I haul crude oil at a large multi billion dollar midstream. The drivers are mostly 58-64 years old and have been hauling crude for 20+ years. Feel lucky to have been hired here as they don't hire frequently and turnover is practically non existent.
When oil slipped from $40 to $20 there was a sharp drop off in our volume. I was told not to come in some nights as there was no oil. Then, all of a sudden, we started hauling for different producers who must have been hedged at a higher price because we were working overtime, 5 loads a night... go go go.
What the hell happens with oil at 55 cents a barrel?!? No one can stay solvent at that price for long. I'm hearing that it's a one month occurrence because of tanker orders from Saudi Arabia but with spare holding capacity maxed out and demand killed off from the Wuhan Flu, $20 prices after May seems optimistic.
The situation now feels like when the Roadrunner runs off a cliff and is hanging in mid air before looking down.
What happens with oil at 55 cents/barrel ?!?
Discussion in 'Oilfield Trucking Forum' started by Deadwood, Apr 20, 2020.
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