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| Ignored facts still exist |
Might be a misunderstanding here. An ETF is an exchange traded fund. There is no physical oil for the ETF holder to store. It's all on paper. That is what I was proposing to "buy"   . | |||
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| Little ray of sunshine  |
Well, but all prices will crash when the actual buyers can't take the oil. The fish is mute, expressionless. The fish doesn't think because the fish knows everything. | |||
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| Back, and to the left  |
She shoulda brought a Target bag. Much better.  Speaking of no place to put fuel.... Link to original video: https://youtu.be/P47zjQ_p2kI | |||
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| Oh stewardess, I speak jive.  |
So, like, every useful tanker trailer in the US (each of which holds 8000 gallons or 190 barrels), and every available Big Tank Along The Highway or whatever, they're all full? All of the train taker cars in America are full, every rail yard full of full trains, "no one" can store a bunch of better-than-free Crude? As far as that goes, how expensive can it be to dig big ponds, line them with plastic shit, and fill them up? Texas and Oklahoma alone have gozillions of acres of empty, flat, land. Why aren't they dotted with Crude swimming pools? It comes out of the ground, after all... it can surely sit there, temporarily. And what about actual Barrels? Why aren't places barreling that shit up at a breakneck rate, stacking them tall and deep? Why aren't there fields of barrels stacked tall as a building or whatever is possible? Someone has done the hard work. found it, drilled for it, and transported it. And we can't *store* it? Or old mine shafts... ? Seems so strange that this is the best we can do. | |||
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Ammoholic |
Oh my God. That was hilarious. Jesse Sic Semper Tyrannis | |||
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Get Off My Lawn |
Looks like a deal has been made to fill up the SPR. Dated from April 14th:
https://www.energy.gov/article...ustry-storage-crunch "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 | |||
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Chip away the stone |
Maybe I'm wrong, but I'd expect there are very demanding regulations on where and how large quantities of oil can be stored. | |||
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Unflappable Enginerd |
Yep, that stuff would be held hostage by environmental impact studies for YEARS. __________________________________ NRA Benefactor I lost all my weapons in a boating, umm, accident. http://www.aufamily.com/forums/ | |||
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| Ammoholic |
I had seen that announcement previously. Not nearly as good as buying it cheap, but if it adds some relief to the market great. Still hope someone (see PDJT) rubs Schumers nose in his screw up. Jesse Sic Semper Tyrannis | |||
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| Ignored facts still exist |
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| Member |
I think Brent contracts are settled in cash whereas WTI contracts have to be settled physically - you have to take possession of the oil to close your position. Thus I don't think we'll see this in Brent. However there's still hope - June, July and August contracts are sitting in decent postions. August contract was still up near $30 a barrel. Traders betting that economy and consumption will be back soon enough. | |||
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Tinker Sailor Soldier Pie |
Thanks. That makes sense. Hopefully we will indeed see normality return in the coming summer months. ~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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Go Vols! |
Where can I buy some of that negative oil? They pay me for buying it right? I just paid $0.88 per gallon at Costco, and given inflation, I think that was the cheapest in my entire lifetime. It may have been $0.70 but that was 30 years ago. With inflation, $0.88 would be about $0.47 back then. | |||
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| Member |
I bought some shares of the ETF USO this AM. We’ll see how we do in the winter when at least heating oil demand comes back. Nobody is driving, nobody is flying. | |||
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| Ignored facts still exist |
Seems there's money to be made by buying it and burning it to get rid of it Of course, getting rid of barrels of oil by burning it might have other non-desirable effects . | |||
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| Ignored facts still exist |
that's what I'm talking about. You got it for like $4 and it was once over $100. Awesome that you actually did it. . | |||
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| Member |
Of the millions of YouTube video available, I instantly recognized that gas station as the Westchester Mart on the corner of West Manchester and Emerson, on the north side of LAX. I'm not surprised some Westside hipster was befuddled by the Tesla's lack of a fuel filler door. Uh, duh. That particular gas station is about $0.80-1.00 more per gallon. Drive east half a mile and there are two gas stations that are more reasonable followed by another small station that is consistently $1.00-1.50 more per gallon than average. There's a sucker born every minute. I suspect CA will still be paying $1.00/gal above national average just because we're special. P229 | |||
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| Little ray of sunshine |
You are right, of course. The fish is mute, expressionless. The fish doesn't think because the fish knows everything. | |||
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| Back, and to the left |
I couldn't help but giggle. My favorite was "She's gonna do it" between suppressed giggles.  | |||
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Member |
When did the “Twilight Zone” become reality? There has to be meme out there somewhere for what we are living now. This is an “alternate reality” and a dream, correct? --------------------- DJT-45/47 MAGA !!!!! “Quidquid latine dictum sit, altum videtur.” "Sometimes I wonder whether the world is being run by smart people who are putting us on, or by imbeciles who really mean it." — Mark Twain “Democracy is the theory that the common people know what they want, and deserve to get it good and hard.” — H. L. Mencken | |||
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