Dan Dicker traded oil futures for 25 years on the NYSE. He explains how COVID-19 created a perfect storm for oil markets, and why it still doesn’t make green energy inevitable.
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“It’s not their fault. Bail them out†doesn’t wash one bit.. Covid 19 firmly falls under the bracket of radical uncertainty; something we who are exposed to the raw claws of free markets are expected to plan for and literally live or die by.
It's called purchasing over the requirement we need coupling that with a speculation market that keeps failing to bring in profits!
Those of you who still beLIEve oil is from fossils might serve yourselves well by looking into abiotic oil. First oil was deceptively claimed to be formulated from fossils of dinosaurs. A fossil is the skeletal imprint of an animal/organism onto sediment or rock. It might have been more comprehensive to claim oil came from the fat and tissue of organics. However this was never the claim. Nor would it be true either. Then it was claimed to be formed from decaying vegetation and biomass of extinct plants and animals. Neither of these would have provided enough oil to fight even one world war let alone two and all the fuel burnt up in other wars, industries, planes, trains, automobiles and ships. Capped wells left alone for a long enough period, could be started again and produce as much or more than the previous output. Before I knew it was claimed to be proven that oil and natural gas have a common primary component, I acknowledged oil and gas as something else, the coolants of the earth core and possibly a mechanism to relieve the pressure that builds up.  Being that it is stated that hydrocarbon is the primary component of oil and natural gas, this theory of mine has structure. I have had the strongest feeling that lava and sea water have a great role in the production of oil. Being that carbon is in the magna(lava) and hydrogen is present in water, I might be off in the need for salt to do the thinning process but I could be wrong on that part. The earths core radiates heat, as does the sun. The core cannot become to hot, like a car engine, it needs water and oil to keep from seizing up. Hence the movement of Tectonic plates do not seize.  I learned most of what I did in a manner most won.t or can't
He spitting real facts!
https://twitter.com/ksss/status/1252599967690002432?s=21
What an amount of disingenuous, obfuscating, deceitful verbal gymnastics Dicker gushes forth to refrain from any specifics of why oil was effectively given away with free money included, by whom and to whom?…. and he managed to not mention 'derivatives' even once!!
It is maybe just too dangerous for Dicker to mention the glaringly obvious totally exposed capitalist/free market sham, and his 'pal' Steiner meekly accepts this garbage unquestioningly :
who owns the oil on these tankers , who did they buy it from, is all the oil in these tankers crude oil, whose responsibility is it to receive/take possession of this oil, does the oil in these tankers then need to be sold to another party (a refiner or yet another 'middle man'), who owns these tankers?
Who and how many lost money? – names please – and how much and in precisely what manner?
The Emperor with no clothes meets the 'invisible hand' nonsense.
But don't worry there is nothing wrong in the 'futures' ( = derivative ) market folks, move along now! no investigation and structural reforms needed… YeeHah!!! unleash further 'derivative' casino crookedness.
Years ago it was very hard to see oil prices go up and down because of a lot of facts. But over the years what started happening was greed and people with their hand in the cookie jar. The prices of oil turned to not the actual price but the speculation of what it will be. When that happen the price of oil could and would be able to fluctuate +/- not in cents like
+ $.01< $.03 for the month like in the 80s/90s but like +/- $.20 < $2.00 like it is now. But now with all that's happen if you follow the money you can probably catch a hand in the cookie jar snatching the last of the crumbs or at least their finger prints. I wouldn't be surprised if Walmart cut a deal behind closed doors to stockpile alots of oil. Hmmm…. I wonder what "Bush" is doing… Hehe
Well, third world countries that are not oil producers might buy a barrel of oil for $20 but those that are oil producers are going to start refining themselves
Excellent interview. I wouldn't have thought about "green energy" … stuff for the topic of this interview, but Dan came to mention it in an interesting way, so the ears pricked up. It definitely makes a lot of sense to say that to make "green energy" inevitable, oil PRICES would need to skyrocket. Otherwise, there'll be less demand for going "green", given that consumers also look to their bottom $$ line, or simply to their $$, so looking for cost savings, often including without careful concern for or about consequences ; or, so I'll suppose anyway. Maybe a motto might be, " Profit/benefit now, while you/we can, and deal with the consequences later, when and if they, meaning negative ones, happen ". The latter is in the realm of speculation for many people, whereas immediate cost savings, financially, are just that, immediate. They're in the immediate time frame. They may turn out such that people will regret having neglected careful consideration of what the most likely consequences, negative ones, might be. Well, there's plenty of logic behind what Dan said in this interview with Marc of TRNN ; like it or not, plenty of sound reasoning. I think it makes sense both mathematically and in terms of economics/business.
Third and developing countries don't emit as much co2 then developed countries so they(developed countries)should make the transition to clean energy first
shared
First time the Real News has really made me laugh!
The common man sees all these financial instruments, like futures markets, as equivalent to Ponzi schemes, and cannot accept them as LEGAL. Yet another bubble on the verge of bursting.
People don't care about the planet
The rich ones are too greedy to let sustainability get in their way of making money
The poor are too busy struggling on a daily basis to survive one more day at any cost
The stars and politicians (Media Exposed People) talk about the planet to boost their public image and sell more and join the rich group and stay the hell away from the poor group
It's too late anyway, even if you reduce the carbon foot print per person you are having more and more people everyday
It is hypocrit to pretend to care about sustainability in a finite space when the number of people in that space is not being sustained
In other words, keep eating, burning, breeding and then die, you are no superior than any animal, actually you wish you could be as responsible as any animal on this planet, so please everyone spare us your bulls*t about how you pretend to care about others and about the planet
All OUT Green NEW Deal ASAP.=SOLUTION .?
Oh yet another thing boomers set up to failure, but they didn't listen to younger generations when they were told, that they (boomers) play the marktes in an unsustainable way and now they expect others to pull their car out of the mud again… How many times have the clearly wrong assumptions about markets now led to bubbles and other failures, like the "too big to fail" one? Oil companies shouldn't expect any tears of sadness from me, only joy as it becomes more obvious that we (generation younger then teh boomers) were right and they (boomers again) were wrong at it finally get's hammered home that they need to change, or sink and drown. And no, I will not help to maximise their profit only to have them socialise the losses, been there done that but at one point it's clearly time to cut once losses, such is market theory 101, is it not?
Also they "try" to bash renewables, but clearly fail, yes people go with what they can afford and want to afford, hence why some people actually have an energy tarif that's a bit higher then the cheapest since it contains renewables. Also it was the already running game of the oil, gas and coal industrial complex that kicked renewables and curb stomped them at ever turn and corner, their most liked methods are usually paying off "experts" to tell people what said complex wants them to have believe, then they use politicians to make that slander even more frivolous and the usual final nail in the coffin is dictating politicians their laws. Thing is they are boomers, we know better then to trust their BS, usually that is, if they manage to make the masses braindead consumers they win the moment they are 6ft under, if we resist them they lose with us since we denied them the option to drop dead and be out of the picture.
( https://www.youtube.com/watch?v=ZuXzvjBYW8A this is a rather well done explanation as to why things will inevetably fall appart, especially when the boomers are 6ft under)
The solution CAN'T be the 42 million trees that have to die daily to keep the industries going!
Reminded of late Ledger burning his stack of cash in his movie.
Of course Trump is going to protect the petrodollars.
Modern economics of capitalism. Where prices are made up and everything is for sale.