Why is Saudi Arabia doing this?

As of Weds am

WTI Oil Futures Curve 2 to 10 Months Out
CL2 $11.24 (-2.85%)
CL3 $20.29 (+8.56%)
CL4 $23.64 (+8.98%)
CL5 $25.52 (+8.92%)
CL8 $28.65 (+6.66%)
CL10 $29.86 (+5.18%)​
 
IB took losses on the oil contracts that were stuck. Positions could not be closed

" ... The price of the May 2020 contract dropped to an unprecedented negative price of $37.63. This price was the basis for determining the settlement price for cash-settled contracts traded on the CME Globex and also on a separate, expiring cash-settled futures contract listed on the Intercontinental Exchange Europe (“ICE Europe”).

Several Interactive Brokers LLC (“IBLLC”) customers held long positions in these CME and ICE Europe contracts, and as a result they incurred losses in excess of the equity in their accounts. IBLLC has fulfilled the firm’s required variation margin settlements with the respective clearinghouses on behalf of its customers. As a result, the Company has recognized an aggregate provisionary loss of approximately $88 million.

The Company does not believe that any anticipated losses will have a material effect on its financial condition."​

Interactive Brokers Issues Statement on Crude Oil Contracts and Margin Loss
 
Musburger1 said:
Let’s speculate the orders are followed whether justified or not. What do you think would happen next?
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I guess it would blow the hell out of a few Iranians in their ridiculous "gunboats", and potentially turn Iran into a crazy dictatorship that sponsors terrorism throughout the world. Maybe not.
 
iatrogenic said:
I guess it would blow the hell out of a few Iranians in their ridiculous "gunboats", and potentially turn Iran into a crazy dictatorship that sponsors terrorism throughout the world. Maybe not.
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Is there any doubt that the Iranians are doing this? If so, I have no problem with Trump giving our Navy the discretion to do what they need to do.
 
It won't end the world. It will f'up some Iranians, and make them reconsider poking the bear next time. Nothing else will change.
 
iatrogenic said:
It won't end the world. It will f'up some Iranians, and make them reconsider poking the bear next time. Nothing else will change.
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If that were true, Trump would have ordered a military response when Iran’s cruise missiles hit our base in Iraq in January.
 
bystander said:
Is there any doubt that the Iranians are doing this? If so, I have no problem with Trump giving our Navy the discretion to do what they need to do.
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I read Iran does this to make propaganda videos.
 
Joe Fan said:
US (and canadian) wheat farmers had to feed them for awhile

It caused an issue with giant rats in my city, as they escaped the motherland by stowing away on the shippers, only to land at the Ship Channel. It became such a big story, local TV news started filming them running across the RR tracks like Free Willy (they did seem happy to have escaped). The illegal alien Russian rat was so large it was bigger than the local feral cat who just said "f-this" and took the last train for the coast.
Spasibo comrade
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I heard separately this happen in Seattle too. They were called harbor rats. Not sure if this was a Russia issue, or it coincided with massive increase in container ship movements.
 
Peak supply.

tankers%20singapore_1.jpg
 
I'm sure Pompeo wants to go to war. Maybe he is trying to convince Trump that war is necessary to jump start the oil industry. That would be foolish and evil at the same time.
 
Musburger1 said:
If that were true, Trump would have ordered a military response when Iran’s cruise missiles hit our base in Iraq in January.
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So we killed one of the leading terrorists in the world, Soleimani, Iran fired missiles on a U.S. base that had been largely abandoned prior to the strike, and then Iran shoots down and kills a plane with 130 Iranian citizens. All Trump had to do after accomplishing the U.S. goal was to sit back and watch as the idiot Iranians killed their own people.
 
I'd much rather go to war with Venezuela as we could then put in a friendly government and get new factories going there. Argentina is another country that would be a good place to get a much better government in place, give prosperity to the people and help them develop a stronger economy. Plus, we stomp a hole in the Che Guevara myth.
 
I personally prefer Italy and Switzerland because they have great vacation spots. Plus, they're an easy win on the schedule, and we could get some young guys some experience.
 
Monahorns said:
War, for anything else other than defending your own people, is evil.
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We’ve found ways to get around that.

Humanitarian wars. You get CNN, FOX, and others to point out how brutal the ‘regime’ is to its own people. After that, it’s ok to starve the targeted country economy and bomb the hell out of it (to free the people). After that, as Trump and Bolton advocate, you grab the oil so that it can be managed more effectively.
 
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