Oil crash

Discussion in 'Fred's House of Pancakes' started by Leadfoot J. McCoalroller, Apr 20, 2020.

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  1. Leadfoot J. McCoalroller

    Leadfoot J. McCoalroller Senior Member

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    Y'all seeing this?

    Screen Shot 2020-04-20 at 2.19.03 PM.png

    For real? Oil futures dropping through five cents per barrel?
     
    #1 Leadfoot J. McCoalroller, Apr 20, 2020
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  2. jzchen

    jzchen Newbie!

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    Looking at 14, then 7, then the marker, I would estimate that's around 4 or 3, not .05 ?

    moto g(7) power ?
     
    #2 jzchen, Apr 20, 2020
  3. Leadfoot J. McCoalroller

    Leadfoot J. McCoalroller Senior Member

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    Another site reported $-9.42, all the storage is full. That's right, they're offering to pay you to take the oil away.
     
    #3 Leadfoot J. McCoalroller, Apr 20, 2020
  4. Leadfoot J. McCoalroller

    Leadfoot J. McCoalroller Senior Member

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    and it's now beyond $-35.00
     
    #4 Leadfoot J. McCoalroller, Apr 20, 2020
  5. Rmay635703

    Rmay635703 Senior Member

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    Oil goes from commodity to trash requiring disposal once you run out of storage,

    us gov better refil the reserves
     
    #5 Rmay635703, Apr 20, 2020
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  6. I'mJp

    I'mJp Senior Member

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    Its worth pumping back into the ground
     
    #6 I'mJp, Apr 20, 2020
  7. Leadfoot J. McCoalroller

    Leadfoot J. McCoalroller Senior Member

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    I thought they'd recently finished topping up?

    Possibly time to find another salt cave and start another one?
     
    #7 Leadfoot J. McCoalroller, Apr 20, 2020
  8. bwilson4web

    bwilson4web BMW i3 and Model 3

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    #8 bwilson4web, Apr 20, 2020
    Last edited: Apr 20, 2020
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  9. jerrymildred

    jerrymildred Senior Member

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    I just saw West Texas Intermediate at -$36.73/barrel. Wowsers!
     
    #9 jerrymildred, Apr 20, 2020
  10. ice9

    ice9 Active Member

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    ...Or in deactivated salt mines.
     
    #10 ice9, Apr 20, 2020
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  11. fuzzy1

    fuzzy1 Senior Member

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    Can't do that at the ports or where the oil in transit or storage currently is. Or will be in in the next few weeks.

    Note that these negative prices are for May deliveries only, not June or later.
     
    #11 fuzzy1, Apr 20, 2020
  12. ice9

    ice9 Active Member

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    I wonder what Rockefeller would have thought about all this? (n)
     
    #12 ice9, Apr 20, 2020
  13. Rmay635703

    Rmay635703 Senior Member

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    Use one drop less solder to hold the cover on the barrel
     
    #13 Rmay635703, Apr 20, 2020
  14. hill

    hill High Fiber Member

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    #14 hill, Apr 20, 2020
  15. ETC(SS)

    ETC(SS) The OTHER One Percenter.....

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    #15 ETC(SS), Apr 21, 2020
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  16. wjtracy

    wjtracy Senior Member

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    Cramer indicated this price swing is a paper barrels issue (futures speculators).
    But the physical barrel price is also going down.

    Perhaps my prior thread should really be called -$1 gasoline?
     
    #16 wjtracy, Apr 21, 2020
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  17. Trollbait

    Trollbait It's a D&D thing

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    They didn't get the money to buy at $20.
     
    #17 Trollbait, Apr 21, 2020
  18. bisco

    bisco cookie crumbler

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    and probably won't get it now
     
    #18 bisco, Apr 21, 2020
  19. fuzzy1

    fuzzy1 Senior Member

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    Was that 'seeing around the corner', or was it merely the normal speed of government?

    "Trump said he’d like Congress to approve any action. Last month, Congress left plans to buy oil for the SPR out of the $2 trillion stimulus package."

    By the time Trump said that yesterday afternoon, those huge negative prices were already fading in the rear view mirror.
    Sure, the majority of the action is from speculators. But at the very end of the game, isn't there still a physical barrel that someone is stuck with and must pay for?

    ===========

    It looks like some did trade negative again this morning before moving positive.
     
    #19 fuzzy1, Apr 21, 2020
    Last edited: Apr 21, 2020
  20. wjtracy

    wjtracy Senior Member

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    I don't know. The thing I noticed was the big Oils stocks did not seem go down too bad at the same time, so I do not know if they are in a position to take advantage of that kind of crazy pin action, by getting paid to fill up tanks.

    The most frustrating is investing in stocks and bonds, seems like the common man keeps his cool, but the pro finance experts and hedge funds go absolutely wild to wipe out the markets in gigantic instant moves. Wish we could throttle the automated algorithms controlling things.
     
    #20 wjtracy, Apr 21, 2020
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