Oil $1 a barrel

[Baz Ares]

US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic has left the world awash with oil and not enough storage capacity — meaning producers are paying buyers to take it off their hands.

West Texas Intermediate, the US benchmark, traded as low as -$40.32 a barrel in a day of chaos in oil markets. The settlement price on Monday was -$37.63, compared to $18.27 on Friday. Traders capitulated in the face of limited access to storage capacity across the US, including the country’s main delivery point of Cushing, Oklahoma.

Oil prices collapse below zero, scrambling the clean energy transition

Oil futures dived below zero for the first time ever amid the coronavirus-triggered economic turmoil.

www.latimes.com

Here's more.

We all can feel good oil ceo's will suffer for the crimes to on the world population.
Jail and kill them all slowly.


I can taste the sweet oil here.

The Great Douche CIC Orange DrumpF and our govmint should fill the national oil reverse fully.
Everyone NEEDS to call their representative now. Spread the word!

 

[Bootney Lee Farnsworth]

Production is outpacing demand to the point where nobody has any space for crude.

Think grain silos in the 1930s.

.

 

[DOTR]

US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic has left the world awash with oil and not enough storage capacity — meaning producers are paying buyers to take it off their hands.

West Texas Intermediate, the US benchmark, traded as low as -$40.32 a barrel in a day of chaos in oil markets. The settlement price on Monday was -$37.63, compared to $18.27 on Friday. Traders capitulated in the face of limited access to storage capacity across the US, including the country’s main delivery point of Cushing, Oklahoma.

Oil prices collapse below zero, scrambling the clean energy transition

Oil futures dived below zero for the first time ever amid the coronavirus-triggered economic turmoil.

www.latimes.com

Here's more.

Yeah we start shutting down the second third of our plant tomorrow morning.

 

[flacaltenn]

Nazi says she will stay on vacation until May 4, unless there is an emergency.

US oil prices turn negative as demand dries up

Coronavirus downturn has put major pressure on oil prices with demand slumping and storage running out.

finance.yahoo.com

So what's so bad about cheaper oil? It's not like the oil companies are going to go broke, is it?

No much of a market for drilling, and not much of a market on alternative energy with prices this low.
Ripple effect

Major oil companies have been pushing for a cap on oil production in Texas for a while. Seems that the market for new wells was killed by all that fracking in the past few years. Not my fault if they already drilled more wells than they need. You want to bail them out for bad management on their part?

Problem you have is the cause isn't bad management...it's bad govt...... Yes you will be bailing them out. Let's all sit on our ass some more and pretend everything is fine.

They don't NEED a bailout... THese are FUTURES numbers.. Hasn't happened yet.. "THEY" -- meaning Saudi and Russia and a few others need to stop the circular firing squad and calm the fuck down...

Pretty sure their tiff is over.....reached an agreement.

Obviously Trump didn't fix things if oil is suddenly -37$ per barrel.. We'll see. Maybe it's an overshoot on the futures market...

 

[BluesLegend]

This will not be good in 6 months. You can expect prices to skyrocket once demand returns to normal. They will recoup their losses.

.

We are still waiting for prices to drop here on the liberal infested west coast.

 

[BluesLegend]

I guess asshole Dems should not have blocked allocating funds to top up the strategic oil preserve. Thanks Dems you dicks.

 

[Mac-7]

US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic has left the world awash with oil and not enough storage capacity — meaning producers are paying buyers to take it off their hands.

West Texas Intermediate, the US benchmark, traded as low as -$40.32 a barrel in a day of chaos in oil markets. The settlement price on Monday was -$37.63, compared to $18.27 on Friday. Traders capitulated in the face of limited access to storage capacity across the US, including the country’s main delivery point of Cushing, Oklahoma.

Oil prices collapse below zero, scrambling the clean energy transition

Oil futures dived below zero for the first time ever amid the coronavirus-triggered economic turmoil.

www.latimes.com

Here's more.

What do you mean by negative territory?

 

[Mac-7]

“Sellers were actually paying buyers to take the stuff off their hands.”

I think the LA Times are smoking crack

this cant be true

 

[Baz Ares]

I guess asshole Dems should not have blocked allocating funds to top up the strategic oil preserve. Thanks Dems you dicks.

Where did they do that today? btw. If they are offering to pay buyers to take the oil. Where did the dems say no? Just link a real source.

 

[BULLDOG]

Nazi says she will stay on vacation until May 4, unless there is an emergency.

US oil prices turn negative as demand dries up

Coronavirus downturn has put major pressure on oil prices with demand slumping and storage running out.

finance.yahoo.com

So what's so bad about cheaper oil? It's not like the oil companies are going to go broke, is it?

No much of a market for drilling, and not much of a market on alternative energy with prices this low.
Ripple effect

Major oil companies have been pushing for a cap on oil production in Texas for a while. Seems that the market for new wells was killed by all that fracking in the past few years. Not my fault if they already drilled more wells than they need. You want to bail them out for bad management on their part?

Problem you have is the cause isn't bad management...it's bad govt...... Yes you will be bailing them out. Let's all sit on our ass some more and pretend everything is fine.

We already give oil companies billions in free money each year. Some of the giveaway programs were started just to help the country start using Henry Ford's invention, and continue to this day. It's about time the oil companies paid their own way.

 

[Dana7360]

I have absolutely no sympathy for the oil companies and their investors.

They've been robbing us for decades. I hope they lose everything. They deserve it. They've been hurting people with their outrageous prices for way too long.

I just hope that my tax dollars don't end up bailing their miserable butts out.

Oil price crashes into negative territory for the first time in history amid pandemic

 

[LordBrownTrout]

Futures contracts are up tomorrow. Everyone is dumping. The June contract is still at 20 bucks/barrel. The may contract is a donkey basketball game.

 

[EdwardBaiamonte]

$1.04 actually.

It costs more to buy a gallon of gasoline than it does a barrel of oil.

Incredible.

Supply and demand is not that incredible. This has really got to kill Putin and MBS. Let's hope it does not destabilize Saudi Arabia.

 

[the other mike]

What do you mean by negative territory?

Since the start of the year, oil prices have plunged after the compounding effects of the coronavirus and a breakdown in an agreement among OPEC and allies. With no end in sight for the decreased demand, and producers around the world continuing to pump, that’s causing a fire sale among traders who don’t have access to storage.

Monday’s extreme move showed just how oversupplied the U.S. oil market had become with industrial and economic activity grinding to a halt as governments around the globe extended shutdowns due to the swift spread of the coronavirus. An unprecedented output deal by OPEC and allied oil-producing nations a week ago to curb supply is proving too little, too late in the face a one-third collapse in global demand.

 

[CWayne]

I have absolutely no sympathy for the oil companies and their investors.

They've been robbing us for decades. I hope they lose everything. They deserve it. They've been hurting people with their outrageous prices for way too long.

I just hope that my tax dollars don't end up bailing their miserable butts out.

Oil price crashes into negative territory for the first time in history amid pandemic

Do you even realize how utterly dependent the world and all of the civilizations are to energy? Without it, we'll likely starve before we freeze, but either way, the whole world will collapse without those companies.

 

[EdwardBaiamonte]

$0.46

What's going on, as simple as you can make it?

pandemic, so no one is driving or buying gas thus pushing price down , plus, Russia and Putin are dropping price even more in vain effort to sell more oil but it is not working

 

[JGalt]

Goodbye Russia, Iran, and Venezuela.

 

[Dana7360]

I have absolutely no sympathy for the oil companies and their investors.

They've been robbing us for decades. I hope they lose everything. They deserve it. They've been hurting people with their outrageous prices for way too long.

I just hope that my tax dollars don't end up bailing their miserable butts out.

Oil price crashes into negative territory for the first time in history amid pandemic

Do you even realize how utterly dependent the world and all of the civilizations are to energy? Without it, we'll likely starve before we freeze, but either way, the whole world will collapse without those companies.

I'm not saying people don't want, need or use energy.

I'm saying I'm glad to see these companies having to take a bath on their oil right now.

They have fleeced our world for way too long. I hope that the price of oil and gas stay low for a very long time.

The fact that there's a glut right now and the market on it right now has collapsed, shows that the world isn't as dependent on oil as you think.

 

[Blackrook]

This is bad for everyone. People may starve to death if there's no oil to fuel the trucks. Gloating is highly inappropriate.

 

[whitehall]

You would literally die without the oil industry and you still think they are robbing us? Try taking a trip in a freaking glider plane. OPEC has been manipulating oil prices for decades and stupid lefties think Arab princes are celebrities. The dirty little secret is that taxes on gas almost equal the base price. In other words government depends on gas taxes. American corporations ain't your freaking enemy. The enemy is propaganda that caters to ignorant lefties who grew up in front of a video game.