I checked Bloomberg futures and as I write this, WTI is down $1.12 (5.21%) to $20.29/barrel. The part I do not understand is RBOB (gasoline) is down $3.15 (5.49%) to $54.22 USd/gallon. What does that mean? Does not make sense to me. Anyway, natural gas is down 5 cents (2.87%) to $1.62/MMBtu. The whole energy sector is going down. Some well known smaller/midsize companies may very well not exist next year. I can definitely see Chevron making at least one strategic purchase if the price is right. This is a very uncertain and stressful time to be employed in the oil business. I know - state the obvious.
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Prices and stocks are up 30% in about a week! Great rebound.
My guess is that RBOB was prices in cents/gallon. This is the wholesale price before taxes, transportation, and service station. As for the phishing for acquisition gossip, no comment.
Now at $19.45/barrel. Why is Chevron stock up today?
WTI now at $19.75 and dropping.
Big companies will get bigger but smaller weaker ones will disappear.
Below $20
It is simple. The companies that get a bailout will survive, the companies that won’t get a bailout will be bought out by the ones that do.