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Mon Apr 20, 2020, 02:23 PM

Crude Oil has gone NEGATIVE!

U.S.: Nymex
Crude Oil WTI (NYM $/bbl) Front Month

Last Updated: Apr 20, 2020 2:09 p.m. EDT
Delayed quote
$-1.43 -19.70 -107.83%
SETTLEMENT PRICE 04/17/20 $18.27


There’s nowhere to store the stuff

They’ll be shutting off spigots soon I’d imagine?

67 replies, 2006 views

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Arrow 67 replies Author Time Post
Reply Crude Oil has gone NEGATIVE! (Original post)
Roland99 Apr 2020 OP
zackymilly Apr 2020 #1
Roland99 Apr 2020 #3
zackymilly Apr 2020 #6
ahoysrcsm Apr 2020 #60
forthemiddle Apr 2020 #45
KayF Apr 2020 #12
malaise Apr 2020 #2
elleng Apr 2020 #4
lame54 Apr 2020 #5
zackymilly Apr 2020 #8
Roland99 Apr 2020 #9
Akacia Apr 2020 #64
exboyfil Apr 2020 #7
DrToast Apr 2020 #10
OneBlueDotBama Apr 2020 #11
SouthernCal_Dem Apr 2020 #13
Roland99 Apr 2020 #15
SouthernCal_Dem Apr 2020 #22
Roland99 Apr 2020 #24
SouthernCal_Dem Apr 2020 #28
SouthernCal_Dem Apr 2020 #36
Roland99 Apr 2020 #46
Roland99 Apr 2020 #14
OneBlueDotBama Apr 2020 #16
Roland99 Apr 2020 #18
SoonerPride Apr 2020 #17
Wednesdays Apr 2020 #67
Turbineguy Apr 2020 #19
uponit7771 Apr 2020 #26
Turbineguy Apr 2020 #38
Adsos Letter Apr 2020 #47
Turbineguy Apr 2020 #53
uponit7771 Apr 2020 #57
Adsos Letter Apr 2020 #58
Roland99 Apr 2020 #65
Newest Reality Apr 2020 #20
Renew Deal Apr 2020 #21
Roland99 Apr 2020 #23
uponit7771 Apr 2020 #27
uponit7771 Apr 2020 #25
OneBlueDotBama Apr 2020 #29
OneBlueDotBama Apr 2020 #34
Recursion Apr 2020 #30
Buckeye_Democrat Apr 2020 #31
Roland99 Apr 2020 #32
Mike 03 Apr 2020 #33
C_U_L8R Apr 2020 #41
cbdo2007 Apr 2020 #35
OneBlueDotBama Apr 2020 #39
BumRushDaShow Apr 2020 #37
OAITW r.2.0 Apr 2020 #48
BumRushDaShow Apr 2020 #51
lastlib Apr 2020 #40
Amishman Apr 2020 #55
Roland99 Apr 2020 #42
roamer65 Apr 2020 #43
BumRushDaShow Apr 2020 #44
BumRushDaShow Apr 2020 #49
Roland99 Apr 2020 #52
BumRushDaShow Apr 2020 #54
Submariner Apr 2020 #50
BumRushDaShow Apr 2020 #56
BumRushDaShow Apr 2020 #59
SidDithers Apr 2020 #61
BumRushDaShow Apr 2020 #62
Roland99 Apr 2020 #63
BumRushDaShow Apr 2020 #66

Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:24 PM

1. The guy at the station offered me $10 if I filled my tank! n/t

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Response to zackymilly (Reply #1)

Mon Apr 20, 2020, 02:24 PM

3. lol

Gas prices here are still about $1.70/gal

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Response to Roland99 (Reply #3)

Mon Apr 20, 2020, 02:25 PM

6. $1.24 here. n/t

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Response to zackymilly (Reply #6)


Response to Roland99 (Reply #3)

Mon Apr 20, 2020, 02:50 PM

45. How much of that is taxes? N/T

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Response to zackymilly (Reply #1)

Mon Apr 20, 2020, 02:28 PM

12. +1

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:24 PM

2. Any tweets from Don the winner Con?

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:25 PM

4. Marketsm@ 2:20

S&P 500
-0.35%
Dow
-0.78%
Nasdaq
+0.31%

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:25 PM

5. Thanks for looking that up for me...

I was busy admiring the clear blue sky

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Response to lame54 (Reply #5)

Mon Apr 20, 2020, 02:26 PM

8. It's nice without all the chem trails.

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Response to zackymilly (Reply #8)

Mon Apr 20, 2020, 02:26 PM

9. Isn't it?

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Response to zackymilly (Reply #8)

Mon Apr 20, 2020, 03:57 PM

64. Yes it is! nt.

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:25 PM

7. Time to call those shady waste disposal people

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:27 PM

10. Trump gets played by the Saudis and Russians.

One cent a barrel oil. Trump gets played by the Saudis and Russians. Just like China. The job losses will be massive. Turns out having a dumb narcissist as President could not be more dangerous to America. -- David Plouffe.




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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:28 PM

11. Trying to rent or buy....

as many old tankers as I can, will park them at my inlaws farm till the price goes back up. <extreme sarcasm>

It's cheaper to sell/pay people to take your oil than shut down wells. Where they will put it....????
Cushing OK is full, all the rail tamk cars are full and you can't find an empty oil tanker to store the stuff. Maybe after Trump got rolled by Putin & the house of Saud, he will return the hospital ships, Mercy & Hope back into oil tankers.

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:30 PM

13. $-35.93

Maybe my quotes are wrong, but that's what I'm seeing.

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Response to SouthernCal_Dem (Reply #13)

Mon Apr 20, 2020, 02:31 PM

15. Why haven't they shut down trading?

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Response to Roland99 (Reply #15)

Mon Apr 20, 2020, 02:34 PM

22. I don't think they do that for oil

Not sure though.

I'm looking at front month contract oil futures prices from my broker.

Now I'm seeing $-35.20

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Response to SouthernCal_Dem (Reply #22)

Mon Apr 20, 2020, 02:35 PM

24. Is that per bbl or the daily loss from yesterday's close?

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Response to Roland99 (Reply #24)

Mon Apr 20, 2020, 02:38 PM

28. Now I'm seeing $-25.11

The daily loss is roughly $-43

Down 231%

WOW

Looks like very volatile trading.

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Response to Roland99 (Reply #24)

Mon Apr 20, 2020, 02:41 PM

36. Here's a link to CME quotes

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Response to SouthernCal_Dem (Reply #36)

Mon Apr 20, 2020, 02:54 PM

46. Thanks

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:31 PM

14. -8.61/bbl!!


OPEN
Last Updated: Apr 20, 2020 2:19 p.m. EDT
Delayed quote

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Response to Roland99 (Reply #14)

Mon Apr 20, 2020, 02:33 PM

16. Now minus ten & change


$
-10.14
-28.41 -155.50%

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Response to OneBlueDotBama (Reply #16)

Mon Apr 20, 2020, 02:33 PM

18. All because a Dem *hoax shut down the nation

And Putin and MBS in a pissing match

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:33 PM

17. Sounds to me like Texas may be in play for Biden.

No joke

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Response to SoonerPride (Reply #17)

Mon Apr 20, 2020, 07:30 PM

67. If nothing else,

because all the Texas oil barons will be too broke to finance repugs' campaigns!

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:34 PM

19. Contract traders can't deliver

This is what happened in the silver market in the 1980's.

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Response to Turbineguy (Reply #19)

Mon Apr 20, 2020, 02:37 PM

26. Whoa .. did silver go negative because treasuries were putting out so much?

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Response to uponit7771 (Reply #26)

Mon Apr 20, 2020, 02:42 PM

38. There are two markets

one market is for people who buy and sell oil (oil producers and oil consumers). Another market is for people who buy and sell contracts. In the second case people buy contacts to sell later at a higher price. They are not buying oil. The worst thing that could happen is for them to get the actual oil. Also the worst thing for them is to have to deliver that oil.

When the silver market collapsed my friend had bought a pile of silver and for delivery. The seller could not deliver and had to buy the contract back.

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Response to Turbineguy (Reply #38)

Mon Apr 20, 2020, 02:58 PM

47. Was that when the Hunt brothers were trying to corner the market?

I have some vague memories of that.

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Response to Adsos Letter (Reply #47)

Mon Apr 20, 2020, 03:04 PM

53. Yes

My friend bought contracts for delivery amounting to more silver than was in circulation.

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Response to Adsos Letter (Reply #47)

Mon Apr 20, 2020, 03:29 PM

57. ? Reminds me of Eddie Murphy movie where he was made rich for a dollar

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Response to uponit7771 (Reply #57)

Mon Apr 20, 2020, 03:31 PM

58. "Get back in there and sell, sell!"

Great movie.

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Response to uponit7771 (Reply #57)

Mon Apr 20, 2020, 03:58 PM

65. Trading Places

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:34 PM

20. What?????

Woah.

These are futures, but I look forward to going to the gas pump and getting paid for filling up.

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:34 PM

21. Does that mean they'll be giving it away?

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Response to Renew Deal (Reply #21)

Mon Apr 20, 2020, 02:35 PM

23. Storage sites are full

The worldwide slowdown has cut massively into usage

And Putin/MBS still going at it

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Response to Renew Deal (Reply #21)

Mon Apr 20, 2020, 02:37 PM

27. Even better they are paying people to take the pure oil per barrel

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:36 PM

25. K&R, I'm trying to figure out how to short June contracts right now

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Response to uponit7771 (Reply #25)

Mon Apr 20, 2020, 02:39 PM

29. Do I hear minus 30? anyone?



$
-28.70
-46.97 -257.09%

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Response to OneBlueDotBama (Reply #29)

Mon Apr 20, 2020, 02:40 PM

34. do I hear minus $40?


$
-35.57
-53.84 -294.69%

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:39 PM

30. Interesting times (nt)

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:39 PM

31. Whoa!

Republicans will probably argue that it can’t be given away, or people will expect that in the future — e.g, “Just dump it in an ocean.”

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:40 PM

32. -39.14/bbl!!!!!

Dear fucking gawd!

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:40 PM

33. NYT explains how this is even possible

(I've never seen this)

It was a bizarre day for oil traders, owing largely to a quirk in the way that oil prices are set. Oil that is scheduled to be delivered next month fell 12 percent Monday to about $22 a barrel, but at the same time a key benchmark for oil to be delivered Tuesday was essentially deemed to be worthless by investors. It actually fell into negative territory, meaning people who had oil to sell were willing to pay people to take it off their hands.

The problem is that the United States is running out of places to store its oil.

Oil is already being stockpiled on barges out at sea, and in any nook and cranny companies can find in their storage facilities. Now, traders are worrying that even this space is running out. Under futures contracts, West Texas Intermediate — the American oil-price benchmark — is delivered to Cushing, Okla., but investors are worried that there will be no place to put it there.


https://www.nytimes.com/2020/04/20/business/stock-market-live-trading-coronavirus.html#link-a677d6a

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Response to Mike 03 (Reply #33)

Mon Apr 20, 2020, 02:46 PM

41. Trump could fill his tower

and dredge out his stupid golf courses.

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:41 PM

35. Awesome, in for 10 barrels. Wonder if my wife will mind if I store them in our spare bedroom...

until I get the refinery set up in the back yard.

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Response to cbdo2007 (Reply #35)

Mon Apr 20, 2020, 02:45 PM

39. Ask the local rec dept....

if you can borrow their community pools, most are closed anyway.

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:41 PM

37. OMFG



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Response to BumRushDaShow (Reply #37)

Mon Apr 20, 2020, 02:59 PM

48. That graph is incredible.

It's like the world just ended.

On a bright note, Putin is going to be mighty busy dealing with the fallout as Russia's economy is focused on selling oil.

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Response to OAITW r.2.0 (Reply #48)

Mon Apr 20, 2020, 03:02 PM

51. Brent was still over $25/bbl

This may be targeted at Texas crude.

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:46 PM

40. We should be adding to our strategic reserve right now.......

But Shitgibbon is too idiotic.

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Response to lastlib (Reply #40)

Mon Apr 20, 2020, 03:09 PM

55. we are actually doing that, but the SPR is tiny compared to the glut we have right now

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:47 PM

42. Ok. Starting a GoFundMe. Who wants to buy oil fields with me!

$10 buy-in?

lol

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:50 PM

43. Dennis Gartman on Bloomberg just used the D word.

Depression.

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 02:50 PM

44. U.S. oil's May contract just marked history, plunging about 300%

U.S. oil's May contract just marked history, plunging about 300% to settle negative $37.63 a barrel
Published: April 20, 2020 at 2:37 p.m. ET

By Mark DeCambre

U.S. oil's May contract plunged into negative territory on Monday, meaning that you would have to pay to get someone to take barrels of oil off your hands. West Texas Intermediate oil trading on the New York Mercantile Exchange plunged nearly 300% to settle at negative $37.63 a barrel. The May contract expires CL.1, -231.36% CLK20, -231.36% Tuesday. That one-day drop marks the first time the contract has traded negative in history and would be the largest tumle on record going back to 1983, while a finish near its current level would be far below the previous all-time low for a front-month contract, according to Dow Jones Market Data. The June contract CLM20, -16.86% which is the most-active, ended down $4.60, or 18.3%, at $20.03 a barrel.

https://www.marketwatch.com/story/us-oils-may-contract-has-just-gone-negative-plunging-154-and-trading-at-negative-10-a-barrel-2020-04-20?mod=mw_latestnews

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 03:00 PM

49. Slowly creeping back up again

now "only" -$16.34 (as of 2:49 pm EDT)

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Response to BumRushDaShow (Reply #49)

Mon Apr 20, 2020, 03:02 PM

52. Yeah. But now stocks heading down

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Response to Roland99 (Reply #52)

Mon Apr 20, 2020, 03:05 PM

54. I've been watching gold too

(because that tends to tell you how much worth the dollar has...or doesn't have )

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 03:00 PM

50. If one is going to buy on the dip, it doesn't seem like it gets any dippier than it is now

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 03:17 PM

56. Now back down to -$30.40/bbl

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 03:31 PM

59. Had bottomed out again at -$37.45 and creeping back up again

Was still in the -$34 range

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 03:49 PM

61. The Gang Solves the Gas Crisis...nt

Sid

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Response to Roland99 (Original post)

Mon Apr 20, 2020, 03:54 PM

62. As of 3:43 pm EDT

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Response to BumRushDaShow (Reply #62)

Mon Apr 20, 2020, 03:57 PM

63. Insane

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Response to Roland99 (Reply #63)

Mon Apr 20, 2020, 04:00 PM

66. From what I just heard on the local news radio station's business report

the -$37.63 was what that contract settled for - had the article here - https://www.democraticunderground.com/?com=view_post&forum=1002&pid=13319685

(obviously they are still trading though )

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