2020 is turning out to be quite the year

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TheButcher
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2020 is turning out to be quite the year

#1

Post by TheButcher » March 8th, 2020, 8:42 pm

We has the Coronavirus around the globe.

Now oil prices might go to $20 a barrel.

What else might we see that would have been unbelievable just a few months ago.



Read this story about oil prices, this line made me laugh "Goldman Sachs is now out with a dire warning: $20 a barrel oil."

I don't see anyone but the oil companies crying about a price drop at the gas pumps. How about that $2 a gallon gas again lol.



https://www.yahoo.com/finance/news/saud ... 42042.html
Saudi Arabia triggers an oil price crash — Goldman Sachs warns $20 oil is possible
Brian Sozzi
Brian SozziEditor-at-Large
Yahoo FinanceMarch 8, 2020, 7:29 PM EDT
Scroll back up to restore default view.

Filling up that new gas-guzzling SUV is about to get a heck of a lot cheaper this spring.

Brent crude oil futures tanked as much as 31% to $31 a barrel on Sunday evening as Saudi Arabia ratcheted up pressure on Russia by slashing its list prices by the most in some 20 years. Saudi Arabia’s shock decision as talks on production cuts between OPEC and its allies ended unceremoniously on Friday.

Saudi Arabia’s decision to cut prices puts added pressure on an oil market already reeling from a global economic growth slowdown at the hands of the coronavirus outbreak. West Texas Intermediate crude has plunged about 48% year-to-date. That has put immense pressure on the share prices of oil majors such as Exxon and Chevron as well as drillers like Transocean.

Goldman Sachs is now out with a dire warning: $20 a barrel oil.

“The prognosis for the oil market is even more dire than in November 2014, when such a price war last started, as it comes to a head with the significant collapse in oil demand due to the coronavirus. This is the equivalent of a 1Q09 demand shock amid a 2Q15 OPEC production surge for a likely 1Q16 price outcome. As a result, we are cutting our 2Q and 3Q20 Brent price forecasts to $30/bbl with possible dips in prices to operational stress levels and well-head cash costs near $20/bbl,” Goldman Sachs oil strategist Damien Courvalin said in a note to clients.

Added Courvalin, “This completely changes the outlook for the oil and gas markets, in our view, and brings back the playbook of the New Oil Order, with low cost producers increasing supply from their spare capacity to force higher cost producers to reduce output.”

The dive in oil prices weighed heavily on equity futures Sunday evening. Dow Jones Industrial Average futures crashed nearly 1,000 points as of 6:03 p.m. ET.

“There's always winners and losers in any market, but right now the idea that lower gasoline prices is going to put more cash in workers' pockets and give consumer spending and the economy a boost doesn't seem to cushion the blow for stock market investors. They want out. Big time. The sky is falling. Get out, get out while you can. Wall Street's woes have to eventually hit Main Street's economy hard. Bet on it,” warned MUFG chief financial economist Chris Rupkey.

Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

workman
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#2

Post by workman » March 8th, 2020, 9:44 pm

All we need is a major earthquake in California and we are screwed.




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Jag
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#3

Post by Jag » March 9th, 2020, 9:14 am

The economies around the world is going to take a hit over the Coronavirus, all we can hope for is not too many people die of this virus, the economies will come back round.
From Malta with love and sunshine

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TheButcher
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#4

Post by TheButcher » March 10th, 2020, 2:19 pm

workman wrote:
March 8th, 2020, 9:44 pm
All we need is a major earthquake in California and we are screwed.
Don't jinx it, the San Andreas fault is over due for a little movement :)

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cimage
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#5

Post by cimage » March 11th, 2020, 8:27 am

Imagine a war breaking out in the middle east and our troops having to go fight there, that can lead to this Coronavirus spreading fast.
Stop looking for reps if they don't care why waste your time and traffic at their program, fuck that.
~ cimage 2024

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TheButcher
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#6

Post by TheButcher » March 12th, 2020, 9:45 am

2nd time in a week trading on the Dow Jones has been halted, it tanked hard by 1700 points this morning before the opening bell. I guess that was some what related to President trump's address to the nation last night about the Coronavirus.

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donnie
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#7

Post by donnie » March 13th, 2020, 7:06 pm

All we can pray is it ends well




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vblogger
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#8

Post by vblogger » March 14th, 2020, 8:51 am

donnie wrote:
March 13th, 2020, 7:06 pm
All we can pray is it ends well
At this rate if we are here come new years eve it will be a miracle, i NY's eve and no Ties Square celebrations.




DeSexGuide
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#9

Post by DeSexGuide » March 16th, 2020, 10:11 am

It will change the world for ever, life as we knew it will never be the same.




fappmaster
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#10

Post by fappmaster » March 17th, 2020, 6:04 pm

The decade get any worse :?




born2bewild
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#11

Post by born2bewild » March 18th, 2020, 10:54 am

The strong will survive the weak will die, this is fact.




notty
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#12

Post by notty » March 19th, 2020, 6:04 pm

Absolutely not what I expected 3 months ago.




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TheButcher
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#13

Post by TheButcher » March 20th, 2020, 11:38 am

born2bewild wrote:
March 18th, 2020, 10:54 am
The strong will survive the weak will die, this is fact.
Charles Darwin said something along those lines in his book "Origin of Species"

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BHT
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#14

Post by BHT » March 21st, 2020, 7:36 pm

We have 8 more months to the year, so much can change in that time, stay positive.




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fantastico
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#15

Post by fantastico » March 22nd, 2020, 8:35 pm

BHT wrote:
March 21st, 2020, 7:36 pm
We have 8 more months to the year, so much can change in that time, stay positive.
It can go either way :idea:




2020 is turning out to be quite the year

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