Crude Oil goes negative

Started by the-pi-guy, Apr 20, 2020, 06:34 PM

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the-pi-guy

Apr 20, 2020, 06:34 PM

Dr. Pezus

#1
Apr 20, 2020, 07:45 PM
The fudge?

kitler53

#2
Apr 20, 2020, 07:50 PM
i'm sorry what?  someone will pay me $40 to take a barrel of oil?
         

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the-pi-guy

#3
Apr 20, 2020, 08:24 PM
Quote from: Dr. Pezus on Apr 20, 2020, 07:45 PMThe fudge?
Basically:
-Saudi Arabia and Russia were competing to produce as much oil as possible.  (They made a deal to cut, but it came too late).
-Coronavirus measures around the world mean people aren't driving as many places.  

So demand is at an all time low, and production was very high.  This lead to no one wanting the crude oil, and running out of space for the new stuff that gets brought up.

Quote from: kitler53 on Apr 20, 2020, 07:50 PMi'm sorry what?  someone will pay me $40 to take a barrel of oil?
Maybe?  
 

Xevross

#4
Apr 20, 2020, 10:09 PM
Oil is very complicated, this is from the May contract which means something or other ... and June contract oil is down a lot but still very positive.

Dr. Pezus

#5
Apr 21, 2020, 05:30 PM
Quote from: kitler53 on Apr 20, 2020, 07:50 PMi'm sorry what?  someone will pay me $40 to take a barrel of oil?
I'll take it
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