11–20 of 165 posts
NPR's Planet Money also bought some oil: https://www.npr.org/sections/money/2016/08/26/491342091/plan...
I think Planet Money also bought a mortgage backed security a while back when things had already gone south. They tracked the houses involved and their history. It was interesting to see the investment tied to specific homes, and etc.
Considering that the front-month oil contracts went negative today (paid to buy a barrel of oil), I think more (well funded and adept) players will try to hastily arrange more storage facilities. There's just no place to put the stuff right now. It's quite difficult to turn-off an active well. Deep-water wells are all but impossible to stop.
While I realize you're referring to a functioning deep-water well, working as designed, I can't help but remember the complete mess from Deepwater Horizon. If it's difficult to stop a correctly functioning deep-water well, I have even more respect for that mess of a situation (and a bit more disdain for the practice in general):
Considering that the front-month oil contracts went negative today (paid to buy a barrel of oil), I think more (well funded and adept) players will try to hastily arrange more storage facilities. There's just no place to put the stuff right now. It's quite difficult to turn-off an active well. Deep-water wells are all but impossible to stop.
Very cheap wells with low production (onshore, say ~10 barrel per day) are the ones that tend to be difficult to shut in, as they're not designed for easy temporary shut-ins.
That having been said, most of the "must produce" issues are contractual. There are plenty of contracts with production quotas/etc. Similarly, pipelines need a minimum volume to keep flowing, and once they're stopped, they can be difficult to start again (inspections/etc, as well as physically starting things flowing).
Considering that the front-month oil contracts went negative today (paid to buy a barrel of oil), I think more (well funded and adept) players will try to hastily arrange more storage facilities. There's just no place to put the stuff right now. It's quite difficult to turn-off an active well. Deep-water wells are all but impossible to stop.
>Deep-water wells are all but impossible to stop. While I realize you're referring to a functioning deep-water well, working as designed, I can't help but remember the complete mess from Deepwater Horizon. If it's difficult to stop a correctly functioning deep-water well, I have even more respect for that mess of a situation (and a bit more disdain for the practice in general): https://en.m.wikipedia.org/wiki/Deepwat…
Considering that the front-month oil contracts went negative today (paid to buy a barrel of oil), I think more (well funded and adept) players will try to hastily arrange more storage facilities. There's just no place to put the stuff right now. It's quite difficult to turn-off an active well. Deep-water wells are all but impossible to stop.
Thanks for sharing. That was a fun read from an unexpected source.
Discussed at the time: https://news.ycombinator.com/item?id=10499297 Edit: Such links are simply for the curious. Reposts are ok after a year: https://news.ycombinator.com/newsfaq.html .
have you considered some kind of presubmission check for this? even just to inform users without actually screening, and then auto appending previous discussions if submitted?
Considering that the front-month oil contracts went negative today (paid to buy a barrel of oil), I think more (well funded and adept) players will try to hastily arrange more storage facilities. There's just no place to put the stuff right now. It's quite difficult to turn-off an active well. Deep-water wells are all but impossible to stop.
Does it happen often that future contract falls into negative territory?
Considering that the front-month oil contracts went negative today (paid to buy a barrel of oil), I think more (well funded and adept) players will try to hastily arrange more storage facilities. There's just no place to put the stuff right now. It's quite difficult to turn-off an active well. Deep-water wells are all but impossible to stop.
If anyone had storage to bring online in the next few weeks, in Cushing, Oklahoma, they'd make a killing. At this point, they're going to need to ship it to a port, to get on a tanker.
Considering that the front-month oil contracts went negative today (paid to buy a barrel of oil), I think more (well funded and adept) players will try to hastily arrange more storage facilities. There's just no place to put the stuff right now. It's quite difficult to turn-off an active well. Deep-water wells are all but impossible to stop.