Oil $1 a barrel

[Jimmy_Chitwood]

And there was no room for them at the inn, or oil tank.

I shorted USO when there was the OPEC+ / g20 head fake runup

 

[Admiral Rockwell Tory]

I just filled up at $1.60

Looooooove it!

It has not been $1.60 here in over a month!

$1.34 here

I have not bought gas in 3 weeks. It was $1.24 then, if I recall correctly.

 

[toobfreak]

$1.04 actually.
It costs more to buy a gallon of gasoline than it does a barrel of oil.

I'm holding out until oil hits 50¢ a barrel.
Then I'm buying all I can.

 

[eagle1462010]

I just filled up at $1.60

Looooooove it!

It has not been $1.60 here in over a month!

$1.34 here

I have not bought gas in 3 weeks. It was $1.24 then, if I recall correctly.

That was even cheaper. LOL

Was just out and that was the lowest I saw when going to the stores.

 

[eagle1462010]

$1.04 actually.
It costs more to buy a gallon of gasoline than it does a barrel of oil.

I'm holding out until oil hits 50¢ a barrel.
Then I'm buying all I can.

Oil futures closed at -$37.00 today.

 

[candycorn]

Considering a barrel of oil is 55 gallons, that is like 2 cents a gallon. It costs a lot to refine it into gasoline and get it to the pumps but not $1.80 each (with the tax). Shows what a sham speculation is.

 

[Tom Paine 1949]

"Futures contracts that expire the next day should be close to the spot market cash price. But the WTI spot cash price “only” collapsed by 35% today to $11.70 at the moment. And in terms of prices further out, the June futures contract has plunged by 17% to $20.75. So this is a WTI massacre all around, but those prices are still well into positive territory.
So the disconnect between the May contract (-$37.63), and the cash spot price ($11.80), and the June contract ($21.77) point at some serious forced selling and a complete blowup in the May contracts.

"It seems some oil trading firms and hedge funds were caught on the wrong side of heavily leveraged bets, and couldn’t roll over their contracts due to a liquidity crunch and horrible market conditions in that space. But if they can’t sell the contracts by tomorrow, they’ll have to take delivery of the physical oil at the delivery point for NYMEX futures, namely in Cushing, Oklahoma.

"The delivery time is in May. But storage in Cushing for May seems to have been spoken for, and now these traders see that they have no place to go with this oil that they might have to take delivery of in May.
But the market for the May contract today essentially collapsed, as potential buyers faced the same problem. And so in their desperate efforts to get rid of the contracts so they wouldn’t end up with the oil that they couldn’t physically handle, these speculators paid a heavy price."

-- Wolf Richter (earlier this evening)

 

[Manonthestreet]

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.

Impossible to do when the govt turns off the economy

Nobody turned the economy off. It's slow right now, but that will change. Oil companies have made and been given many fortunes already. They can face this with what they already have. Those with real need should be the priority for once.

Maybe try some honesty eh.....

 

[Mac-7]

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.

The oversupply is real but if I understand the headline someone actually claimed that oil producers are paying investors to take their oil

They might be forced to shut down production till demand catches up bit they would never others to take their oil

 

[Denizen]

$1.04 actually.

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

Incredible.

Oil was recently minus $40 per barrel momentarily on the futures market.

I will take 100 billion barrels at that price.

 

[basquebromance]

if America produces the finest product in the market, at the lowest price for the consumer, we will prosper and we will win. KA-CHING, my friends!

 

[Bruce_T_Laney]

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.

You wish that until you realize countries like Russia, Venezuela, Saudi Arabia and even China will be affected by the oil glut and their economies will suffer just as much or even worst than ours.

With Oil crashing to unheard of record low mean one damn thing to me and this is not a recession but depression roaring in and if so then the outcome is war.

Also if oil companies go broke that mean millions if not billions of people will lose their jobs and right now we as a World can not handle this.

Take for a moment and think about the rigs being worked to pump the oil and if you do not have a place to store and sell then your product is worthless, well more than worthless and this hurt the worker more than the CEO seeing the fat cat has their money in many other things where as the worker most likely does not.

Now where am I going with this?

The worker will lose their job if oil prices stay low because no need to pump it if you can not store and sell it which mean the refinery worker is not needed either which mean less money spent on equipment made at machines shops and no need for sales agents either which means less money from those people trickles on down into our economy which will lead to less stuff bought so those employees at the store are not needed and the suppliers at the warehouse are not needed and the manufacturer or the food processing company is not needed and so on and so on...

So as you proclaim you hope it hurt the oil industry you did not realize you are hoping for the starvation of millions if not billions of people while crashing world economies and most likely throwing us into a great depression that will lead to wars and genocide...

Ohhhh my!

So today I hope oil futures settle down but if not, well boys and girls this is going to be a long and very miserable ride...

 

[EvilEyeFleegle]

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?

Well..no they won't..but they will balance their books by throwing millions out of work, to maintain their shareholder profits. If it gets real bad..the shareholder profits will go also. But it is the workers in the industry that will get the axe..it's already happening as we speak..pink slips are being printed.

cheap gas is great..but people need a paycheck to take advantage!

 

[Deplorable Yankee]

The russians Nigerians and american oil workers will be suckin eggs for awhile

Russia gonna implode ....again

Canadians pack it in

 

[EvilEyeFleegle]

$1.04 actually.
It costs more to buy a gallon of gasoline than it does a barrel of oil.

I'm holding out until oil hits 50¢ a barrel.
Then I'm buying all I can.

Sounds good....where you going to store it? AFAIK, there is no space...and unless you can take delivery...?

 

[toobfreak]

$1.04 actually.
It costs more to buy a gallon of gasoline than it does a barrel of oil.

I'm holding out until oil hits 50¢ a barrel.
Then I'm buying all I can.

Sounds good....where you going to store it? AFAIK, there is no space...and unless you can take delivery...?

I've got my abandoned storage tanks waiting!

In 30-40 years when all the cheap oil has been depleted, crude will be worth $450 a barrel!

 

[luchitociencia]

Then I hope the Corona virus to stay forever in the world and gas prices drop to the lowest forever, so I won't hesitate in buying the Ford F250 8 cylinders, 6lt 4x4, low miles but 10-12 miles per gallon truck a neighbor is selling in my area.

I really don't need a truck with such a power but that truck looks so handsome...

 

[eagle1462010]

$1.04 actually.
It costs more to buy a gallon of gasoline than it does a barrel of oil.

I'm holding out until oil hits 50¢ a barrel.
Then I'm buying all I can.

Sounds good....where you going to store it? AFAIK, there is no space...and unless you can take delivery...?

I've got my abandoned storage tanks waiting!

View attachment 326071

In 30-40 years when all the cheap oil has been depleted, crude will be worth $450 a barrel!

OSHA will eat you alive with all those violations........LOL

Make sure you take a BIG LONG SMELL of all that money from the top of the tank without a floating lid and mandatory instruments required for proper storage..........

Might want to wear a harness when you smell it long and hard...........easier to recover the body if it's sweet crude...................

Riddle me this..........when you can't smell the rotten eggs...................what does it do to you.......

 

[Vandalshandle]

The Dow is down another 628 points at 9:30 Am, AZ time. Watching a freefall is so mesmerizing..... BUT, Donald is going to fix everything by banning immigration!

 

[Meister]

The Dow is down another 628 points at 9:30 Am, AZ time. Watching a freefall is so mesmerizing..... BUT, Donald is going to fix everything by banning immigration!

It will come back. Donald did the prudent thing