Posted on 04/20/2020 12:08:37 PM PDT by C19fan
U.S. crude oil futures turned negative Monday for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover. Physical demand for crude has dried up, creating a global supply glut as billions of people stay home to slow the spread of the novel coronavirus. West Texas Intermediate crude for May delivery fell more than 100% to settle at negative $37.63 per barrel. Meanwhile, international benchmark, Brent crude, which has already rolled to the June contract, traded 8.9% lower at $25.58 per barrel.
(Excerpt) Read more at msn.com ...
I was thinking ... maybe $10 / barrel. Wow, we are really off the map.
How is this even possible? Thanks Libs, I guess when nobody can go anywhere, theres no demand for oil.
Those are FUTURES contracts. The actual price of West Texas Crude is $18.27 as I write this.
Aw come on. Gotta be something wrong with this.
What, they pay YOU to take the oil?
Ya, I just went to gas up and when I was done the cashier came out and handed me a $20!
Thank God for gas guzzling protesters
The barrel now is worth more than the oil.
If I recall, $4/barrel is the out of the ground cost in Saudi Arabia. Even they should be gob smacked.
Isn’t economic destruction what you psycho FearBros were after to begin with? I notice y’all aren’t talking about the virus cases or deaths anymore.
This has the potential to destroy our oil industry if this fu*king economic shutdown doesn’t end soon!
Trump needs to address this tonight at the STUPID coronavirus presser! Some type of pressure needs to be exerted on our states to end this sh*t!
We’re literally watching our economy being destroyed over a bug!
Complete economic collapse...we need to re-open now
I guess? I would assume there is such a glut of it, that they need to sell it at a huge loss, and essentially pay to get rid of the supply.
Take note of where this story is coming from people.
unreal.... the entire sector is devastated and in smoldering ruins.
Storage and other costs...you’re right. when nobody wants something the price can get ugly, especially when it’s something that has an expiration date, like 3 days ago and settlement today, I THINK
good news is month out lost 20ish percent, which is bad but if everyone thought this was going to happen for a while the outside months would have collapsed too.
If that happens...a lot of oil companies are in a lot of trouble I guess.
Meanwhile gas prices for many will actually RISE next week, as unleaded gas futures continue their strong rebound from their March 23 low of 0.42 -- rising 62% since.
True! No matter how much the cure is ‘bent’ the fear mongers will say it isn’t enough to get back to work!
HAHAHAHA!
Bloomberg is showing -$26.58 down 44.85.
But boy that price of refined gas is still at 68.01 cents, down 3.01 cents.
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