Crude Oil has gone NEGATIVE!

[Roland99]

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?

[zackymilly]

1. The guy at the station offered me $10 if I filled my tank! n/t

[Roland99]

3. lol

Gas prices here are still about $1.70/gal

[zackymilly]

6. $1.24 here. n/t

[forthemiddle]

45. How much of that is taxes? N/T

[KayF]

12. +1

[malaise]

2. Any tweets from Don the winner Con?

[elleng]

4. Marketsm@ 2:20

S&P 500
-0.35%
Dow
-0.78%
Nasdaq
+0.31%

[lame54]

5. Thanks for looking that up for me...

I was busy admiring the clear blue sky

[zackymilly]

8. It's nice without all the chem trails.

[Roland99]

9. Isn't it?

[Akacia]

64. Yes it is! nt.

[exboyfil]

7. Time to call those shady waste disposal people

[DrToast]

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

[OneBlueDotBama]

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.

[SouthernCal_Dem]

13. $-35.93

Maybe my quotes are wrong, but that's what I'm seeing.

[Roland99]

15. Why haven't they shut down trading?

[SouthernCal_Dem]

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

[Roland99]

24. Is that per bbl or the daily loss from yesterday's close?

[SouthernCal_Dem]

28. Now I'm seeing $-25.11

The daily loss is roughly $-43

Down 231%

WOW

Looks like very volatile trading.

[SouthernCal_Dem]

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

[Roland99]

46. Thanks

[Roland99]

14. -8.61/bbl!!

OPEN
Last Updated: Apr 20, 2020 2:19 p.m. EDT
Delayed quote

[OneBlueDotBama]

16. Now minus ten & change

$
-10.14
-28.41 -155.50%

[Roland99]

18. All because a Dem *hoax shut down the nation

And Putin and MBS in a pissing match

[SoonerPride]

17. Sounds to me like Texas may be in play for Biden.

No joke

[Wednesdays]

67. If nothing else,

because all the Texas oil barons will be too broke to finance repugs' campaigns!

[Turbineguy]

19. Contract traders can't deliver

This is what happened in the silver market in the 1980's.

[uponit7771]

26. Whoa .. did silver go negative because treasuries were putting out so much?

[Turbineguy]

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.

[Adsos Letter]

47. Was that when the Hunt brothers were trying to corner the market?

I have some vague memories of that.

[Turbineguy]

53. Yes

My friend bought contracts for delivery amounting to more silver than was in circulation.

[uponit7771]

57. ? Reminds me of Eddie Murphy movie where he was made rich for a dollar

[Adsos Letter]

58. "Get back in there and sell, sell!"

Great movie.

[Roland99]

65. Trading Places

[Newest Reality]

20. What?????

Woah.

These are futures, but I look forward to going to the gas pump and getting paid for filling up.

[Renew Deal]

21. Does that mean they'll be giving it away?

[Roland99]

23. Storage sites are full

The worldwide slowdown has cut massively into usage

And Putin/MBS still going at it

[uponit7771]

27. Even better they are paying people to take the pure oil per barrel

[uponit7771]

25. K&R, I'm trying to figure out how to short June contracts right now

[OneBlueDotBama]

29. Do I hear minus 30? anyone?

$
-28.70
-46.97 -257.09%

[OneBlueDotBama]

34. do I hear minus $40?

$
-35.57
-53.84 -294.69%

[Recursion]

30. Interesting times (nt)

[Buckeye_Democrat]

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.”

[Roland99]

32. -39.14/bbl!!!!!

Dear fucking gawd!

[Mike 03]

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

[C_U_L8R]

41. Trump could fill his tower

and dredge out his stupid golf courses.

[cbdo2007]

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.

[OneBlueDotBama]

39. Ask the local rec dept....

if you can borrow their community pools, most are closed anyway.

[BumRushDaShow]

37. OMFG

[OAITW r.2.0]

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.

[BumRushDaShow]

51. Brent was still over $25/bbl

This may be targeted at Texas crude.

[lastlib]

40. We should be adding to our strategic reserve right now.......

But Shitgibbon is too idiotic.

[Amishman]

55. we are actually doing that, but the SPR is tiny compared to the glut we have right now

https://www.energy.gov/articles/doe-announces-crude-oil-storage-contracts-help-alleviate-us-oil-industry-storage-crunch

[Roland99]

42. Ok. Starting a GoFundMe. Who wants to buy oil fields with me!

$10 buy-in?

lol

[roamer65]

43. Dennis Gartman on Bloomberg just used the D word.

Depression.

[BumRushDaShow]

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

[BumRushDaShow]

49. Slowly creeping back up again

now "only" -$16.34 (as of 2:49 pm EDT)

[Roland99]

52. Yeah. But now stocks heading down

[BumRushDaShow]

54. I've been watching gold too

(because that tends to tell you how much worth the dollar has...or doesn't have

[Submariner]

50. If one is going to buy on the dip, it doesn't seem like it gets any dippier than it is now

[BumRushDaShow]

56. Now back down to -$30.40/bbl

[BumRushDaShow]

59. Had bottomed out again at -$37.45 and creeping back up again

Was still in the -$34 range

[SidDithers]

61. The Gang Solves the Gas Crisis...nt

Sid

[BumRushDaShow]

62. As of 3:43 pm EDT

[Roland99]

63. Insane

[BumRushDaShow]

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 )