US Oil (WTI Crude) is Cratering; less than $1 per barrel
quote:
Originally posted by scsigs:
Got another stupid one, Why would someone buy Brent right now vs WTI?
Not a stupid question at all. The thing is, no one is buying any oil right now. Still, the deadline for WTI futures contract is tomorrow. When the Brent Crude contract deadline nears, perhaps it will have a huge drop as well. As has been said, there simply isn't anywhere to put the oil, so no one is buying anything, but the contracts are still due tomorrow for WTI.
Wow.
~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
April 20, 2020, 01:52 PM
Balzé Halzé
quote:
Originally posted by radioman:
quote:
Originally posted by Dakor: Negative 28 dollars a barrel spot price.
Would you have a link for this so I can follow real time?
~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
April 20, 2020, 01:53 PM
oddball
When it rains, it fuckin pours.
"I’m not going to read Time Magazine, I’m not going to read Newsweek, I’m not going to read any of these magazines; I mean, because they have too much to lose by printing the truth"- Bob Dylan, 1965
April 20, 2020, 01:54 PM
Il Cattivo
Have we hit the point yet where people are paying without taking?
April 20, 2020, 01:54 PM
Balzé Halzé
~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
April 20, 2020, 01:55 PM
PowerSurge
Does this mean gas will be free tomorrow? Seriously, this is not good.
——————————————— The fool hath said in his heart, There is no God. Psalm 14:1
April 20, 2020, 01:55 PM
Dakor
quote:
Originally posted by Il Cattivo: Have we hit the point yet where people are paying without taking?
Between oil suppliers/storage yes, that’s negative territory.
April 20, 2020, 01:58 PM
Dakor
quote:
Originally posted by PowerSurge: Does this mean gas will be free tomorrow?
No, gas is a refined product and ethanol as a blend component also has to be taken into account. Then there’s the tax man. It will take a few days and stations will look to see what the June delivery contracts price is before changing things (potentially dramatically).
April 20, 2020, 02:01 PM
Skins2881
To answer my earlier question about if we had already filled the strategic reserves. Nope, blocked by Chuck Schumer. Congress needs to act immediately and buy up as much as we can store, and expand storage if possible. Buy cheap and stock it deep.
Jesse
Sic Semper Tyrannis
April 20, 2020, 02:03 PM
chellim1
I wish I had a large storage facility somewhere in Oklahoma...
"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
April 20, 2020, 02:12 PM
k5blazer
This is really going to suck for those states that base their budget on the price of crude oil.
April 20, 2020, 02:15 PM
Balzé Halzé
quote:
Originally posted by chellim1: I wish I had a large storage facility somewhere in Oklahoma...
I'm sitting behind 350,000 barrels of tanker storage right now.
Unfortunately, I'm just paid to push it where they tell me.
~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
April 20, 2020, 02:19 PM
83v45magna
quote:
Originally posted by Skins2881: To answer my earlier question about if we had already filled the strategic reserves. Nope, blocked by Chuck Schumer. Congress needs to act immediately and buy up as much as we can store, and expand storage if possible. Buy cheap and stock it deep.
So, thanks once again to the the GDC's, what little hay we could have made from this situation will be lost. Thanks Chuckie, have a hernia.
April 20, 2020, 02:19 PM
chellim1
I just filled the Tahoe and got cash back!
"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
April 20, 2020, 02:21 PM
RogueJSK
quote:
Originally posted by Skins2881: To answer my earlier question about if we had already filled the strategic reserves. Nope, blocked by Chuck Schumer. Congress needs to act immediately and buy up as much as we can store, and expand storage if possible. Buy cheap and stock it deep.
Indeed.
A good shot in the arm to the domestic oil industry in the short term, plus a solid strategic investment for the long run.
April 20, 2020, 02:25 PM
sigalert
Is the storage life of oil indefinite?
“Crisis is the rallying cry of the tyrant.” – James Madison
"Keep your fears to yourself, but share your courage with others." - Robert Louis Stevenson
April 20, 2020, 02:33 PM
12131
quote:
Originally posted by sigalert: Is the storage life of oil indefinite?
I could be wrong, but I would guess so. Where do you think they got the original material from?
Q
April 20, 2020, 02:36 PM
jhe888
quote:
Originally posted by radioman: Should we buy
There are some ETF's that track oil, and are just a few clicks away.
Where you going to put it? That is the problem. The potential buyers have no place to store it.
The fish is mute, expressionless. The fish doesn't think because the fish knows everything.
April 20, 2020, 02:37 PM
radioman
Seems like if they start shutting down oil fields and oil platforms, then in the long run we're all screwed once demand goes up again.
Which is what I suppose the Saudi's want.
.
April 20, 2020, 02:39 PM
Skins2881
quote:
Originally posted by jhe888:
quote:
Originally posted by radioman: Should we buy
There are some ETF's that track oil, and are just a few clicks away.
Where you going to put it? That is the problem. The potential buyers have no place to store it.
What's the minimum contract size? I got a ton of used grocery bags. I'm gonna be rich!
