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      04-20-2020, 01:11 PM   #1
WhiskyPat12
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Crude oil now $0.01 per barrel

So what does this mean?

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      04-20-2020, 01:12 PM   #2
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collapse of the world economy
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      04-20-2020, 01:15 PM   #3
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It actually went negative for a few minutes.
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      04-20-2020, 01:22 PM   #4
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filling up a pool with crude oil right now makes pretty sense..
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      04-20-2020, 01:28 PM   #5
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Wow this is crazy!
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      04-20-2020, 01:30 PM   #6
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Quote:
Originally Posted by Danlnyc88 View Post
collapse of the world economy
Donít be too hasty. That ONE contract expires Tuesday. Itís just a bit of journalistic terrorism.
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      04-20-2020, 01:32 PM   #7
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Quote:
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Donít be too hasty. That ONE contract expires Tuesday. Itís just a bit of journalistic terrorism.
Right and its for West Texas Crude which is primarily USA based but... lets' say the contract goes up to $10... is that a feasible number for US oil to survive? I dunnnooooo.
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      04-20-2020, 02:00 PM   #8
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Is....is....gas free??? I demand WTI Crude oil give me my money damnit LOL
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      04-20-2020, 02:05 PM   #9
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Quote:
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It actually went negative for a few minutes.
Does this mean we will be paid to fill up with gas??

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      04-20-2020, 02:17 PM   #10
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it's sitting -$16 right now
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      04-20-2020, 02:27 PM   #11
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-36... End of contract antics, next contract not negative.
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      04-20-2020, 02:28 PM   #12
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What exactly does this mean?? Every man for himself?
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      04-20-2020, 02:31 PM   #13
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The monthly futures contract expires tomorrow. You have ETF's and other funds trading/holding those contracts and they are selling. Owning a futures contract is a contract to take physical delivery of the oil which of course nobody wants so they are rushing to sell rather than take delivery. Think Trading Places... "get back in there and sell"

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      04-20-2020, 02:35 PM   #14
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Are gas stations going to close now?
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      04-20-2020, 02:36 PM   #15
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And keep in mind this is for WTI (oil benchmark here in the US). Brent is still $25.70 so this is a unique situation in the US futures markets.
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      04-20-2020, 02:37 PM   #16
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Quote:
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Are gas stations going to close now?
Nope! But we might run out of toilet paper...
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      04-20-2020, 03:15 PM   #17
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I am willing to trade a roll of toilet paper for a barrel of crude oil.
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      04-20-2020, 03:17 PM   #18
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Quote:
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What exactly does this mean?? Every man for himself?
it means gas stations suck you gas tank now. to make it more clear, gas pump is now ATM.

get it now?
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      04-20-2020, 04:00 PM   #19
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      04-20-2020, 04:08 PM   #20
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Light traffic due to covid, not a lot of cops on patrol, super cheap premium gas and and a thirsty super charged Corvette, all signs point to.... I’m gonna have some fun this weekend!
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      04-20-2020, 04:11 PM   #21
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I haven't put gas since March
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      04-20-2020, 04:33 PM   #22
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soooo

gas is cheaper than filling up a tesla ?

*laughs in internal combustion*
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