$1.49!

UberBeemer said:

We should be so lucky when Uber is slamming us with trips. Enjoy these prices while they last. The Saudi's and Russians have reportedly agreed to cut production.

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The cut was 9.7mln bbls a day. It's a lot but for one cut but few are driving or flying. They were talking 10mln bbls and trumps said a week earlier 10 or maybe 15 mln.

right now crude is up 16 cts and gas futures about 2cts

EddieG said:

https://finviz.com/futures.ashx

I can understand why Russia didn't want to slow production, even though they aren't making much if any money on it, they need the cash flow. Saudi Arabia on the other hand I would think would be drowning in cash, but who really knows. Overall, it's a good thing that the Middle East or another region of the world doesn't produce a majority of the oil. Competition is a good thing.

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Originally is was to run the shale producers out of business and they were trying to do it before coronavirus shut the world down. 20 years ago open had a price band target for crude of $22 to $28. If the average price went outside of the band for 30 days they increased or decreased production at the time the estimated production cost for the Saudi's was $1-2bbl now they use a much higher number as they use it to fund the country so the lump what they need into the production costs