https://www.theguardian.com/business/2021/dec/06/oil-companies-profits-exxon-chevron-shell-exclusive so do profits – the futures are used for prices at pump not the cost of past oil.
– the futures are used for prices at pump not the cost of past oil. Massive gains. THE oil storage and delivery system was screwed up.. ANY ONE with storage made a wind fall. The main storage facility for US crude before it is shipped is in Cushing, Oklahoma they store raw crude and physical storage hit capacity as OIL WENT to 1 dollar a barrel under TRUMP. Most companies store some and used to store it themselves. The whole infrastructure changed with oil worthless. NOW WE PAY! The exact opposite. OIL COMODITIES are strange with hedging and their own metrics.. Contracts demand physical delivery oil went to 1 dollar a whole barrel. NOW it is a swing and natural cycle needing it. OPEC needs to step up to demand as they are most likely producing at pre-Pandemic rates. They are making money with producing less. WE have the capacity and it will take every one to increase. YOU can kind of figure for every 1% of inflation yields 8% in yield I saw. (( Small oil service companies are coming back alive on wall street today up 100%) The industry is gearing up!
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