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Free Oil #5408753 04/20/20 02:43 PM
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stockrex Offline OP
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I know I should have posted this in the deals forums. Get the oil you want boyz et girlz....oil prices dropped below ZERO in trading today. It is like wallys will pay ya to buy their oil, man can only dream ;-)


Ridgeline, Dmax, Ford 3.5
Oil Whisperer!*Fear the DINO*
Re: Free Oil [Re: stockrex] #5408759 04/20/20 02:49 PM
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Alfred_B Offline
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How do I get my hands on a 1,000 barrels, in barrels?

Re: Free Oil [Re: stockrex] #5408760 04/20/20 02:50 PM
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AC1DD Offline
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Yes, right now it is about -18 and change per bbl...
No surprise nobody is going anywhere except to the grocery store and maybe work....

Not to mention that the oil companies have been storing oil in ship tankers by the thousands for years now.

This is the first collapse stawks are next. I say DOW will be at 5000 in about 5 months or less.

Re: Free Oil [Re: stockrex] #5408778 04/20/20 03:36 PM
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Wolf359 Online Content
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You do realize this is for oil futures for May which expire tomorrow right? This is just an extreme version of contango.

Re: Free Oil [Re: Wolf359] #5408781 04/20/20 03:41 PM
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wwillson Offline
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Originally Posted by Wolf359
You do realize this is for oil futures for May which expire tomorrow right? This is just an extreme version of contango.

Correct, you need to understand the negative price is only for the May futures contract that expires tomorrow.

Re: Free Oil [Re: stockrex] #5408874 04/20/20 05:27 PM
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sloinker Online Shocked
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Minimum order may be for 1000 barrels or more, for delivery means it's being delivered. Not many folks have holding tanks or infrastructure to pick it up at the pipeline feed and transport it to their 50,000 gallon tank. If you do, by all means have someone pay you $18,000 or more for the convenience of offloading it today.


'16 Tiguan TSI Vaico 5W40
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Re: Free Oil [Re: sloinker] #5408892 04/20/20 05:55 PM
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Wolf359 Online Content
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Originally Posted by sloinker
Minimum order may be for 1000 barrels or more, for delivery means it's being delivered. Not many folks have holding tanks or infrastructure to pick it up at the pipeline feed and transport it to their 50,000 gallon tank. If you do, by all means have someone pay you $18,000 or more for the convenience of offloading it today.


Yeah, it's 1000 barrels per contract so 42,000 gallons of oil. So it settled at negative $37.63 so you'd make $37,630 if you had storage. This was a one day sale on the May contract as the next contract, the June one is still around $20.

https://www.marketwatch.com/story/u...ading-at-negative-10-a-barrel-2020-04-20

https://www.thebalance.com/trading-crude-oil-futures-809351

Re: Free Oil [Re: Wolf359] #5408898 04/20/20 06:01 PM
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Jimzz Offline
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Originally Posted by Wolf359
You do realize this is for oil futures for May which expire tomorrow right? This is just an extreme version of contango.



Things is demand is not going up between now and next month. So we might see this all over again next month, or somehow worse.


yup
Re: Free Oil [Re: Jimzz] #5408914 04/20/20 06:27 PM
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Wolf359 Online Content
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Originally Posted by Jimzz
Originally Posted by Wolf359
You do realize this is for oil futures for May which expire tomorrow right? This is just an extreme version of contango.



Things is demand is not going up between now and next month. So we might see this all over again next month, or somehow worse.


Yeah, that would all be speculation. The supply cut wasn't big enough, maybe about 10% and demand is down 30-35%. But there's a whole month for either supply to be cut again or for demand to pick up if some places start to reopen. That demand drop is worldwide.

Re: Free Oil [Re: stockrex] #5409031 04/20/20 08:35 PM
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spackard Offline
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Just in to post a screenshot:

[Linked Image]

Re: Free Oil [Re: stockrex] #5409037 04/20/20 08:46 PM
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kstanf150 Online Content
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And at these prices American oil companies are out of business

Enjoy your cheap oil / gas prices

Re: Free Oil [Re: stockrex] #5409116 04/20/20 10:17 PM
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CT8 Offline
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Ceap gas is fun but it is not a good thing .


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2018 F350 6.2
Re: Free Oil [Re: stockrex] #5409118 04/20/20 10:20 PM
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dishdude Online Content
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Cheap gas would be great if I has somewhere to go!


2018 Challenger SRT 392 PUP 0w-40 Wix 57899XP
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2019 Tiguan Castrol Edge Pro 0w-20
Re: Free Oil [Re: stockrex] #5409135 04/20/20 10:46 PM
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GMguy84 Online Content
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I'm taking advantage of cheap gas to search left over straggler clearance oils at Autozone and Tractor supply co thumbsup


As low as $1.05 a gallon here in North Texas region thumbsup

YEEEEEEE HAWWWWWWWWWW


Dave


01 Silverado 1500HD Shell RGT 5W30/XG3675

07 Suburban 1500 Mobil Super Syn 10W30/XG10060

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Re: Free Oil [Re: stockrex] #5409348 04/21/20 08:57 AM
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javacontour Offline
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Apparently this is due to the nature of the contracts. Today is the last day to trade this particular contract AND one must take physical delivery.

Brent crude contracts go on for another 9 days and no delivery is required.

This is more about the nature of the contracts than it is market conditions.

Many don’t want to be looking for a place to put the oil when the music stops.


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