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US crude price collapses, settles at minus $37.63 a barrel {Yes Negative Price] [ed]
Reuters ^ | April 20, 2020 | Stephanie Kelly

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 ...


TOPICS: Business/Economy; Culture/Society; Front Page News
KEYWORDS: cashforclunkers; energy; futures; globalwarminghoax; greennewdeal; hydrocarbons; maga; oil; opec; price; reuters; stephaniekelly; unitedkingdom
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Never thought I would see this.
1 posted on 04/20/2020 12:08:37 PM PDT by C19fan
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To: C19fan

I was thinking ... maybe $10 / barrel. Wow, we are really off the map.


2 posted on 04/20/2020 12:10:06 PM PDT by taxcontrol
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To: C19fan

How is this even possible? Thanks Libs, I guess when nobody can go anywhere, there’s no demand for oil.


3 posted on 04/20/2020 12:10:29 PM PDT by usafa92 (Donald J. Trump, 45th President of the United States of America)
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To: C19fan

Those are FUTURES contracts. The actual price of West Texas Crude is $18.27 as I write this.


4 posted on 04/20/2020 12:10:59 PM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: usafa92

Aw come on. Gotta be something wrong with this.

What, they pay YOU to take the oil?


5 posted on 04/20/2020 12:11:09 PM PDT by Fishtalk
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To: C19fan

Ya, I just went to gas up and when I was done the cashier came out and handed me a $20!


6 posted on 04/20/2020 12:12:03 PM PDT by G Larry (There is no great virtue in bargaining with the Devil)
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To: usafa92

Thank God for gas guzzling protesters


7 posted on 04/20/2020 12:12:04 PM PDT by magna carta
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To: taxcontrol

The barrel now is worth more than the oil.


8 posted on 04/20/2020 12:12:07 PM PDT by C210N
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To: C19fan

If I recall, $4/barrel is the out of the ground cost in Saudi Arabia. Even they should be gob smacked.


9 posted on 04/20/2020 12:12:19 PM PDT by llevrok (Vote while it is still legal)
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To: C19fan

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.


10 posted on 04/20/2020 12:12:48 PM PDT by abb
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To: C19fan

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!


11 posted on 04/20/2020 12:12:49 PM PDT by Artcore (Trump 2020!)
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To: C19fan

Complete economic collapse...we need to re-open now


12 posted on 04/20/2020 12:13:07 PM PDT by rb22982
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To: Fishtalk

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.


13 posted on 04/20/2020 12:13:10 PM PDT by usafa92 (Donald J. Trump, 45th President of the United States of America)
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To: Fishtalk

Take note of where this story is coming from people.


14 posted on 04/20/2020 12:13:46 PM PDT by V_TWIN
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To: C19fan

unreal.... the entire sector is devastated and in smoldering ruins.


15 posted on 04/20/2020 12:13:55 PM PDT by Levy78
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To: usafa92

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.


16 posted on 04/20/2020 12:13:56 PM PDT by dp0622 (Radicals, racists dont point fingers at me I'm a small town white boy Just tryin to make ends meet)
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To: C19fan
Means nothing. Oil produced cannot be stored. Will not be the case next month if economy "reopened".

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.


17 posted on 04/20/2020 12:14:06 PM PDT by montag813
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To: abb

True! No matter how much the cure is ‘bent’ the fear mongers will say it isn’t enough to get back to work!


18 posted on 04/20/2020 12:14:30 PM PDT by fortheDeclaration
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To: C19fan

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.

.


19 posted on 04/20/2020 12:15:22 PM PDT by TLI ( ITINExtend till the electionERIS IMPENDEO VALHALLA)
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Comment #20 Removed by Moderator


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