General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCrude Oil has gone NEGATIVE!
U.S.: Nymex
Crude Oil WTI (NYM $/bbl) Front Month
Last Updated: Apr 20, 2020 2:09 p.m. EDT
Delayed quote
$-1.43 -19.70 -107.83%
SETTLEMENT PRICE 04/17/20 $18.27
Theres nowhere to store the stuff
Theyll be shutting off spigots soon Id imagine?
zackymilly
(2,375 posts)Gas prices here are still about $1.70/gal
zackymilly
(2,375 posts)Response to zackymilly (Reply #6)
ahoysrcsm This message was self-deleted by its author.
forthemiddle
(1,379 posts)malaise
(268,967 posts)elleng
(130,891 posts)S&P 500
-0.35%
Dow
-0.78%
Nasdaq
+0.31%
lame54
(35,287 posts)I was busy admiring the clear blue sky
zackymilly
(2,375 posts)Roland99
(53,342 posts)Akacia
(583 posts)exboyfil
(17,862 posts)DrToast
(6,414 posts)One cent a barrel oil. Trump gets played by the Saudis and Russians. Just like China. The job losses will be massive. Turns out having a dumb narcissist as President could not be more dangerous to America. -- David Plouffe.
Link to tweet
OneBlueDotBama
(1,384 posts)as many old tankers as I can, will park them at my inlaws farm till the price goes back up. <extreme sarcasm>
It's cheaper to sell/pay people to take your oil than shut down wells. Where they will put it....????
Cushing OK is full, all the rail tamk cars are full and you can't find an empty oil tanker to store the stuff. Maybe after Trump got rolled by Putin & the house of Saud, he will return the hospital ships, Mercy & Hope back into oil tankers.
SouthernCal_Dem
(852 posts)Maybe my quotes are wrong, but that's what I'm seeing.
Roland99
(53,342 posts)SouthernCal_Dem
(852 posts)Not sure though.
I'm looking at front month contract oil futures prices from my broker.
Now I'm seeing $-35.20
Roland99
(53,342 posts)SouthernCal_Dem
(852 posts)The daily loss is roughly $-43
Down 231%
WOW
Looks like very volatile trading.
SouthernCal_Dem
(852 posts)The quotes are delayed by 10 mins.
https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html
Roland99
(53,342 posts)Roland99
(53,342 posts)OPEN
Last Updated: Apr 20, 2020 2:19 p.m. EDT
Delayed quote
OneBlueDotBama
(1,384 posts)$
-10.14
-28.41 -155.50%
Roland99
(53,342 posts)And Putin and MBS in a pissing match
SoonerPride
(12,286 posts)No joke
Wednesdays
(17,359 posts)because all the Texas oil barons will be too broke to finance repugs' campaigns!
Turbineguy
(37,322 posts)This is what happened in the silver market in the 1980's.
uponit7771
(90,335 posts)Turbineguy
(37,322 posts)one market is for people who buy and sell oil (oil producers and oil consumers). Another market is for people who buy and sell contracts. In the second case people buy contacts to sell later at a higher price. They are not buying oil. The worst thing that could happen is for them to get the actual oil. Also the worst thing for them is to have to deliver that oil.
When the silver market collapsed my friend had bought a pile of silver and for delivery. The seller could not deliver and had to buy the contract back.
Adsos Letter
(19,459 posts)I have some vague memories of that.
Turbineguy
(37,322 posts)My friend bought contracts for delivery amounting to more silver than was in circulation.
uponit7771
(90,335 posts)Adsos Letter
(19,459 posts)Great movie.
Roland99
(53,342 posts)Newest Reality
(12,712 posts)Woah.
These are futures, but I look forward to going to the gas pump and getting paid for filling up.
Renew Deal
(81,856 posts)Roland99
(53,342 posts)The worldwide slowdown has cut massively into usage
And Putin/MBS still going at it
uponit7771
(90,335 posts)uponit7771
(90,335 posts)OneBlueDotBama
(1,384 posts)$
-28.70
-46.97 -257.09%
OneBlueDotBama
(1,384 posts)$
-35.57
-53.84 -294.69%
Recursion
(56,582 posts)Buckeye_Democrat
(14,853 posts)Republicans will probably argue that it cant be given away, or people will expect that in the future e.g, Just dump it in an ocean.
Roland99
(53,342 posts)Dear fucking gawd!
Mike 03
(16,616 posts)(I've never seen this)
The problem is that the United States is running out of places to store its oil.
Oil is already being stockpiled on barges out at sea, and in any nook and cranny companies can find in their storage facilities. Now, traders are worrying that even this space is running out. Under futures contracts, West Texas Intermediate the American oil-price benchmark is delivered to Cushing, Okla., but investors are worried that there will be no place to put it there.
https://www.nytimes.com/2020/04/20/business/stock-market-live-trading-coronavirus.html#link-a677d6a
C_U_L8R
(45,001 posts)and dredge out his stupid golf courses.
cbdo2007
(9,213 posts)until I get the refinery set up in the back yard.
OneBlueDotBama
(1,384 posts)if you can borrow their community pools, most are closed anyway.
BumRushDaShow
(128,905 posts)OAITW r.2.0
(24,467 posts)It's like the world just ended.
On a bright note, Putin is going to be mighty busy dealing with the fallout as Russia's economy is focused on selling oil.
BumRushDaShow
(128,905 posts)This may be targeted at Texas crude.
lastlib
(23,222 posts)But Shitgibbon is too idiotic.
Amishman
(5,557 posts)Roland99
(53,342 posts)$10 buy-in?
lol
roamer65
(36,745 posts)Depression.
BumRushDaShow
(128,905 posts)Published: April 20, 2020 at 2:37 p.m. ET
By Mark DeCambre
U.S. oil's May contract plunged into negative territory on Monday, meaning that you would have to pay to get someone to take barrels of oil off your hands. West Texas Intermediate oil trading on the New York Mercantile Exchange plunged nearly 300% to settle at negative $37.63 a barrel. The May contract expires CL.1, -231.36% CLK20, -231.36% Tuesday. That one-day drop marks the first time the contract has traded negative in history and would be the largest tumle on record going back to 1983, while a finish near its current level would be far below the previous all-time low for a front-month contract, according to Dow Jones Market Data. The June contract CLM20, -16.86% which is the most-active, ended down $4.60, or 18.3%, at $20.03 a barrel.
https://www.marketwatch.com/story/us-oils-may-contract-has-just-gone-negative-plunging-154-and-trading-at-negative-10-a-barrel-2020-04-20?mod=mw_latestnews
BumRushDaShow
(128,905 posts)now "only" -$16.34 (as of 2:49 pm EDT)
Roland99
(53,342 posts)BumRushDaShow
(128,905 posts)(because that tends to tell you how much worth the dollar has...or doesn't have
Submariner
(12,503 posts)BumRushDaShow
(128,905 posts)BumRushDaShow
(128,905 posts)Was still in the -$34 range
SidDithers
(44,228 posts)Sid
BumRushDaShow
(128,905 posts)Roland99
(53,342 posts)BumRushDaShow
(128,905 posts)the -$37.63 was what that contract settled for - had the article here - https://www.democraticunderground.com/?com=view_post&forum=1002&pid=13319685
(obviously they are still trading though )