Oil $1 a barrel

[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.

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.

 

[Toro]

Heard an oil trading desk in Europe blew up today.

 

[the other mike]

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.

 

[Bootney Lee Farnsworth]

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

.

 

[Gdjjr]

Can the OP point out who's free in this world?

Oil creates a lot of jobs- it's no laughing matter when it bottoms out- the world's economy is basically funded by oil and related products and services- the world not just the US- Japan's entering into, or drawing, the US into WW2 was over oil- it has none. Think about that for a minute- The US has so much we can export it, but if no one is buying it where can we export it to?

Whose economy is the strongest? Where are the major players located? Is this a part of a bigger plan? By whom?

 

[the other mike]

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

.

Would be a good time to have a 500 gallon tank to fill up ....
gasoline was $1.40 a gallon here this week....hasn't been this low since about 1999.

 

[Gdjjr]

The Oligarchs are on their own...

In the District of Criminals?

 

[Bootney Lee Farnsworth]

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

.

Would be a good time to have a 500 gallon tank.

No shit. I wish I had one.

.

 

[yidnar]

Trump is concerned mainly with US oil ! you know the companies that made us energy independent and hurt the Russian economy !the only friends the communist regimes have in our country is the left and their dear leaders ....you do recall the dnc using a middle man Steele to get bogus propaganda from russians to stage a coup and overthrow the POTUS ...and do you recall the chicoms giving the bidens large sums of cash [wheres hunter ] ? i doubt that the OP does does because he is a communist an idiot and a traitor !

 

[ZZ PUPPS]

Heard an oil trading desk in Europe blew up today.

There needed to be a catalyst for this "extinction event". Thing is, the contract has another day to expiry. Will the fat lady sing bass or tenor tomorrow? Unless the longs got margined out today, tomorrow could be brutal. Open interest will be the key. Cushing is full. Exercised delivery has gotta go somewhere. You should have added a pool to your new house. It could be a profit center...lol.

 

[HaShev]

We can get paid to store oil for our reserves, but Pelosi said no, she wants to pay $100 a barrel like she did last time.
View attachment 325815

We can get paid to store oil for our reserves, but Pelosi said no, she wants to pay $100 a barrel like she did last

We can get paid to store oil for our reserves, but Pelosi said no, she wants to pay $100 a barrel like she did last time.
View attachment 325815lol....

We can get paid to store oil for our reserves, but Pelosi said no, she wants to pay $100 a barrel like she did last time.
View attachment 325815

I guess we are truly in the messianic age then now that all the commodities are crashing . When they start throwing out the silver and gold into the streets because it’s useless we can always get a vagabond like Pelosi to store it in her 25000 dollar refrigerators after all she is really quite the charitable one isn’t she and it takes a lot of food to fill one of those suckers up which she possibly can’t consume by herself can she...

BECAUSE my plan for oil reserves would have been perfect for this situation and actually made the gov't money instead of just costing them money-
then I blame Jesus & Michael Huckabees attachment to the created character for not conveying the plan to the President or his administration, and only you and him know what that means and why.

 

[MarathonMike]

Gas prices seem to have a huge lag for a drop in crude but miraculously spike up almost in lockstep with crude on a rise. Amazing how that works.

 

[gulfman]

I miss 4$ a gallon gas when Obama was President.Times were so good then.

 

[Death-Ninja]

I hope you topped off your vehicles, because if this does not swiftly correct, then you've seen your last affordable gasoline for a long long time.... With it costing more to deliver the oil, than the cost of a single gallon of gas at point of purchase(the pumps), then that gallon of gas will by necessity increase costs at point of purchase because there will be no hope of replacing depleted supply, even as demand is nill, or very near to nill! Such is because no refinery will be able to effect delivery as nobody in their right mind would elect to deliver it to them as they will be paying shipping costs far greater then the value of their cargo, indeed, the shipper would actually be paying the refinery to deliver them oil!

 

[EvilEyeFleegle]

The Oligarchs are on their own...

In the District of Criminals?

Nope....the DC breed is going to do just fine..but in Russia...the underlying klepto-class...will be annoyed. Since they really call the shots....Putin might be in a bit of a jam, we'll see.

 

[miketx]

How can something cost less than 0?

 

[fncceo]

It's true. I filled up the other day and the Indian guy at the station gave me a check for $52.34.

 

[EvilEyeFleegle]

I hope you topped off your vehicles, because if this does not swiftly correct, then you've seen your last affordable gasoline for a long long time.... With it costing more to deliver the oil, than the cost of a single gallon of gas at point of purchase(the pumps), then that gallon of gas will by necessity increase costs at point of purchase because there will be no hope of replacing depleted supply, even as demand is nill, or very near to nill! Such is because no refinery will be able to effect delivery as nobody in their right mind would elect to deliver it to them as they will be paying shipping costs far greater then the value of their cargo, indeed, the shipper would actually be paying the refinery to deliver them oil!

I think we'll be OK...I think Big Oil is going to be put on govt. life support for a while,,price supports for gasoline and fuel oil, I'd wager. Remember, we still have an election in Nov.--I doubt the Republicans are going to let the oil industry collapse. But there a quite few workers that are worried right now..and they should be..it is their jobs that are going to be used to keep the dividends flowing. Shades of the 70's!

 

[airplanemechanic]

How can something cost less than 0?

It means sellers are paying buyers to take the oil off of their hands.

 

[Likkmee]

Pussy can be. If she weighs 447.1/3 lbs and you have no job. You know the type. 1
5'3 13/16 BMI/prefer not to say