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In reply to the discussion: Crude Oil has gone NEGATIVE! [View all]BumRushDaShow
(128,952 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
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
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Awesome, in for 10 barrels. Wonder if my wife will mind if I store them in our spare bedroom...
cbdo2007
Apr 2020
#35
we are actually doing that, but the SPR is tiny compared to the glut we have right now
Amishman
Apr 2020
#55
If one is going to buy on the dip, it doesn't seem like it gets any dippier than it is now
Submariner
Apr 2020
#50