are in the 99% class.

Wed, 11/11/2015 - 14:01 | 6777914 roddy6667
roddy6667's picture

I've noticed that too. Oil prices going down? Catastrophe! For whom, I ask? The shipping indexes "collapsing"? It's a tragedy! For whom, I ask?

What demographic does ZH claim to represent, if any? The Goldman-Sachs crowd? The hedge fund boys? Or just the Born Rich Fuck Everybody Else slice of society?

Wed, 11/11/2015 - 14:11 | 6777993 NotApplicable
NotApplicable's picture

Funny how some people will replace understanding of cause and effect with class warfare out of pure ignorance.

Instead of being happy about having the opportunity to actually learn something, all you've done is to smear them because you just don't get it.

Wed, 11/11/2015 - 14:23 | 6778047 WTFRLY
WTFRLY's picture

Home run NotApplicable

Wed, 11/11/2015 - 15:00 | 6778200 PavlovPup
PavlovPup's picture

I think you misunderstand Doc 9. We understand the principles of cause and effect, as well as the economic concequences of low oil prices. I am sick of the underlying mean spitited racisim and elitism that simmers here on ZH. It is like being on a GLP thread here now. Bitching and whining about the free shit army and how hard you work, not saying you NotApplicable but a grea many posters, and as the Doc said never had to get dirt under your fingernails. If you were young and black would you be hustling your ass out the door every morning to work for a fast food company? I doubt it.You refer to the class warfare, and a chance to learn. Go fuck yourself, yes you particularly Not Applicable. Learn what from you? You Jingoist piece of shit. My monaterty positioning has nothing to do with my inteligence. Why would a non trader come to ZH other than to learn and observe? I've never traded a day in my life, but I've read daily here for 5 years. I am here to learn certainly, but not from you and your ilk. You learn something you asshole, my economic position has no bearing on my inteligence, or what I chose to read to edify myself. My coulor or nationality or my political beliefs have no bearing on my ability to reason, and if you think any differnt you need to learn something.

Wed, 11/11/2015 - 16:16 | 6778583 Anonymous User
Anonymous User's picture

I beg to differ.

Leave a kike, spic a nigger and a chink to read ZH for 5 years and see who among them 4 will get more successful in life. My money's on those less able to be pornstars/soccer players.

Therefore economic position is influenced by intelligence which is influenced by race. Inversely proportional with athletic abilities. 

So racism and elitism are just marxist excuses to justify taking something without merit.

Wed, 11/11/2015 - 16:29 | 6778652 PavlovPup
PavlovPup's picture

 poorly concluded point of view, that if you followed would lead you to underestimate and ultimately bewcome secondary to the very people you are demeaning. Soon you will be shoveling shit while other races laugh at you. Do you think you succed by dealing with the facts at hand or preconcieved notions that make you feel supior? Whatever to the marxist view, tahts just common sense.

Wed, 11/11/2015 - 20:35 | 6779605 Anonymous User
Anonymous User's picture

Regardless where the political correctness brought US, you can't change basic science facts. Even if they "offend" you:

1. N-E Asians have very high intelligence and very low developed bone/muscular structure compared with the average Earth male. Just check MIT and other scientific environments. Regarding to sports, they suck bigtime.

2. Whites have medium to high intelligence and medium to high bone/muscular structure.  Found both in science fields and sport fields.

3. S Americans have less than medium intelligence and medium bone/muscular structure.  Found mostly on dance floors and some sport fields.

4. Africans have high bone/muscular structure and very inferior brain skills. 99% in sports and < 1% in scientific environments

 

Science doesn't lie and it doesn't give a fuck about P Correctness.

--

And about that "dream" of your other races laughing at me shoveling shit, you might want to hedge that bet ;)

Wed, 11/11/2015 - 22:03 | 6780027 PavlovPup
PavlovPup's picture

Trust me I'm not offened. In fact I'm almost amused. Explain the Japaneese womens soccer team alost winning the world cup. I could go on forever with exceptions to your "scientific facts". Genralizations cherrypicked to conform to your warped superior mindset. I think political correctness is a scourge to intelligent debate and decision making, but many less times dangeous than your racial delusions.

Thu, 11/12/2015 - 13:28 | 6782676 messy
messy's picture

where did you get this data from?

Wed, 11/11/2015 - 19:21 | 6779357 TheReplacement
TheReplacement's picture

Personally very happy about lower prices.  I get cheaper products, while it lasts.

Personally very happy that this might be the black swan event.

Of course not happy about the workers who will lose their jobs but this system is repulsive and needs to go for the benefit of mankind the world over.  The rest of the world will continue to suffer while the oligarchs and their masters dance.  Even unhappier about all the brown, yellow, and even white people who have been sacrificed on the alter of empire.  (brown and yellow everyone gets, Ukraine is white as is the rest of Europe)

Wed, 11/11/2015 - 22:33 | 6780172 roddy6667
roddy6667's picture

I get it. ZH is making alarmist assumptions that don't make any sense.

Wed, 11/11/2015 - 14:04 | 6777949 Luck Dragon
Luck Dragon's picture

In general the lower gas prices do not help as much as you would think, since people have no where to go, as they don't have jobs. What good is low gas price if you aren't buying gas?

Minimum wage has nothing to do with making it illegal for an employer to hire someone below a certain point, as it does making it illegal for an employee to sell their services below a certain point. The agenda behind minimum wage was for unions to force less skilled, cheaper people out of the market. If you can hire Bob at $10 an hour, who can do 75% of what Paul can do, but Paul wants $20hr, doesn't it make business sense to hire Bob? Well Paul gets together with all of his buddies, and asks the government to use their guns to make it illegal for the employer to hire ANYONE below $20hr, now it obviously makes more sense to higher the marginally better employee, since you have to pay them both the same regardless. No, Bob does not get a $10hr raise, he doesn't have a job at all. And he's also prevented from entering the market and increasing his skills and value. Everyone wants $15hr to flip burgers and press buttons on a cash register? Guess what, no one will be flipping burgers and pushing buttons on a cash register. And if some how it does happen everywhere, all prices will just increase on items needed by these people so the net result of their new "raise" will actually be less, as they are paying more for the items they need, and in a higher tax bracket.

"Nation founded on slavery", At the peak of black slavery in the South, only 6 percent of Southern whites owned slaves. If you include the white people in the North, it means that only 1.4 percent of white Americans owned black slaves at the HEIGHT of slavery. I have to ask, really? Is that reeeeaaaalllllyyyy what you think?

Wed, 11/11/2015 - 16:12 | 6778571 Apply Force
Apply Force's picture

Exactly Luck!  It seems that so many just can't grok that lower oil prices are the EFFECT of a depressed world-wide economy.  The giant debt-bubble of nations is slowly deflating and base commodities (oil being a master commodity used to wrest and transport so many other base commodities) are deflating because no one any longer believes that their current investment will play out with any returned value.

Debt, enabled by fiat and fraud, used to wrest high cost (energy, time and labor/expertise) commodities - mainly deep sea, fracked, tar-sand and artic oil - from the earth will NEVER be repaid at value.  The negative marginal utility of debt for the master resource, oil, is upon us. 

Cheap gas and fiat dollars will not save us this time around, sorry BAU crowd - there will be LESS.

Wed, 11/11/2015 - 16:18 | 6778584 PavlovPup
PavlovPup's picture

Ok so I need a job and walk onto a site and tell the bossman I can do almost as good a job as Paul, and for half the price. Paul gets the ax and I work for half the price, until Bob comes on the site undercuts me and does a shittier job. I get the ax. So now Bossman has a crap product and crap employees whilst Paul and I are on unemployment. Ok we can say the crap product will eventually cause the bussiness to go under and Paul and I will get hired to provide that product with better result and we wil get a living wage, but realisticly  the Boss is just going to source cheaper materials and eventually lay off Bob and go  offshore production, or hire illigals who have no choice but to put up with miserable wages. Tell me where I'm wrong or gone off script here because this is essentially the state of things now. Right? People will keep buying crap because they are used to it plus we can't afford a better product because we are unemployed. I am tired of the working dude taking the shit and the pay cuts, not every low paid employee is without skills. 

Wed, 11/11/2015 - 14:08 | 6777971 NotApplicable
NotApplicable's picture

The entire point about low oil prices is that energy is the last straw in the crack-up boom of credit-fueled consumption.

ZH is merely talking about the ramifications of a soon to be totally hollowed out capital goods industry. Long story short: low energy prices can no longer offset the demand destruction caused by borrowing from future demand.

You might want to get off of your high horse for a minute and make an effort to understand the subject under discussion. Or not?

Wed, 11/11/2015 - 19:40 | 6779426 new game
new game's picture

deflation caused by qe bringing demand forward to a peak, (bubble), causing market distortion via the fed and all other central banks. the jig is up. here comes another mess created by central bankers worldwide with china taking the cake. oil would have never got to 100/bbl and the fracking boom/bust would have never happened. blame the culprits, same mutherfuckers that cause the housing boom/bust...

Wed, 11/11/2015 - 14:13 | 6778006 Dominus Ludificatio
Dominus Ludificatio's picture

The sun never shines at ZH. Bad is bad,good is bad and in the end everithing sucks unless they are drunk.

Wed, 11/11/2015 - 14:24 | 6778049 Raymond_K._Hessel
Raymond_K._Hessel's picture

Yes and we are all russian trolls too.

The thing about the doom porn charge is not so much that the allegation is wrong, but that ZH is presenting a non mainstream view, in terms of not being (neo)keynesian and not being neocon. Thats the point, that's the fucking draw, man, that and an absolutely fantastic Wild West comments section found few other places.

And by the way - the dollar Will lose grc status and will lose value, keynesian economics has raped the working class and enriched the proverbial 1%, and the neocon warmonger narrative re russia syria etc is not only wrong it is deceptive propaganda.

To employ a somewhat wacky analogy again -

if you go to an indie rock show in Brooklyn and start talking about the virtues of Coldplay - you are assuming that people have not heard of their fucking inescapable antiseptic pop.

The rosy outlook bullshit dominates. It is everywhere.

And in the longer run, it is wrong.

P.S. Didnt junk you

Wed, 11/11/2015 - 13:54 | 6777884 HARM
HARM's picture

"Won't somebody please tell me that comforting Peak OilTM fable again?  Where is that kind Mr. Hubble?"

 

Are you for real? You seriously think that the current shale/fracking induced glut somehow disproves the law of scarcity? Or that conventional crude production is not already in decline? Where do you think all that shale oil came from? Perhaps $140/bbl oil in 2008 had something to do with it? You remind me of someone who looks outside in January, sees it's snowing and believes that's evidence anthropogenic global warming is a hoax.

Wed, 11/11/2015 - 15:11 | 6778257 Nobody For President
Nobody For President's picture

Interesting. Tried to upvote you Harm, would not 

'take'. Upvoted the next guy OK?!?

Anyway, downvoting ZH for bringing real news ain't too bright. Those lads should go back to gazing upon whomever Kardoshian ass - that they may be able to understand.

I minored in Geology (and, God save me, Economics), and peak oil has already come and gone - it IS a finite resource. Apparently, there are folks that can not understand the word "Finite". 

Here you go: http://www.merriam-webster.com/dictionary/finite

Oil pumped out of the ground is finite, by fucking definition. There has been a lot of it, and there is still a bunch of it, but it IS finite, and getting more expensive per barrel to recover by the year. OK, no prob: there is oil that can be grown, and will be in the future evenmore: https://en.wikipedia.org/wiki/Types_of_plant_oils

We will probably always need oil for lubrication, and will be able to grow it - but burn it up to get from A to B? Gonna end in our grandchildren's lifetime. The so-called defense departments will burn up the last of it flying jet planes, unless our grandkids revolt (I hope).

The current glut of crude is both temporary, due to lower global demand and various geo-political factors, and unsustainable. Enjoy the cheap gas while you can. (BTW, my regular is 3.29 a gallon yesterday - water is still cheaper...)

(And just wait, bitchez, until the real water crisis comes down upon us - call me Cassandra).

 

Wed, 11/11/2015 - 21:38 | 6779910 OutaTime43
OutaTime43's picture

Shhhhh, Harm... don't disturb the anti science conservative from his cognative dissonance slumber. 

We all know that oil is finite and that high volatility is the hallmark of peak oil .  If we had more than enough oil to allow for continuous growth, then prices would be nice and stable like they were in the 80's and 90's. Today it's WHAM.. up to 80, the economy tanks when growth hits finite supply and then.. BAM.. prices fall to 30. If anything, this temporary "glut" and OPEC's inability to reduce extraction proves that we hit peak oil around 2005-2008 perfectly. 

Thu, 11/12/2015 - 04:23 | 6781004 MalteseFalcon
MalteseFalcon's picture

Thanks for retelling the Peak OilTM fable.  I feel real comforted now.

I can get a good night's sleep knowing that there is a possibility that once again I can pay over $100 a barrel for oil because the western military enforces phoney scarcity while western media promotes this comforting fable backed by western scientists who nakedly serve politics, not science for 30 pieces of silver.

It's dark and cold outside the matrix!

 

Thu, 11/12/2015 - 04:33 | 6781009 MalteseFalcon
MalteseFalcon's picture

I saw something, so I want to say something.

My neighbors all drive hybrids that don't use sufficient gasoline.  When did this happen?!? What happened to maximum 35 mpg standard?!?  My news station told me this has caused gasoline consumption to drop for the last 10 years.

THIS IS AN OUTRAGE!!

I called the police and asked them to send a SWAT team, and force my neighbors to drive SUVs.

If we keep driving hybrids the world is going to overheat.  I saw that on TV, too.

Wed, 11/11/2015 - 13:58 | 6777909 bid the soldier...
bid the soldiers shoot's picture

Peak Oil is the situation when oil consumption exceeds oil production.  It temporarily  ends when::

1) There is a huge oil strike, production explodes and exceeds demand 

 

2) A gazillion little wells are tapped whpose total output  sends production over demand.

 

3) The Global Economy wakes up with a pre-depression headache and global demand falls out of bed.

 

Wed, 11/11/2015 - 13:00 | 6777648 greenskeeper carl
greenskeeper carl's picture

seeing pictures like that reminds me of my time over there. There would be an endless line of tankers waiting to get to the ABOT and KAAOT oit terminals. The line was always between 4-10 ships, all lines up an anchor waiting on their turn to fill up and head out. All day, every day, for a year. Thats what I was there for, protecting the IRAQI oil terminals. The iraqis with us didn't give a shit about anything, didn't want to do anything. And that was when I changed my thinking. If they don't care, why the fuck should we? The spice must flow, however. This was a long time ago, and I am enbarrassed to admit that I always hoped to see some kind of "action". Now, every time I think about the time I spent there all I can think is how I am so fucking glad I never had to shoot or hurt anyone and I didn't get shot or blown up myself participating in that shit.

Wed, 11/11/2015 - 13:10 | 6777675 hedgeless_horseman
hedgeless_horseman's picture

 

 

Today, Veteran's Day, our nation thanks you for your heroic service defending the petrol dollar, and our oil reserves in The Middle East.

Wed, 11/11/2015 - 17:15 | 6778879 IronForge
IronForge's picture

Over 8 Trillion USD, hundreds of Veteran Lives, an counting!!!!

Wed, 11/11/2015 - 18:49 | 6779237 greenskeeper carl
greenskeeper carl's picture

H_H - haha thanks, good to be appreciated. That is literally all I did, stare at those oil terminals. I am well aware thats all I was doing, although I wasn't at the time, and it definitely didn't have anything to do with 'our freedom'. but it was a long time ago, live and learn.  As I said, Im just glad I never hurt or killed anyone or had the same done to me.

 

And Im sure you already know this, HH, but I was definitely not fishing for any "thanks for your service" comments. I merely pointed that out for credibility when I say that I can tell your from personnal experience that that is exactly what we are doing over there.

 

 

Wed, 11/11/2015 - 15:20 | 6778308 Nobody For President
Nobody For President's picture

Hey Carl, I don't know if you were a vet or a merc, but a lot of us did a lot of dumb shit when we were young.

And today the nation 'honors' us - every politician in congress and most state offices will be out there talkin' to some vet's show about how great we were etc.

Fuck 'em all, those lying pieces of shit. The number of current  congress critters that are vets is now very, very low - anybody got the numbers?

Just the usual hypocritical bullshit. Tomorrow they go back to fucking us, and even worse, screwing the current crop of all volunteer military.

But I'm just especially pissed of today, so forget my rants. 

Ted died for nothin', except his buddies, and that is somethin'. That is everything.

51 god-damn years, and I still miss that SOB.

Wed, 11/11/2015 - 19:11 | 6779326 PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

I had the same realization not so long after I got home from VN, watching the 46's I had ridden in getting shoved off carrier decks pretty much gave me a cold shower of reality.

there were no commies within a hundred klicks from any of us, all those NVA troops were simple farm boys with maybe one party member thrown in a battalion, it was a continuation of 'war is a racket'..

..a racket that continues today.

Wed, 11/11/2015 - 22:38 | 6780206 Crush the cube
Crush the cube's picture

If they really wanted to honor Vet's, they'd allow a throw one rock at any officer, government official, or politician of your choice day instead.  That would fix a few problems rather quick, and make folks think a bit before sending these guys off on useless errands.  Hey Congressman, come speak at our memorial, we dare you.

Wed, 11/11/2015 - 13:01 | 6777651 two hoots
two hoots's picture

OPEC can shut down US/other production by exceeding storage capacity.  That puts the brakes on all production, a final choke hold.  "If the price don't get ya, the sheer volume will drown ya."

Wed, 11/11/2015 - 13:33 | 6777793 iClaudius
iClaudius's picture

"All about storage. When the tankers are all full, the pipes in the ground full something has to give. Oil constipation?? that could get messy."

You guys have got to burn it faster. Instead of Joe average in the US spending his evenings and weekends watching the latest reality TV show vomited up, go out and do a few hundred miles with the family. That should also help out with CO2, which is plant food. Would get the control freak watermelons fuming too.

Do it while you still have the chance.

Wed, 11/11/2015 - 14:14 | 6778013 Goofing Off
Goofing Off's picture

I know, I know what it is. All the spinning. With the world spinning so fast, all of the underground oil is flooding to the surface!! 

Wed, 11/11/2015 - 12:57 | 6777625 Quant Jockey
Quant Jockey's picture

Just bought an Expedition EL for the family. Dealer inventory is backing up in the big rig market. I got mine $8k off of dealer wholesale. Great time to buy indeed!

Wed, 11/11/2015 - 13:26 | 6777666 hedgeless_horseman
hedgeless_horseman's picture

 

 

Did you get the heavy-steel front and rear bumpers, kevlar door panels, and run-flat tire options?

Wed, 11/11/2015 - 15:39 | 6778373 Nobody For President
Nobody For President's picture

Greenie HH, but I suspect he left off the /sarc tag. If it was for real, God save us...

*I* want a small, two-door, 8 foot bed, all electric pickup I can charge on my 120 volt, with, being off the grid, is all solar (27 panels). It took near 35 years to get my off-the-grid shit together, but it is now together.

I would sell two of my vehicles - the old, old pickup and the Sienna, for one good, small, electric pickup with a 150 mile range. Probably not happen in my lifetime, alas. I'd even buy a GM chevy volt pickkup, god forgive me.

(GM, government motors, has finally put together a decent all-electric with the current year Volt sedan. Now, make a small pickup out of the sedan undercarraige/drive-train, and I'm in [holding my nose, but I'm in - haven't bought a US vehicle since a dog of a Dodge van back in the day].)

That's a lot of parenthesis...

Wed, 11/11/2015 - 13:54 | 6777888 post turtle saver
post turtle saver's picture

Valero has practically unhinged their jaws to take all the excess in and refine it... if this keeps up we're going to see $30 bbl oil and $1.00 regular unleaded... talk about partying like it's 1999...

Wed, 11/11/2015 - 14:06 | 6777957 Billy Sol Estes
Billy Sol Estes's picture

Woot! I filled up all 26 gallons in el trucko on $1.79 (SW Houston). Could be $1.49 if you have the kroger discount.

Wed, 11/11/2015 - 19:48 | 6779460 Casey Jones
Casey Jones's picture

Shit. Still 3.79 in California. Most of the people I encounter couldn't tell you the price of a barrel within $200, nobody's complaining. They have no context. A little price gouging opportunistic collusion or just an "offline refinery"? The dumbing down of the general sheeples has been so effective in tamping revolt. And to think its a decades long plan is so hard to come to terms with but so obvious in retrospect. Gawd help us.

Wed, 11/11/2015 - 23:10 | 6780350 Barrack Chavez
Barrack Chavez's picture

Correction... price of gasoline in California is under $2. The other $1.79 is CA state taxes.

Gasoline costs $2/gallon, like everywhere else. California government corruption costs an extra $2/gallon.

You keep voting for government corruption, and you keep paying for it.

Thu, 11/12/2015 - 04:39 | 6781015 MalteseFalcon
MalteseFalcon's picture

Thank god for high gasoline taxes.  Otherwise you'd be burning up the last of the finite oil.  CA once had smog in LA.  I'm glad the whole state pitched in to stop it.

The taxes will go to stop global warming.  I feel warm just thinking about it.

Sat, 11/14/2015 - 02:34 | 6790794 Barrack Chavez
Barrack Chavez's picture

Raising taxes is the whole point of the global warming scam. The same extremists who warned the UN in the 1970s about a coming ice age, are now equally convinced global temps will rise 2 degrees over 100 years if we don't give all of our earnings over to a corrupt bureaucracy.

And last time I visited LA, the smog was a lot worse than in NYC. New Yorkers also haven't misused river water "rights" and shot themselves in the foot with a government caused drought. Oh, and the EPA didn't spill two Exxon Valdez's full of toxic crap into the Snake River.

Californian's like to talk a big game about the environment, but their actions don't match their rhetoric.

Of course, it takes a special kind of idiot to build a home on top of a known earthquake fault, and then put your family into said death trap. Mother nature told you enviro-terrorists not to build there -- and you ignored her warnings. That's why you have earthquakes and droughts. Try taking her hint.

Wed, 11/11/2015 - 12:25 | 6777474 J S Bach
J S Bach's picture

Saddam would have sold us their oil with no questions asked.  And we'd be $3 trillion richer if the neocons hadn't convinced the rubes to invade Iraq after the lying ruses of 9/11 and WMDs.  The "hurt" being felt with the current glut in oil is NOTHING compared to that aforementioned figure.

Wed, 11/11/2015 - 12:33 | 6777522 RaceToTheBottom
RaceToTheBottom's picture

He made the mistake of mentioning selling oil for gold.

All wars are Bankster wars....

Wed, 11/11/2015 - 13:28 | 6777765 Paveway IV
Paveway IV's picture

And he refused to sell oil to Israel over their ongoing arab ethnic cleansing. Which is why Israel has been greasing the skids in Iraqi Kurdistan for decades - to steal oil from the Iraqi people (the ones we didn't kill). But only after the U.S. sacrificed 10K of it's own soldiers to ensure Israel could arrange back-door crude sales through the bribed Kurds and the KRG.

The corrupt Western-puppet non-Kurd Kurdistan Regional Government (KRG) sold 18.5 million barrels of crude in October, nearly all of it to Israel at a discount to market price (= ripping off the Iraqis). Even at $40/bbl, that means the KRG pulled in three-quarters of a billion dollars in oil revenue in ONE MONTH. Keep in mind that there is so much corruption in the KRG (and kickbacks to Israel) that soldiers, civil servants and teachers in the outlying regions are rioting because they have not been paid since April. The KRG pulled in that much the month before and a half-billion for a couple of months before that. So the KRG cronies have somehow burned through $5 billion this year without having a nickel left to pay government employees. And these guys probably get a whole $250/month in salary.

By next month, the KRG should have made enough ($8 billion) from oil sales to pay every single man, woman and child in Iraqi Kurdistan a thousand dollars cash, but instead they claim to be flat broke. Thanks, U.S. and Israel, for fucking up a country that does not even exist yet.

Thu, 11/12/2015 - 04:42 | 6781017 MalteseFalcon
MalteseFalcon's picture

Saddam gassed his own people.  The first guy to do that since that Hitler.

And he had aluminum tubes.

Do you know what you can do with aluminum tubes?!?

Wed, 11/11/2015 - 13:43 | 6777846 bid the soldier...
bid the soldiers shoot's picture

yep

 neocons ... convinced the rubes to invade Iraq 

"the rubes"  ==  Booger Bush

Wed, 11/11/2015 - 14:01 | 6777927 americanreality
americanreality's picture

"The rubes" = 70+ percent of US citizens.  It was incredible to witness.  It was so CLEARLY a pile of bullshit, yet the weakest among us all felt that it was something that needed to be done.  You should be ashamed of yourself if you ever thought Iraq was anything but a dirty stinking pile of horse pucky.  Also, if you got Iraq wrong please do us the courtesy of thinking more and speaking less.

Wed, 11/11/2015 - 23:20 | 6780392 bid the soldier...
bid the soldiers shoot's picture

 

What!  

Only 70+% of US Citizens belived Booger Bush's Lie about Saddam's WMD.

Live and Learn 

Wed, 11/11/2015 - 16:46 | 6778746 Lorca's Novena
Lorca&#039;s Novena's picture

Oil of Mass Destruction

Weapons of mass Deception

Somebody certainly fukkin benefited from whatever the hell happened in Iraq and it wasnt the US citizen.

Wed, 11/11/2015 - 14:20 | 6778035 Goofing Off
Goofing Off's picture

+100   That war was totally uncalled for... Maybe we can promise our vets today that we will no longer risk their childrens lifes on useless wars... I know, Pipe dream

Wed, 11/11/2015 - 14:21 | 6778039 MasterControl
MasterControl's picture

Europe was already doing that uinder the table.
Anybody remember "oil for food"? 

Wed, 11/11/2015 - 23:06 | 6780334 Barrack Chavez
Barrack Chavez's picture

Oil for Food was a UN scam, and it made a lot of UN officials extremely wealthy.

Wed, 11/11/2015 - 15:40 | 6778393 Nobody For President
Nobody For President's picture

J.S. Bach, your music was great - sublime even. But your posts here are consistently on target - the best. Thanks.

Wed, 11/11/2015 - 19:48 | 6779458 jcdenton
jcdenton's picture

If Lee Wanta successfully arrested Marc Rich (aka Hans Brand, founder of Glencore), in Geneva, under orders of William Sessions, in 1993, would we even be talking about Saddam? Then again, what happened between 1990-1991 predicated what would happen in '93?

Let's fast-forwarded to this very nanosecond. What's our next move? (that is the "consent of the governed.")

http://www.veteranstoday.com/2015/11/10/divided-loyalties-inside-the-pen...

http://www.veteranstoday.com/2015/11/11/381067/

https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp (Read Me First)

 

Oh ..

 

S.D.G.

Wed, 11/11/2015 - 12:09 | 6777406 RaceToTheBottom
RaceToTheBottom's picture

Which WS Bank is involved?

Wed, 11/11/2015 - 12:14 | 6777429 KnuckleDragger-X
KnuckleDragger-X's picture

Can't blame the banks for everything, the U.S. government is the big driver of this bit of stupid.......

Wed, 11/11/2015 - 12:21 | 6777465 manofthenorth
manofthenorth's picture

Banks=US government

Wed, 11/11/2015 - 14:10 | 6777990 ILLILLILLI
ILLILLILLI's picture

FIFY...

Banks > US government

Wed, 11/11/2015 - 19:51 | 6779474 jcdenton
jcdenton's picture

Then let's all blame a much more TANGIBLE target ..

See my response to J.S. Bach ..

 

S.D.G.

Wed, 11/11/2015 - 12:13 | 6777426 Coke and Hookers
Coke and Hookers's picture

ISIS could guarantee a safe space for them when they arrive. It's a win-win.

Wed, 11/11/2015 - 12:24 | 6777484 One And Only
One And Only's picture

Black Lives Matter.

Wed, 11/11/2015 - 12:36 | 6777540 NoVa
NoVa's picture

# Black Oil Matters

Wed, 11/11/2015 - 12:39 | 6777558 directaction
directaction's picture

Oily blacks matter.

Wed, 11/11/2015 - 14:11 | 6777994 ILLILLILLI
ILLILLILLI's picture

Oily black hair DOESN'T matter...

Wed, 11/11/2015 - 12:51 | 6777594 XAU XAG
XAU XAG's picture

There's never a Sub around when you need one!

Wed, 11/11/2015 - 12:01 | 6777355 dogismycopilot
dogismycopilot's picture

Rumor is She'll may leave Iraq

Wed, 11/11/2015 - 12:05 | 6777382 pocomotion
pocomotion's picture

Thanks for the scoop...

Wed, 11/11/2015 - 12:28 | 6777503 dogismycopilot
dogismycopilot's picture

Shell. Majnoon.

Wed, 11/11/2015 - 12:01 | 6777357 inosent
inosent's picture

hmmph ... all that oil under 'isis' 'control' headed our way so we can underwrite the war on terror. I get it. The dark overlords sure are clever, aren't they?

Wed, 11/11/2015 - 12:08 | 6777399 Carpenter1
Carpenter1's picture

Sure is, and 5000 Jihadis are hiding in those tankers too.

Wed, 11/11/2015 - 12:53 | 6777606 HowdyDoody
HowdyDoody's picture

Swimming in crude is far safer than being lit up by the Russians.

Wed, 11/11/2015 - 12:02 | 6777360 youngman
youngman's picture

I bet you can buy that oil much cheaper than the stated price....

Wed, 11/11/2015 - 12:03 | 6777366 Dr. Engali
Dr. Engali's picture

No war for oil...., oh wait.

Wed, 11/11/2015 - 12:09 | 6777403 Mr Pink
Mr Pink's picture

We finally get our reward for killing a million Iraqi civilians

Wed, 11/11/2015 - 12:18 | 6777448 Sudden Debt
Sudden Debt's picture

700 million in crude after throwing over a trillion in the occupation....

That's pretty lame. 

Wed, 11/11/2015 - 12:22 | 6777473 Mr Pink
Mr Pink's picture

It's not lame when you force someone else to pay the bill

Wed, 11/11/2015 - 12:54 | 6777608 HowdyDoody
HowdyDoody's picture

<-- war for oil
<-- oil for war

Wed, 11/11/2015 - 13:17 | 6777716 Buckaroo Banzai
Buckaroo Banzai's picture

<-- war for war

<-- war for war

Wed, 11/11/2015 - 15:43 | 6778409 Nobody For President
Nobody For President's picture

I didn't vote Bucky, but that's a good one.

Thu, 11/12/2015 - 04:46 | 6781020 MalteseFalcon
MalteseFalcon's picture

<-- war to end all wars

<-- war for the children

<-- war on hippies driving hybrids

Wed, 11/11/2015 - 12:04 | 6777371 pocomotion
pocomotion's picture

Something is not looking good for Russia, Saudi Arabia, South America, Opec, and us here in North America.  The world is on the brink of distruction.  I just feel it in my soul.

Wed, 11/11/2015 - 12:08 | 6777394 Dr. Engali
Dr. Engali's picture

Well I'm glad it's only on the brink of distruction and not the brink of destruction. That would be bad. ;->

Wed, 11/11/2015 - 12:09 | 6777405 pocomotion
pocomotion's picture

tanks Doc.

Wed, 11/11/2015 - 12:12 | 6777415 Dr. Engali
Dr. Engali's picture

Just messing with you my friend.

Wed, 11/11/2015 - 12:20 | 6777462 Hidden Front
Hidden Front's picture

Maybe he meant to write "brink of distraction"...you know like a football being deflated or something which will dominate headlines for months, while little things like theft, graft, and societal raping remain unreported.  ;-)

Wed, 11/11/2015 - 13:37 | 6777807 New_Meat
New_Meat's picture

^^^^^^^^^^^^^^^^^

Giselle approves this message.

Wed, 11/11/2015 - 14:24 | 6778045 Montani Semper ...
Montani Semper Liberi's picture

But you tell me,
Over and over and over again my friend,
Ah, you don't believe,
We're on the eve of destruction

Thu, 11/12/2015 - 04:48 | 6781024 MalteseFalcon
MalteseFalcon's picture

That Brady is a cheater.  Wait until he has to throw re-inflated balls.

Wed, 11/11/2015 - 12:04 | 6777372 Hohum
Hohum's picture

Good thing, because in this week's petroleum report "total commercial petroleum inventories decreased by 2.3 million barrels last week." That is despite the expected rise in crude oil inventories.

Wed, 11/11/2015 - 12:05 | 6777375 Duc888
Duc888's picture

 

 

"has unleashed a two-mile long, 3 million metric ton barrage of 19 million barrel excess supply directly to US ports in November."

 

I have no problem with that.  Cheaper heating oil.

 

Wed, 11/11/2015 - 12:24 | 6777487 bmr22
bmr22's picture

Yup and I am still hoping for that 99 cent a gallon gas, ah the good ole days may yet return.

Wed, 11/11/2015 - 12:08 | 6777398 Smegley Wanxalot
Smegley Wanxalot's picture

We are buying ISIS oil now? Stranger shit has happened.

Wed, 11/11/2015 - 12:19 | 6777452 RebelObserver
RebelObserver's picture

have been since the onset.. 

we are funding isis

Wed, 11/11/2015 - 13:46 | 6777858 toady
toady's picture

Where do you think ISIS gets its weapons, Russia? 

The MIC is laughing all the way to the bank! 

Wed, 11/11/2015 - 12:09 | 6777401 WTFRLY
WTFRLY's picture

Good, let's get this party started. 

Wed, 11/11/2015 - 12:09 | 6777402 Raymond_K._Hessel
Raymond_K._Hessel's picture

Vlad needs to diversify his bonds, nigga.

Wed, 11/11/2015 - 12:11 | 6777416 Lmo Mutton
Lmo Mutton's picture

Cheaper oil if they make it here in one piece.  Deep Water Horizon the sequel comes to mind.

Wed, 11/11/2015 - 12:12 | 6777420 two hoots
two hoots's picture

The spoils of oil is war.

Wed, 11/11/2015 - 12:12 | 6777421 Grandad Grumps
Grandad Grumps's picture

Who still does not believe that the actual target of the bankers (and whoever is behing them) is the Saud monarchy?

Wed, 11/11/2015 - 12:12 | 6777423 Sudden Debt
Sudden Debt's picture

Those break even prices where a scam yet again to keep prices high.

And as gold has been crushed to what it is now, 15 dollar oil is all to possible.

And that would be a good thing because cheap energy is the main ingredient for a sound economy.

Let's just hope they won't pocket all the profits and reduce the prices at the pumps...

Wed, 11/11/2015 - 12:17 | 6777443 Hohum
Hohum's picture

Sudden Debt,

15 dollar oil is possible, but 15 dollar oil and a profitable industry isn't.

Wed, 11/11/2015 - 12:20 | 6777458 Sudden Debt
Sudden Debt's picture

They said that about 75, 70, 60, 50 and 40 dollar oil also.

And yet, everybody keeps pumping.

 

Wed, 11/11/2015 - 12:35 | 6777534 StychoKiller
StychoKiller's picture

They're making it up on volume. :>D

Wed, 11/11/2015 - 12:56 | 6777618 HowdyDoody
HowdyDoody's picture

Maybe Amazon has gone into the oil business. Their model is low prices, no profit*

*courtesy some very highly paid very creative accountants.

Wed, 11/11/2015 - 13:04 | 6777669 TideFighter
TideFighter's picture

The House of Saud is now the House of Blues, poor bastards. I guess oil was the WMD against the Ruskies, no?

Wed, 11/11/2015 - 13:07 | 6777678 TideFighter
TideFighter's picture

I thought there already was an Amoil?

Wed, 11/11/2015 - 13:17 | 6777720 Diplodicus Rex
Diplodicus Rex's picture

Stycho,

Judging by your reddie someone has had their irony bone amputated. Nice play.

Wed, 11/11/2015 - 12:58 | 6777633 Hohum
Hohum's picture

Doesn't mean it's profitable.  A lot of production in N America is negative cash flow.  Now ZHers hate debt but love more oil production.  Gentleman, how do we get more oil production in the long term without debt?

Wed, 11/11/2015 - 13:25 | 6777760 CuttingEdge
CuttingEdge's picture

We invade another country?

Wed, 11/11/2015 - 13:25 | 6777761 CuttingEdge
CuttingEdge's picture

We invade another country?

Wed, 11/11/2015 - 19:30 | 6779392 PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

.."And yet, everybody keeps pumping."..

 

When you are a potato farmer, the answer to every question becomes...."plant more potatoes"..

 

Wed, 11/11/2015 - 13:02 | 6777655 cpgone
cpgone's picture

Yeah ,yeah spanker. It COULD go to .000000000000000000000000000000000000000000000000000000000000000001 c. per long ton.

Dont confuse that with a short ton.

40 bucks or around there is the bottom

Wed, 11/11/2015 - 12:14 | 6777430 the grateful un...
the grateful unemployed's picture

time to send out the EU-boats

Wed, 11/11/2015 - 12:17 | 6777442 yogibear
yogibear's picture

All that oil!

Wed, 11/11/2015 - 12:36 | 6777537 Pure Evil
Pure Evil's picture

Yep, plenty of Petroleum Jelly for Obama's backdoor adventures and slight of hand reacharounds.

Wed, 11/11/2015 - 12:22 | 6777470 ghostzapper
ghostzapper's picture

Iraq acting with bold confidence aligned with the new boss of the ME.  I'm sure Iran isn't planning a massive increase in production because the "experts" keep telling us how oil is "cheap" and we should lever up on margin to buy energy stawks.  

Wed, 11/11/2015 - 12:22 | 6777471 MajorFall
MajorFall's picture

Shouldn't this shipment be a gift to the US SPR?

Wed, 11/11/2015 - 13:32 | 6777787 bid the soldier...
bid the soldiers shoot's picture

Hanukkah comes early this year.

Wed, 11/11/2015 - 15:49 | 6778441 Nobody For President
Nobody For President's picture

Greenie. I think a lot of people might of missed this one.

Wed, 11/11/2015 - 17:31 | 6778963 BearOfNH
BearOfNH's picture

<>

"I think a lot of people might have missed this one."

There, fixed it for you.

Wed, 11/11/2015 - 12:26 | 6777494 strangeglove
strangeglove's picture

Hmmm, Cheap Gas, time to buy a HumVee"

Typical American

Wed, 11/11/2015 - 12:49 | 6777587 Hubbs
Hubbs's picture

Not a Humvee, but was thinking about buying a Ford F-250 diesel, to replace old 2000 Ford Explorer.

But the thought of higher taxes, insurance gives me pause, plus having to compete with all those subprime buyers out there keeping the prices of new vehicles inflated...for the time being.

Any predictions whether in 6 months the subprime auto loans collapse, sending the price of new trucks lower, plus those nearly new ones bought by the newly unemployed oil fracker workers being repoed and glutting the used car market along with other leased vehicles terms expiring also driving down the prices?

Better to wait?

Wed, 11/11/2015 - 13:04 | 6777667 FreeNewEnergy
FreeNewEnergy's picture

Hubbs, buy used, and check prices on Craigslist in Houston or any other fraking area. I'll just bet there are some riggers who bought their ride at the wrong time and need to get outta Dodge (or Houston).

Also, check into lease takeovers. I've seen some of these and the banks will finance them cheap, just so they don't have to repo. I'm not sure exactly how it works, but there are sure to be plenty of people upside-down on truck leases.

Just a few thoughts on the matter. Besides, what's wrong with a 2000 Ford Explorer, other than it being a Ford (snark). I just got back from the store in my 1993 Chevy G20 van and I'm not thinking about replacing it. Ony has 140K on it.

Good luck.

Wed, 11/11/2015 - 13:47 | 6777862 DOT
DOT's picture

Nice ride FNE

reliable and no broadcasting of driver profile

Wed, 11/11/2015 - 14:33 | 6778109 danl62
danl62's picture

I used to drive a Chevy. Then I got a job.

Wed, 11/11/2015 - 16:02 | 6778516 Nobody For President
Nobody For President's picture

Keep the fuckin' Explorer, man.

(Full Disclosure: My ride is a 1986 Toyota four-banger with an 8' bed and 135K miles. I plan to ride it until it is dead, or I am, unless an 8" bed all electric comes along.)

You may need to keep up with the Jones (i.e. your buddies and/or neighbors) in which case it don't matter. Buy now, nothing down, no payments until 2016, zero APR, etc, etc...) 

Fuck man - does your 2000 Explorer do he job? Is maintenance less than payments on a new rig?. THINK.

Do you really need a new rig? Or do you just want one, because your present rig is 'old'? Fuck that. If your present rig does the job, and *especially* if it is paid for, what are you really jonesing about? Drive your rig until it is dirt, or you are (or it really breaks and needs big-time work, like a new engine).

I figure my 1986 Toyota is gonna outlast me, and I don't give a shit what the neighbors think. (An all electiric small pickup can change my mind - zero fuel costs with my solar.)

Wed, 11/11/2015 - 17:06 | 6778824 mkkby
mkkby's picture

It'll be 20 years before anybody builds electric pickups.  No demand until oil goes back up and stays high for a while.  Plus it will cost $100k like the fucking tesla.

Wed, 11/11/2015 - 12:29 | 6777505 franzpick
franzpick's picture

$42 crude. Come and get it before it goes lower:

http://www.investing.com/commodities/crude-oil-advanced-chart

Wed, 11/11/2015 - 12:29 | 6777507 I am a Man I am...
I am a Man I am Forty's picture

If it's coming here somebody bought it right?  I mean they don't just take off to random countries, dock, and hold up a sign "oil for sale" do they?

Wed, 11/11/2015 - 12:53 | 6777603 directaction
directaction's picture

Crude oil deliveries are occasionally cancelled while at sea and enroute to their destination.
It's not often, but it's common enough that tankers do now and then hustle their load by phone while at sea. Or they sit on it at a major crude oil port and wait for a buyer to surface. 

Wed, 11/11/2015 - 13:45 | 6777852 New_Meat
New_Meat's picture

demurrage and lower future prices are a bitch.

Wed, 11/11/2015 - 16:04 | 6778534 Nobody For President
Nobody For President's picture

I Am- maybe. It is Iraq, and maybe they will anchor offshore as long as necessary to fuck the dreaded Satan.

Wed, 11/11/2015 - 12:31 | 6777511 dogismycopilot
dogismycopilot's picture

Iraq is on the ropes. There is a Cholera epidemic underway. Lot of Ministers getting killed. Iraq People are not happy.

Wed, 11/11/2015 - 12:37 | 6777544 directaction
directaction's picture

Oh, brother. This is nothing. The world burns through 19 million bbls every 5 hours and twenty-one minutes. And the USA sets fire to that in less than a day.

Basically, this is a drop in the bucket. 

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