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  1. #51
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    Manxx is offline Superior Master Contributor and Member
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    Default Deepwater Horizon

    I watched this dramatic film last night called "Deepwater Horizon", about the true story events of the semi-submersible mobile offshore drilling unit called Deepwater Horizon that began on April 20, 2010.

    The rig was built in 2001 to drill subsea wells for oil exploration and production. It was particularly notable for its advanced systems such as remote monitoring and information transmission from Houston, Texas, as well as in the rig's operation and automation.

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    On that day, the rig was about to begin drilling off the southern coast of Louisiana. Soon after commencing operations a series of equipment malfunctions resulted in a massive blowout of seawater, drilling mud and methane gas. The gas component ignited into a series of explosions and then a firestorm. Finally, the mechanism for plugging the well was activated but failed.....

    There were 126 crew on board the rig and eleven workers were killed in the initial explosion. The rig was evacuated and the fire burned uncontrollably for a further 36 hours before the rig finally sank on 22 April 2010.

    But the underwater oil spill continued until 15 July when it was finally closed by a cap. The Deepwater Horizon oil spill is considered the largest accidental marine oil spill in the history of the petroleum industry. In spite of massive operations to protect beaches, wetlands and estuaries from the spreading oil, extensive damage occured to marine and wildlife habitats and fishing and tourism industries. Even many years later various studies continue to reveal damage and deformities to marine life as a result of the oil spillage.

    The results of numerous investigations into the causes of the explosion and record oil spill blamed defective cement on the well, cost-cutting decisions and an inadequate safety system,and systemic root causes.

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    According to Wikipedia, the ensuing legal proceedings resulted in 11 counts of manslaughter and a record-setting $4.525 billion in fines and other payments. In addition, apparently, as of February 2013, criminal and civil settlements and payments to a trust fund had amounted to $42.2 billion.

    In September 2014, a U.S. District Court judge ruled that the oil company concerned was primarily responsible for the oil spill because of its gross negligence and reckless conduct and in July 2015, the company agreed to pay $18.7 billion in fines, the largest corporate settlement in U.S. history.

  2. #52
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    Charts continue mixed. Still not impressed with upside potential based on daily and 4H charts, but still waiting for 1H chart to confirm a sell signal before entering. Later today is the US oil rig count release which is sometimes provocative..........

    "The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons. This particular case represents the number of rigs drilling exclusively for oil."
    Last edited by Manxx; 03-17-2017 at 03:18 AM.

  3. #53
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    Well nothing interesting developed for me today. So I'm done for the weekend and wish anyone dropping by a sunny one.

    Actually, I've been thinking. This has been an incredible personal journey into starting commodities and surprisingly easy has been the transition! I know now already that I will not be returning to forex - ever. Crude was my starting point in life and now it will eventually be my end too, I am so at home here in the oil markets!

    But, I am thinking, it is not forex and this is a forex site, and especially for Newbies in forex. So this Friday feels very much like a crossroads, I find myself no longer reading other threads here and I am sure my stuff here about crude is of no interest to others either . So like the proverbial ships that pass in the night (or was it oil tankers? ) I feel a parting of ways here. It has been a real experience to be here on BP in very many ways. But all things end and this is that time........

    Good luck to all newcomers to trading and may your careers be for you as long and as rewarding and as fruitful as mine has been for me!..........................................
    Last edited by Manxx; 03-17-2017 at 02:38 PM.

  4. #54
    Quote Originally Posted by Manxx View Post
    Well nothing interesting developed for me today. So I'm done for the weekend and wish anyone dropping by a sunny one.

    Actually, I've been thinking. This has been an incredible personal journey into starting commodities and surprisingly easy has been the transition! I know now already that I will not be returning to forex - ever. Crude was my starting point in life and now it will eventually be my end too, I am so at home here in the oil markets!

    But, I am thinking, it is not forex and this is a forex site, and especially for Newbies in forex. So this Friday feels very much like a crossroads, I find myself no longer reading other threads here and I am sure my stuff here about crude is of no interest to others either . So like the proverbial ships that pass in the night (or was it oil tankers? ) I feel a parting of ways here. It has been a real experience to be here on BP in very many ways. But all things end and this is that time........

    Good luck to all newcomers to trading and may your careers be for you as long and as rewarding and as fruitful as mine has been for me!..........................................
    What a loss to BP that will be Manxx! You have so much knowledge to share and I'm sure there are many people here who are also interested in oil and in need of different perspectives. I've enjoyed your thoughtful and insightful posts (and this thread) and wish you well. Between the walks on your beautiful frozen lakes I hope you will find the time to pop back in occasionally ?

  5. #55
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    Quote Originally Posted by Fundamentally Flawed View Post
    What a loss to BP that will be Manxx! You have so much knowledge to share and I'm sure there are many people here who are also interested in oil and in need of different perspectives. I've enjoyed your thoughtful and insightful posts (and this thread) and wish you well. Between the walks on your beautiful frozen lakes I hope you will find the time to pop back in occasionally ?

    Indeed - I agree with your entire post; thank you.

    (I'm sorry not to have taken more part in this thread, by the way - I haven't been so well, this week - and sorry to have seen Manxx's post above only this morning ).

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    told you a year ago manxx, once you go commodities you never go back to forex.

    you should have listened to my advice earlier :P

    heres another advice (i didnt read the entire thread, so excuse me if you already mentioned it etc)
    become a master in reading the cot report.
    especially in commodities its the best tool you can ever find.

    yes forex forum.
    wish a happy time and sucess everyone trading 1/100 of a cent.
    Last edited by TURBONero; 03-20-2017 at 12:24 PM.

  7. #57
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    Quote Originally Posted by TURBONero View Post
    told you a year ago manxx, once you go commodities you never go back to forex.........you should have listened to my advice earlier :P
    Hi Turbo!!! been a long time!

    You are probably right there!

    I just got so bored with forex. Nothing else but Brexit (will it/won't it work), Trump (will he/won't he make US great again), EU elections (will they/won't they be populist), add a sprinkling of terrorism issues here and there and a stumbling from one Central Bank statement to another and I wasn't sure whether to be depressed or just hibernate for a few years......

    But Crude Oil is a total industry, so many things to learn and wonder at besides just the price - it is exciting! .

    But, alas, it is (naturally) of no interest to anyone here, so I took it "home" and am building my own pdf on it instead of posting here where it is just in everyone's way.

    But one thing I do still enjoy about this site is the quotations at the bottom of each page. By way of example, I'll leave you with a slightly modified one that I thought was funny:

    "Trading is one percent inspiration and ninety-nine percent perspiration."

  8. #58
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    Ok, Jazzman, so if you have got this far from Turbo's thread then: welcome!

    I ceased posting here since it seemed a bit selfish to occupy space concerning a commodity that is only of interest to me on a site dedicated to forex, but if it interests you, too, then that makes two of us - which maybe then constitutes a quorum?

  9. #59
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    Quote Originally Posted by Manxx View Post
    if it interests you, too, then that makes two of us - which maybe then constitutes a quorum?

    Not to say three of us, which constitutes a quorum 50% larger than the aforementioned one.

  10. #60
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    Quote Originally Posted by lexys View Post
    Not to say three of us, which constitutes a quorum 50% larger than the aforementioned one.
    Lexy, you could never be only 50% of anything! rather,at least 500%!

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