Mon Apr 20, 2020, 01:23 PM
Roland99 (52,964 posts)
Crude 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 There’s nowhere to store the stuff They’ll be shutting off spigots soon I’d imagine?
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67 replies, 3329 views
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Author | Time | Post |
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Roland99 | Apr 2020 | OP |
zackymilly | Apr 2020 | #1 | |
Roland99 | Apr 2020 | #3 | |
zackymilly | Apr 2020 | #6 | |
ahoysrcsm | Apr 2020 | #60 | |
forthemiddle | Apr 2020 | #45 | |
KayF | Apr 2020 | #12 | |
malaise | Apr 2020 | #2 | |
elleng | Apr 2020 | #4 | |
lame54 | Apr 2020 | #5 | |
zackymilly | Apr 2020 | #8 | |
Roland99 | Apr 2020 | #9 | |
Akacia | Apr 2020 | #64 | |
exboyfil | Apr 2020 | #7 | |
DrToast | Apr 2020 | #10 | |
OneBlueDotBama | Apr 2020 | #11 | |
SouthernCal_Dem | Apr 2020 | #13 | |
Roland99 | Apr 2020 | #15 | |
SouthernCal_Dem | Apr 2020 | #22 | |
Roland99 | Apr 2020 | #24 | |
SouthernCal_Dem | Apr 2020 | #28 | |
SouthernCal_Dem | Apr 2020 | #36 | |
Roland99 | Apr 2020 | #46 | |
Roland99 | Apr 2020 | #14 | |
OneBlueDotBama | Apr 2020 | #16 | |
Roland99 | Apr 2020 | #18 | |
SoonerPride | Apr 2020 | #17 | |
Wednesdays | Apr 2020 | #67 | |
Turbineguy | Apr 2020 | #19 | |
uponit7771 | Apr 2020 | #26 | |
Turbineguy | Apr 2020 | #38 | |
Adsos Letter | Apr 2020 | #47 | |
Turbineguy | Apr 2020 | #53 | |
uponit7771 | Apr 2020 | #57 | |
Adsos Letter | Apr 2020 | #58 | |
Roland99 | Apr 2020 | #65 | |
Newest Reality | Apr 2020 | #20 | |
Renew Deal | Apr 2020 | #21 | |
Roland99 | Apr 2020 | #23 | |
uponit7771 | Apr 2020 | #27 | |
uponit7771 | Apr 2020 | #25 | |
OneBlueDotBama | Apr 2020 | #29 | |
OneBlueDotBama | Apr 2020 | #34 | |
Recursion | Apr 2020 | #30 | |
Buckeye_Democrat | Apr 2020 | #31 | |
Roland99 | Apr 2020 | #32 | |
Mike 03 | Apr 2020 | #33 | |
C_U_L8R | Apr 2020 | #41 | |
cbdo2007 | Apr 2020 | #35 | |
OneBlueDotBama | Apr 2020 | #39 | |
BumRushDaShow | Apr 2020 | #37 | |
OAITW r.2.0 | Apr 2020 | #48 | |
BumRushDaShow | Apr 2020 | #51 | |
lastlib | Apr 2020 | #40 | |
Amishman | Apr 2020 | #55 | |
Roland99 | Apr 2020 | #42 | |
roamer65 | Apr 2020 | #43 | |
BumRushDaShow | Apr 2020 | #44 | |
BumRushDaShow | Apr 2020 | #49 | |
Roland99 | Apr 2020 | #52 | |
BumRushDaShow | Apr 2020 | #54 | |
Submariner | Apr 2020 | #50 | |
BumRushDaShow | Apr 2020 | #56 | |
BumRushDaShow | Apr 2020 | #59 | |
SidDithers | Apr 2020 | #61 | |
BumRushDaShow | Apr 2020 | #62 | |
Roland99 | Apr 2020 | #63 | |
BumRushDaShow | Apr 2020 | #66 |
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:24 PM
zackymilly (2,375 posts)
1. The guy at the station offered me $10 if I filled my tank! n/t
Response to zackymilly (Reply #1)
Mon Apr 20, 2020, 01:24 PM
Roland99 (52,964 posts)
3. lol
Gas prices here are still about $1.70/gal
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Response to Roland99 (Reply #3)
Mon Apr 20, 2020, 01:25 PM
zackymilly (2,375 posts)
6. $1.24 here. n/t
Response to zackymilly (Reply #6)
ahoysrcsm This message was self-deleted by its author.
Response to Roland99 (Reply #3)
Mon Apr 20, 2020, 01:50 PM
forthemiddle (1,286 posts)
45. How much of that is taxes? N/T
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:24 PM
malaise (252,654 posts)
2. Any tweets from Don the winner Con?
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:25 PM
elleng (121,797 posts)
4. Marketsm@ 2:20
S&P 500
-0.35% Dow -0.78% Nasdaq +0.31% |
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:25 PM
lame54 (33,288 posts)
5. Thanks for looking that up for me...
I was busy admiring the clear blue sky
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Response to lame54 (Reply #5)
Mon Apr 20, 2020, 01:26 PM
zackymilly (2,375 posts)
8. It's nice without all the chem trails.
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:25 PM
exboyfil (17,497 posts)
7. Time to call those shady waste disposal people
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:27 PM
DrToast (6,414 posts)
10. Trump gets played by the Saudis and Russians.
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 |
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:28 PM
OneBlueDotBama (1,232 posts)
11. Trying to rent or buy....
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. |
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:30 PM
SouthernCal_Dem (845 posts)
13. $-35.93
Maybe my quotes are wrong, but that's what I'm seeing.
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Response to SouthernCal_Dem (Reply #13)
Mon Apr 20, 2020, 01:31 PM
Roland99 (52,964 posts)
15. Why haven't they shut down trading?
Response to Roland99 (Reply #15)
Mon Apr 20, 2020, 01:34 PM
SouthernCal_Dem (845 posts)
22. I don't think they do that for oil
Not sure though.
I'm looking at front month contract oil futures prices from my broker. Now I'm seeing $-35.20 |
Response to SouthernCal_Dem (Reply #22)
Mon Apr 20, 2020, 01:35 PM
Roland99 (52,964 posts)
24. Is that per bbl or the daily loss from yesterday's close?
Response to Roland99 (Reply #24)
Mon Apr 20, 2020, 01:38 PM
SouthernCal_Dem (845 posts)
28. Now I'm seeing $-25.11
The daily loss is roughly $-43
Down 231% WOW Looks like very volatile trading. |
Response to Roland99 (Reply #24)
Mon Apr 20, 2020, 01:41 PM
SouthernCal_Dem (845 posts)
36. Here's a link to CME quotes
The quotes are delayed by 10 mins.
https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html |
Response to SouthernCal_Dem (Reply #36)
Mon Apr 20, 2020, 01:54 PM
Roland99 (52,964 posts)
46. Thanks
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:31 PM
Roland99 (52,964 posts)
14. -8.61/bbl!!
OPEN Last Updated: Apr 20, 2020 2:19 p.m. EDT Delayed quote |
Response to Roland99 (Reply #14)
Mon Apr 20, 2020, 01:33 PM
OneBlueDotBama (1,232 posts)
16. Now minus ten & change
$ -10.14 -28.41 -155.50% |
Response to OneBlueDotBama (Reply #16)
Mon Apr 20, 2020, 01:33 PM
Roland99 (52,964 posts)
18. All because a Dem *hoax shut down the nation
And Putin and MBS in a pissing match
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:33 PM
SoonerPride (12,286 posts)
17. Sounds to me like Texas may be in play for Biden.
No joke
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Response to SoonerPride (Reply #17)
Mon Apr 20, 2020, 06:30 PM
Wednesdays (15,819 posts)
67. If nothing else,
because all the Texas oil barons will be too broke to finance repugs' campaigns!
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:34 PM
Turbineguy (35,642 posts)
19. Contract traders can't deliver
This is what happened in the silver market in the 1980's.
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Response to Turbineguy (Reply #19)
Mon Apr 20, 2020, 01:37 PM
uponit7771 (88,290 posts)
26. Whoa .. did silver go negative because treasuries were putting out so much?
Response to uponit7771 (Reply #26)
Mon Apr 20, 2020, 01:42 PM
Turbineguy (35,642 posts)
38. There are two markets
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. |
Response to Turbineguy (Reply #38)
Mon Apr 20, 2020, 01:58 PM
Adsos Letter (19,459 posts)
47. Was that when the Hunt brothers were trying to corner the market?
I have some vague memories of that.
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Response to Adsos Letter (Reply #47)
Mon Apr 20, 2020, 02:04 PM
Turbineguy (35,642 posts)
53. Yes
My friend bought contracts for delivery amounting to more silver than was in circulation.
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Response to Adsos Letter (Reply #47)
Mon Apr 20, 2020, 02:29 PM
uponit7771 (88,290 posts)
57. ? Reminds me of Eddie Murphy movie where he was made rich for a dollar
Response to uponit7771 (Reply #57)
Mon Apr 20, 2020, 02:31 PM
Adsos Letter (19,459 posts)
58. "Get back in there and sell, sell!"
Great movie.
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Response to uponit7771 (Reply #57)
Mon Apr 20, 2020, 02:58 PM
Roland99 (52,964 posts)
65. Trading Places
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:34 PM
Newest Reality (12,712 posts)
20. What?????
Woah.
These are futures, but I look forward to going to the gas pump and getting paid for filling up. ![]() |
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:34 PM
Renew Deal (80,535 posts)
21. Does that mean they'll be giving it away?
Response to Renew Deal (Reply #21)
Mon Apr 20, 2020, 01:35 PM
Roland99 (52,964 posts)
23. Storage sites are full
The worldwide slowdown has cut massively into usage
And Putin/MBS still going at it |
Response to Renew Deal (Reply #21)
Mon Apr 20, 2020, 01:37 PM
uponit7771 (88,290 posts)
27. Even better they are paying people to take the pure oil per barrel
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:36 PM
uponit7771 (88,290 posts)
25. K&R, I'm trying to figure out how to short June contracts right now
Response to uponit7771 (Reply #25)
Mon Apr 20, 2020, 01:39 PM
OneBlueDotBama (1,232 posts)
29. Do I hear minus 30? anyone?
$ -28.70 -46.97 -257.09% |
Response to OneBlueDotBama (Reply #29)
Mon Apr 20, 2020, 01:40 PM
OneBlueDotBama (1,232 posts)
34. do I hear minus $40?
$ -35.57 -53.84 -294.69% |
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:39 PM
Recursion (56,506 posts)
30. Interesting times (nt)
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:39 PM
Buckeye_Democrat (14,511 posts)
31. Whoa!
Republicans will probably argue that it can’t be given away, or people will expect that in the future — e.g, “Just dump it in an ocean.”
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:40 PM
Roland99 (52,964 posts)
32. -39.14/bbl!!!!!
Dear fucking gawd!
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:40 PM
Mike 03 (16,616 posts)
33. NYT explains how this is even possible
(I've never seen this)
It was a bizarre day for oil traders, owing largely to a quirk in the way that oil prices are set. Oil that is scheduled to be delivered next month fell 12 percent Monday to about $22 a barrel, but at the same time a key benchmark for oil to be delivered Tuesday was essentially deemed to be worthless by investors. It actually fell into negative territory, meaning people who had oil to sell were willing to pay people to take it off their hands.
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 |
Response to Mike 03 (Reply #33)
Mon Apr 20, 2020, 01:46 PM
C_U_L8R (43,288 posts)
41. Trump could fill his tower
and dredge out his stupid golf courses.
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:41 PM
cbdo2007 (9,212 posts)
35. Awesome, in for 10 barrels. Wonder if my wife will mind if I store them in our spare bedroom...
until I get the refinery set up in the back yard.
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Response to cbdo2007 (Reply #35)
Mon Apr 20, 2020, 01:45 PM
OneBlueDotBama (1,232 posts)
39. Ask the local rec dept....
if you can borrow their community pools, most are closed anyway.
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:41 PM
BumRushDaShow (107,559 posts)
37. OMFG
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Response to BumRushDaShow (Reply #37)
Mon Apr 20, 2020, 01:59 PM
OAITW r.2.0 (17,839 posts)
48. That graph is incredible.
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. |
Response to OAITW r.2.0 (Reply #48)
Mon Apr 20, 2020, 02:02 PM
BumRushDaShow (107,559 posts)
51. Brent was still over $25/bbl
This may be targeted at Texas crude.
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:46 PM
lastlib (20,036 posts)
40. We should be adding to our strategic reserve right now.......
But Shitgibbon is too idiotic.
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Response to lastlib (Reply #40)
Mon Apr 20, 2020, 02:09 PM
Amishman (5,267 posts)
55. we are actually doing that, but the SPR is tiny compared to the glut we have right now
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:47 PM
Roland99 (52,964 posts)
42. Ok. Starting a GoFundMe. Who wants to buy oil fields with me!
$10 buy-in?
lol |
Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:50 PM
roamer65 (33,409 posts)
43. Dennis Gartman on Bloomberg just used the D word.
Depression.
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 01:50 PM
BumRushDaShow (107,559 posts)
44. U.S. oil's May contract just marked history, plunging about 300%
U.S. oil's May contract just marked history, plunging about 300% to settle negative $37.63 a barrel
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 |
Response to Roland99 (Original post)
Mon Apr 20, 2020, 02:00 PM
BumRushDaShow (107,559 posts)
49. Slowly creeping back up again
now "only" -$16.34 (as of 2:49 pm EDT)
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Response to BumRushDaShow (Reply #49)
Mon Apr 20, 2020, 02:02 PM
Roland99 (52,964 posts)
52. Yeah. But now stocks heading down
Response to Roland99 (Reply #52)
Mon Apr 20, 2020, 02:05 PM
BumRushDaShow (107,559 posts)
54. I've been watching gold too
(because that tends to tell you how much worth the dollar has...or doesn't have
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 02:00 PM
Submariner (12,155 posts)
50. If one is going to buy on the dip, it doesn't seem like it gets any dippier than it is now
Response to Roland99 (Original post)
Mon Apr 20, 2020, 02:17 PM
BumRushDaShow (107,559 posts)
56. Now back down to -$30.40/bbl
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 02:31 PM
BumRushDaShow (107,559 posts)
59. Had bottomed out again at -$37.45 and creeping back up again
Was still in the -$34 range
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 02:49 PM
SidDithers (44,228 posts)
61. The Gang Solves the Gas Crisis...nt
Sid
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Response to Roland99 (Original post)
Mon Apr 20, 2020, 02:54 PM
BumRushDaShow (107,559 posts)
62. As of 3:43 pm EDT
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Response to Roland99 (Reply #63)
Mon Apr 20, 2020, 03:00 PM
BumRushDaShow (107,559 posts)
66. From what I just heard on the local news radio station's business report
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 ![]() |