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  • . >>> JOINING US NOW HERE ONSET IS

  • >>> JOINING US NOW HERE ONSET IS JOHN KILDOFF AND A CNBC

  • JOHN KILDOFF AND A CNBC CONTRIBUTOR THAT SPECIALIZES IN

  • CONTRIBUTOR THAT SPECIALIZES IN ENERGY TRADING.

  • ENERGY TRADING. HE’S A GUY THAT EXPLAINS WHAT

  • HE’S A GUY THAT EXPLAINS WHAT HAPPENS TO OIL IN THE MARKET AND

  • HAPPENS TO OIL IN THE MARKET AND BOY, ARE YOU THE GUY I WANT TO

  • BOY, ARE YOU THE GUY I WANT TO TALK TO TODAY.

  • TALK TO TODAY. WE SEEN THE MARKETS GET BATTERED

  • WE SEEN THE MARKETS GET BATTERED OVER THIS CORONAVIRUS AND TODAY

  • OVER THIS CORONAVIRUS AND TODAY SOMETHING HAPPENS WHERE THE

  • SOMETHING HAPPENS WHERE THE PRICE OF OIL GOES THROUGH THE

  • PRICE OF OIL GOES THROUGH THE FLOOR AND HAS DRIVEN THE EVEN

  • FLOOR AND HAS DRIVEN THE EVEN BLOODIER DAY ON WALL STREET

  • BLOODIER DAY ON WALL STREET TODAY.

  • TODAY. IS IT A COINCIDENCE THIS

  • IS IT A COINCIDENCE THIS HAPPENED ALONGSIDE THE

  • HAPPENED ALONGSIDE THE CORONAVIRUS THING OR ARE THEY

  • CORONAVIRUS THING OR ARE THEY RELATED?

  • RELATED? >> I THINK THE CORONAVIRUS WAS

  • >> I THINK THE CORONAVIRUS WAS THE PREDICATE TO THIS BREAKDOWN

  • THE PREDICATE TO THIS BREAKDOWN BETWEEN SAUDI ARABIA AND RUSSIAN

  • BETWEEN SAUDI ARABIA AND RUSSIAN RELATIONSHIP REGARDING MANAGING

  • RELATIONSHIP REGARDING MANAGING OR TRYING TO MANAGE THE OIL

  • OR TRYING TO MANAGE THE OIL MARKET.

  • MARKET. AND THE RUSSIANS IN PARTICULAR I

  • AND THE RUSSIANS IN PARTICULAR I THINK HAVE SEEN THE U.S. SHALE

  • THINK HAVE SEEN THE U.S. SHALE AND OTHER PRODUCERS NIPPING AT

  • AND OTHER PRODUCERS NIPPING AT THEIR HEELS IN TERMS OF MARKET

  • THEIR HEELS IN TERMS OF MARKET SHARE, PARTICULARLY CHINA.

  • SHARE, PARTICULARLY CHINA. AS THE RUSSIANS AND THE SAUDIS

  • AS THE RUSSIANS AND THE SAUDIS WERE MEETING LAST WEEK TO

  • WERE MEETING LAST WEEK TO DETERMINE HOW MUCH OIL

  • DETERMINE HOW MUCH OIL PRODUCTION THEY SHOULD CUT BACK,

  • PRODUCTION THEY SHOULD CUT BACK, THE U.S. POSTED YET ANOTHER

  • THE U.S. POSTED YET ANOTHER RECORD WEEK OF OIL PRODUCTION

  • RECORD WEEK OF OIL PRODUCTION AND RACHEL, ANOTHER BLOCKBUSTER,

  • AND RACHEL, ANOTHER BLOCKBUSTER, NOT ANOTHER BUT A BLOCKBUSTER

  • NOT ANOTHER BUT A BLOCKBUSTER WEEK OF CRUDE OIL EXPORTS AND

  • WEEK OF CRUDE OIL EXPORTS AND ONE OF THE BIGGEST FACTORS IN

  • ONE OF THE BIGGEST FACTORS IN THAT NUMBER WAS A CARGO OF CRUDE

  • THAT NUMBER WAS A CARGO OF CRUDE OIL FROM THE GULF OF MEXICO THAT

  • OIL FROM THE GULF OF MEXICO THAT ISN’T THE SHALE LIGHT SWEET

  • ISN’T THE SHALE LIGHT SWEET STUFF YOU HEAR ABOUT BUT HEAVIER

  • STUFF YOU HEAR ABOUT BUT HEAVIER SOUR STUFF THAT COMPETES

  • SOUR STUFF THAT COMPETES DIRECTLY HEAD-TO-HEAD WITH THE

  • DIRECTLY HEAD-TO-HEAD WITH THE KIND OF CRUDE RUSSIA SELLS TO

  • KIND OF CRUDE RUSSIA SELLS TO THEIR MAIN CUSTOMER CHINA.

  • THEIR MAIN CUSTOMER CHINA. SO RUSSIA SAID WEVE HAD IT AND

  • SO RUSSIA SAID WEVE HAD IT AND THEY TOLD THE SAUDIS AS MUCH AND

  • THEY TOLD THE SAUDIS AS MUCH AND THE SAUDIS THREW A HISSY FIT AND

  • THE SAUDIS THREW A HISSY FIT AND WENT NUCLEAR OVER THE WEEKEND.

  • WENT NUCLEAR OVER THE WEEKEND. THEY SAID THEY WILL BUMP UP

  • THEY SAID THEY WILL BUMP UP THEIR PRODUCTION NEXT MONTH OVER

  • THEIR PRODUCTION NEXT MONTH OVER 10 MILLION BARRELS A DAY.

  • 10 MILLION BARRELS A DAY. REMEMBER THE BLUE LIGHT AT

  • REMEMBER THE BLUE LIGHT AT WALMART?

  • WALMART? THEY CUT THEIR SELLING PRICE TO

  • THEY CUT THEIR SELLING PRICE TO THE REGIONS IN THE WORLD BY OVER

  • THE REGIONS IN THE WORLD BY OVER $10 A BARREL, WHICH WAS JUST A

  • $10 A BARREL, WHICH WAS JUST A FEAT THAT NONE OF US IN THE

  • FEAT THAT NONE OF US IN THE MARKET HAD EVER SEEN BEFORE.

  • MARKET HAD EVER SEEN BEFORE. >> THE IDEA IS TO MAKE OIL SO

  • >> THE IDEA IS TO MAKE OIL SO CHEAP THAT RUSSIA CAN’T MAKE ANY

  • CHEAP THAT RUSSIA CAN’T MAKE ANY MONEY DOING IT SO THAT RUSSIA

  • MONEY DOING IT SO THAT RUSSIA BREAKS RUSSIA’S WILL AND RUSSIA

  • BREAKS RUSSIA’S WILL AND RUSSIA GETS IN LINE WITH OPEC THE WAY

  • GETS IN LINE WITH OPEC THE WAY THEY WANT TO DEAL WITH THE CRIMP

  • THEY WANT TO DEAL WITH THE CRIMP AND DEMAND AND WHAT THEY WANT TO

  • AND DEMAND AND WHAT THEY WANT TO DO WITH PRODUCTION TO ADDRESS

  • DO WITH PRODUCTION TO ADDRESS THAT?

  • THAT? >> THAT AND I ALSO HAVE TO SAY

  • >> THAT AND I ALSO HAVE TO SAY THE U.S. SHALE IS IN THE CROSS

  • THE U.S. SHALE IS IN THE CROSS HAIRS WITH THAT MOVE, TOO,

  • HAIRS WITH THAT MOVE, TOO, BECAUSE NOBODY CAN COME EVEN

  • BECAUSE NOBODY CAN COME EVEN CLOSE TO COMPETING WITH SAUDI

  • CLOSE TO COMPETING WITH SAUDI ARABIA IN TERMS OF THEIR COST OF

  • ARABIA IN TERMS OF THEIR COST OF PRODUCTION.

  • PRODUCTION. IT’S IN THE SINGLE DIGITS.

  • IT’S IN THE SINGLE DIGITS. DOWN IN TEXAS WHERE THIS WHOLE

  • DOWN IN TEXAS WHERE THIS WHOLE BOOM HAS BEEN SPRUNG UP OVER THE

  • BOOM HAS BEEN SPRUNG UP OVER THE PAST NUMBER OF YEARS, THEY

  • PAST NUMBER OF YEARS, THEY REALLY HAVE TO HAVE $50 A

  • REALLY HAVE TO HAVE $50 A BARREL, MAYBE SOME AS LOW AS

  • BARREL, MAYBE SOME AS LOW AS 40 --

  • 40 -- >> I WENT BELOW $30 TODAY.

  • >> I WENT BELOW $30 TODAY. >> IT WENT BELOW 30 FOR A TIME

  • >> IT WENT BELOW 30 FOR A TIME OVERNIGHT.

  • OVERNIGHT. THEY GOT AS LOW AS $27 A BARREL

  • THEY GOT AS LOW AS $27 A BARREL AT ONE POINT.

  • AT ONE POINT. >> AS THIS PRICE GOES DOWN AND

  • >> AS THIS PRICE GOES DOWN AND THIS SAUDI ENGINEERS THE PRICE

  • THIS SAUDI ENGINEERS THE PRICE TO COME DOWN, ARE THEY TRYING TO

  • TO COME DOWN, ARE THEY TRYING TO FORCE BANKRUPTCIES IN THE U.S.

  • FORCE BANKRUPTCIES IN THE U.S. FORCE -- YOU CAN’T FORCE THE

  • FORCE -- YOU CAN’T FORCE THE RUSSIAN OIL INDUSTRY TO GO

  • RUSSIAN OIL INDUSTRY TO GO BANKRUPT BECAUSE IT’S THE

  • BANKRUPT BECAUSE IT’S THE RUSSIAN STATE.

  • RUSSIAN STATE. ARE THEY TRYING TO FORCE THEM

  • ARE THEY TRYING TO FORCE THEM OUT OF THE MARKET OR CHANGE

  • OUT OF THE MARKET OR CHANGE RUSSIA’S BEHAVIOR OR BOTH?

  • RUSSIA’S BEHAVIOR OR BOTH? >> THEY ARE MORE THAN HAPPY TO

  • >> THEY ARE MORE THAN HAPPY TO GET RUSSIA BACK IN THE FOLD BUT

  • GET RUSSIA BACK IN THE FOLD BUT BUT SOMEWHAT HAPPY TO DO DAMAGE

  • BUT SOMEWHAT HAPPY TO DO DAMAGE TO THE HIGHER COST U.S. SHALE

  • TO THE HIGHER COST U.S. SHALE PRODUCERS AND RING OUT EXCESS

  • PRODUCERS AND RING OUT EXCESS CAPACITY.

  • CAPACITY. FOR YEARS NOW SAUDI ARABIA HAS

  • FOR YEARS NOW SAUDI ARABIA HAS BEEN CARRYING THE LOAD IN TERMS

  • BEEN CARRYING THE LOAD IN TERMS OF TRYING TO BALANCE THE OIL

  • OF TRYING TO BALANCE THE OIL MARKET AND KEEP PRICES AT A

  • MARKET AND KEEP PRICES AT A DESCENT ENOUGH LEVEL FOR ALL OF

  • DESCENT ENOUGH LEVEL FOR ALL OF THEM TO SORT OF BE HAPPY AND

  • THEM TO SORT OF BE HAPPY AND KEEP THE HOME FIRES BURNING AND

  • KEEP THE HOME FIRES BURNING AND MEET THEIR OR COME CLOSE TO

  • MEET THEIR OR COME CLOSE TO MEETING OR CALL THEIR FISCAL

  • MEETING OR CALL THEIR FISCAL BUDGETS, THEIR FISCAL BREAK

  • BUDGETS, THEIR FISCAL BREAK EVENS FOR CRUDE OIL, NOT THE

  • EVENS FOR CRUDE OIL, NOT THE COST OR PRODUCTION BUT THE MONEY

  • COST OR PRODUCTION BUT THE MONEY THEY NEED TO SUPPORT OIL OR

  • THEY NEED TO SUPPORT OIL OR GOVERNMENT PROGRAMS AND KEEP

  • GOVERNMENT PROGRAMS AND KEEP EVERYBODY HAPPY.

  • EVERYBODY HAPPY. >> THIS IS A TIME IF SAUDI WAS

  • >> THIS IS A TIME IF SAUDI WAS EVER GOING TO DO THIS, THIS IS A

  • EVER GOING TO DO THIS, THIS IS A TIME THE WORLD IS OVER A BARREL.

  • TIME THE WORLD IS OVER A BARREL. THEY COULD HAVE DONE THIS AT ANY

  • THEY COULD HAVE DONE THIS AT ANY TIME.

  • TIME. >> ANY TIME AT ALL.

  • >> ANY TIME AT ALL. THEY HAD THE MARKET SHARE AND

  • THEY HAD THE MARKET SHARE AND POWER.

  • POWER. THIS IS FOR STUDENTS OF HISTORY

  • THIS IS FOR STUDENTS OF HISTORY THAT WATCH YOUR SHOW, THIS IS

  • THAT WATCH YOUR SHOW, THIS IS RIGHT OUT OF ROCKEFELLER’S

  • RIGHT OUT OF ROCKEFELLER’S PLAYBOOK.

  • PLAYBOOK. THE BEAUTY ROSE THEORY WHERE YOU

  • THE BEAUTY ROSE THEORY WHERE YOU LOWBALL PRICE THE COMPETITION

.

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    林宜悉 posted on 2020/03/11
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