steff
Senior Associate
I'll sleep when I'm dead
Joined: Dec 30, 2010 17:34:24 GMT -5
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Oil
Apr 20, 2020 14:04:24 GMT -5
Post by steff on Apr 20, 2020 14:04:24 GMT -5
The price of oil has fallen to $0.99 a barrel. How soon before we're bailing out Exxon & BP with our tax dollars?
Of all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping than Monday’s collapse in a key segment of U.S. oil trading.
The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory -- minus $37.63 a barrel. That’s right, sellers were actually paying buyers to take the stuff off their hands. The reason: with the pandemic bringing the economy to a standstill, there is so much unused oil sloshing around that American energy companies have run out of room to store it. And if there’s no place to put the oil, no one wants a crude contract that is about to come due.
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djAdvocate
Member Emeritus
only posting when the mood strikes me.
Joined: Jun 21, 2011 12:33:54 GMT -5
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Oil
Apr 20, 2020 14:36:10 GMT -5
Post by djAdvocate on Apr 20, 2020 14:36:10 GMT -5
WTI went to -$35/bbl
that is...I don't even understand that.
negative?
this is nuts.
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haapai
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Joined: Dec 20, 2010 20:40:06 GMT -5
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Oil
Apr 20, 2020 14:39:44 GMT -5
Post by haapai on Apr 20, 2020 14:39:44 GMT -5
deleted by author.
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djAdvocate
Member Emeritus
only posting when the mood strikes me.
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Oil
Apr 20, 2020 14:45:48 GMT -5
Post by djAdvocate on Apr 20, 2020 14:45:48 GMT -5
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steff
Senior Associate
I'll sleep when I'm dead
Joined: Dec 30, 2010 17:34:24 GMT -5
Posts: 10,772
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Oil
Apr 20, 2020 14:46:20 GMT -5
Post by steff on Apr 20, 2020 14:46:20 GMT -5
WTI went to -$35/bbl that is...I don't even understand that. negative? this is nuts. #MAGA #Winning
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haapai
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Joined: Dec 20, 2010 20:40:06 GMT -5
Posts: 5,883
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Oil
Apr 20, 2020 15:03:31 GMT -5
Post by haapai on Apr 20, 2020 15:03:31 GMT -5
Does anyone have a link to somewhere that quotes June futures?
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djAdvocate
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only posting when the mood strikes me.
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Oil
Apr 20, 2020 15:11:33 GMT -5
Post by djAdvocate on Apr 20, 2020 15:11:33 GMT -5
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kadee79
Senior Associate
S.W. Ga., zone 8b, out in the boonies!
Joined: Mar 30, 2011 15:12:55 GMT -5
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Oil
Apr 20, 2020 15:11:58 GMT -5
Post by kadee79 on Apr 20, 2020 15:11:58 GMT -5
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haapai
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Post by haapai on Apr 20, 2020 15:27:23 GMT -5
I assure you all that I want to know because I am bored and morbidly curious. I know better than to bet on a commodity market that I do not understand in the least. .
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djAdvocate
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only posting when the mood strikes me.
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Oil
Apr 20, 2020 16:41:44 GMT -5
Post by djAdvocate on Apr 20, 2020 16:41:44 GMT -5
I assure you all that I want to know because I am bored and morbidly curious. I know better than to bet on a commodity market that I do not understand in the least. . energy as a commodity is more simple than most.
the supply is sufficient to meet demand, so it is generally driven by economic growth.
and, of course, global economic growth is in the tank.
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haapai
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Joined: Dec 20, 2010 20:40:06 GMT -5
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Post by haapai on Apr 20, 2020 16:51:17 GMT -5
I assure you all that I want to know because I am bored and morbidly curious. I know better than to bet on a commodity market that I do not understand in the least. . energy as a commodity is more simple than most.
the supply is sufficient to meet demand, so it is generally driven by economic growth.
and, of course, global economic growth is in the tank.
Yeah, but there's still a couple thousand or ten thousand, or a hundred thousand more people than me that understand the size of the oil storage tanks that are threatening to overflow, what level they are usually kept at, and how fast they are probably being drained or not. Those folks are welcome to use their knowledge to place bets. Myself, I'm gonna double my money by folding it and putting it in my pocket.
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