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Tinker Sailor Soldier Pie |
Less than two dollars for a barrel of Crude. Probably heading for under a dollar. Anyone who thinks this is good for America isn't thinking about the right things.  ~Alan Acta Non Verba NRA Life Member (Patron) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan | ||
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| Member |
This is probably a stupid question, so it's just US oil falling in price? | |||
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| Ignored facts still exist |
Should we buy  There are some ETF's that track oil, and are just a few clicks away. . | |||
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Oriental Redneck |
https://www.foxbusiness.com/ma...stocks-april-20-2020 Ongoing concerns over swelling oil inventories pushed West Texas Intermediate crude for May delivery down by as much as 99 percent to 1 cent per barrel.  Q | |||
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| Tinker Sailor Soldier Pie |
It's all falling, but WTI (West Texas Intermediate) is the American benchmark for oil prices, the other being Brent Crude. US oil producers are in deep shit right now. Basically, the deadline to sell futures contracts for WTI is tomorrow. So they have no choice but to sell it for whatever they can get. ~Alan Acta Non Verba NRA Life Member (Patron) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan | |||
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| Thank you Very little  |
This too shall pass... The Saudis are flooding the world with cheap oil and at a loss, trying to drive the competition out of business, Russia, USA, Its also the massive decrease in demand for oil products worldwide, and significantly in the USA. With Corona we're not driving as much, changing oil, buying goods and services since stores are closed. As the country(s) open up we'll see demand go up, and prices will rise, right now we have too much supply, not enough demand, ergo, prices go down... https://www.marketplace.org/20...-prices-low-covid19/ | |||
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Ammoholic |
How is that even possible? I want to buy some futures. Jesse Sic Semper Tyrannis | |||
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| An investment in knowledge pays the best interest |
Yep, just checked the WTI spot price and it’s 40 cents. It can go negative given the price is based partly on oil futures contracts... in which case, oil companies would pay others to take the supply off their hands. | |||
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| An investment in knowledge pays the best interest |
Supply & Demand, like every other commodity market. | |||
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Shall Not Be Infringed |
Crude Oil price is NEGATIVE right now! ____________________________________________________________ If Some is Good, and More is Better.....then Too Much, is Just Enough !! Trump 47....Make America Great Again! "May Almighty God bless the United States of America" - parabellum 7/26/20 Live Free or Die! | |||
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| Tinker Sailor Soldier Pie |
They are literally paying others to take their oil now. ~Alan Acta Non Verba NRA Life Member (Patron) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan | |||
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| Lawyers, Guns and Money  |
You can buy all you want... for May delivery it's practically free. But where are you going to put it? You have to be able to take delivery (or sell the contract) or the contract will expire worthless. The reason it's so cheap for May delivery is that there's no where to go with it. Tanker ships are sitting offshore full of oil. Refineries aren't able to take anymore. Until people start driving again and using some of it, there's no where to go with what's currently in the pipeline. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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| Ammoholic |
I was kidding, I can't buy anything right now and the futures far out are not likely to be worth anything. I don't see oil going up anytime in the next 6 months. I do hope we haven't filled that strategic oil stockpile yet. Buy cheap and stack it deep if there is any more room. Jesse Sic Semper Tyrannis | |||
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| 4-H Shooting Sports Instructor  |
They said that Oil could actually go to Negative price, because there is no storage available. They have no place to put it with the surplus of oil and the fact noone is driving. _______________________________ 'The true soldier fights not because he hates what is in front of him, but > because he loves what is behind him.' G. K. Chesterton NRA Endowment Life member NRA Pistol instructor...and Range Safety instructor Women On Target Instructor. | |||
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| An investment in knowledge pays the best interest |
The oil spot price has been fluctuating (up & down) by 10 to 100 percent every minute or so for the last couple hours... a speculators wet dream. Arbitrage is primarily responsible as some look to find the necessary storage capability against what they see as a potential windfall based on storgage overhead & projected future margins. These are large contracts. The average spot price has dropped close to 90 percent though, since this morning. | |||
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| Member |
Got another stupid one, Why would someone buy Brent right now vs WTI? | |||
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| Member |
If this is not a valid argument to open up the country, than what is? End of Earth: 2 Miles Upper Peninsula: 4 Miles | |||
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| Oriental Redneck |
Opening up the country will kill more people. Didn't you get the memo? Q | |||
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| An investment in knowledge pays the best interest |
Negative 28 dollars a barrel spot price. Oil is a global market and while regionally priced, the logistical difference is negligible given the magnitude of the drop. This figure is scarier than any viral figure I’ve heard as it’s a leading global economic indicator. Fuck me, if the June contracts in a couple days don’t show a rebound... | |||
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| Ignored facts still exist |
Would you have a link for this so I can follow real time? . | |||
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