Pemex problems
04-20-2020, 11:52 AM,
#1
Pemex problems
Bloomberg.com: "Mexico’s Pemex Has Too Much Fuel and Nowhere to Store It All"
04-20-2020, 12:35 PM,
#2
RE: Pemex problems
With oil futures today at near $3/barrel Mexico is experiencing a triple whammy to its economy.
Oil revenues down.
Tourist income non existent.
Remittances from citizens abroad way down.
These on top of the virus related high unemployment means some very difficult days for our neighbors and friends.
Please, share what you can. The need is huge.
04-20-2020, 04:41 PM,
#3
RE: Pemex problems
Is it still at $3/barrel?
The latest news I saw was, the oil price was negative. As in, they are paying people to take it away. Their storage facilities are at capacity.
04-20-2020, 04:51 PM,
#4
RE: Pemex problems
Oof; and US oil closed in negative territory today...
https://www.npr.org/sections/coronavirus...disappears
04-20-2020, 05:49 PM, (This post was last modified: 04-20-2020, 05:51 PM by jesm.)
#5
RE: Pemex problems
It’s a confusing market to say the least. The available supply now is larger than world storage capacity. Thus the current negative values.
But, Fall futures are at $30/barrel. In either case the impact on Mexico is not good, especially when added to the other financial difficulties all around.
04-22-2020, 02:47 PM,
#6
RE: Pemex problems
I guess one shouldn’t really shame empathy even when it can only be awakened in some from the fallout of a downturn in the market. In short – sometimes we have to take what we can get. And I can’t really say anything about day-trading because now at least there is another potential diversion sitting on top of the roadblock at the end of Expat Avenue where in the past, all that was there was the traditional glass of bourbon.

Still with all the talk over on San Miguel de Allende social media of people hard at work making masks for hospitals and fellow expats and with COVID teams being formed to spring into community service and far in front of traditional egos, and as we enter along with Mexico into what has been described as potentially the two most devastating weeks of this pandemic, it looks like we might look to something just a shade more compassionate than sympathy regarding an oil market down-turn.

But I digress and actually I suppose should apologize for always forming discontent regarding the lack of leadership from those who have anointed themselves with their own assumed honorable titles as part of the GTO “old guard”. I keep hoping things will one day change but it seems that during these troubled times, the more things change, the more they stay the same.


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