Oil fell as much as 31% over the weekend (Houston, Dallas: costs, storage)

[mikedjp]

[quote=md1429;57557164]Oh wow !! So you terminated due to job loss fears or are you thinking/hoping home prices are going to fall and you do not want to buy at the peak?

I too am in the market to buy (luxury market) and not finding anything to our taste. Now rethinking if we should buy this year or wait it out.[/]

At the time it was not wanting to buy at the top of the market because of oil gloominess and also being a little unsure about the house. Now it seems like it was the right decision.

[bu2]

Originally Posted by lipbalm

20 dollar oil and below is very possible, it's the apocalypse for O&G industry, and it might last a while.

Almost down to $20 today. Looking at a chart, it hasn't been below $30 since sometime before 2006 (which was the beginning of the chart). Doubt its been that low since the 80s.

[Hopeful for Life]

Originally Posted by bu2

Almost down to $20 today. Looking at a chart, it hasn't been below $30 since sometime before 2006 (which was the beginning of the chart). Doubt its been that low since the 80s.

I’m pretty sure that the price was very low in the late 90s. Unleaded gas was about 95cents/$1.00/gal.

[leastprime]

Bye bye bitumen sand heavy crude from canada.
Bye bye bitumen fracked heavy crude from USA.
Trump is gonna refill the strategic oil reserves (why?) and it could come from the mid-east to help our friends there. Could be Russian oil.

[notkim]

Originally Posted by lipbalm

20 dollar oil and below is very possible, it's the apocalypse for O&G industry, and it might last a while.

Seems your words just became true. Oil is at $20 now :-(


https://www.cnn.com/2020/03/18/busin...rus/index.html

[Houstonx3]

Originally Posted by bu2

Almost down to $20 today. Looking at a chart, it hasn't been below $30 since sometime before 2006 (which was the beginning of the chart). Doubt its been that low since the 80s.

Ole timers in the oil industry will remember that WTI (West Texas Intermediate) crude oil fell to about $11/BBL in 1986. If you were in Houston in those times you'll remember the wide-scale economic suffering.

https://www.eia.gov/dnav/pet/hist/rwtcd.htm

[Texamichiforniasota]

Unless you are going to stay a long time, I wouldn't buy any Houston real estate until it's clear the oil industry is going to be ok. My parents made the mistake of buying the home I grew up in, a nice house in a good part of Houston in the late 1970's. They sold it almost 20 years later for exactly what they had paid for it in the late 70's. Of course, when you factor in inflation over that time period, they got less than half their purchase price.

Now, of course Houston has diversified quite a bit since the 80's bust, but O&G is still the biggest driver of the economy. Hopefully, the bust will be short lived, but over the long term, I expect oil and gas in 20-30 years to look like what coal looks like today.

[ParaguaneroSwag]

Originally Posted by Houstonx3

Ole timers in the oil industry will remember that WTI (West Texas Intermediate) crude oil fell to about $11/BBL in 1986. If you were in Houston in those times you'll remember the wide-scale economic suffering.

https://www.eia.gov/dnav/pet/hist/rwtcd.htm

This doesn't account for inflation

[GoodHombre]

Originally Posted by ParaguaneroSwag

This doesn't account for inflation

11 dollars in 1986 is equivalent to 26 dollars today.

[lipbalm]

Originally Posted by leastprime

Bye bye bitumen sand heavy crude from canada.
Bye bye bitumen fracked heavy crude from USA.
Trump is gonna refill the strategic oil reserves (why?) and it could come from the mid-east to help our friends there. Could be Russian oil.

Midland and oddessa are about to become dusty ghost towns like before. Houston, my god I don't even want to imagine but it will be horrible (maybe Detroit?? at this point anything is possible), most of economy is O&G dependent. Stick a fork in us, we are done.