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OfflineHamHead
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Crude oil crashes to below $0 per barrel! * 2
    #26615960 - 04/20/20 06:09 PM (3 years, 9 months ago)

https://www.investors.com/news/us-oil-prices-have-never-been-this-upside-down-before/

U.S. Oil Prices Settle In Negative Territory For First Time In Epic Rout

GILLIAN RICH 04:39 PM ET 04/20/2020
The epic crash in U.S. crude oil prices hit an unprecedented milestone Monday as demand dives and storage capacity dwindles amid the coronavirus pandemic.

West Texas Intermediate futures for May delivery, which expire Tuesday, plunged more than 100% to -$37.63 a barrel. That means sellers have to pay someone to take the oil off their hands. Brent crude oil prices, which have already rolled over to June-delivery contracts, fell 8.9% to settle at $25.57 per barrel.

"If you hold the contract you're going to have to take the delivery," said Edward Moya, a market analyst with Oanda. "But no one wants to do that and since that's the case we are seeing such a severe drop deep into negative territory."

He said it's too early to tell what might happen to June futures as they get close to expiry, but he said he would be "surprised if we saw a close repeat of what happened today."

But he expects oil majors to be close to a breaking point with production. Meanwhile, the more actively traded June U.S. crude futures tumbled 18% to $20.43 per barrel, and July U.S. crude futures were down 11% to $26.18 per barrel.

For May WTI, the problem is compounded because the contract is settled by physical delivery at Cushing," said Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie said. "Storage at the Oklahoma facility is expected to be full within weeks. Brent is not constrained by this requirement for physical delivery."

U.S. crude is in the largest contango ever seen, meaning future oil prices in forward months are above current prices. The situation is the opposite of normal pricing, which decreases in more distant, or forward, months.

OPEC+ Supply Cuts Coming, But Not Enough
OPEC and top non-members, together known as OPEC+, agreed to cut 9.7 million barrels of production a day in May and June, their deepest ever earlier this month. Oil majors and independent U.S. firms have scaled back capital spending and rig counts as demand dries up.

But the supply cuts likely won't match the collapse in demand, leaving the globe awash with oil as countries lock down and restrict travel to prevent the spread of the deadly coronavirus.

"Some of the selling pressure will ease once we will get through the day delivery tomorrow," Phil Flynn, senior market analyst for the Price Group, told IBD. "Then the market can be optimistic that next month is going to be better, see some buying coming back into the market. A month from now we might see OPEC cuts go into full effect. We may see some cities reopening."

Full Storage Tanks Weigh On Oil Prices
Exxon Mobil (XOM) shares fell 4.7% on the stock market today.  Exxon shares had been climbing towards their 50-day line, but remain below their 200-day line, according to MarketSmith analysis. Chevron (CVX) was down 4.1%.

Among top shale producers, Continental Resources (CLR) lost 4.5%, and EOG Resources (EOG) dropped 1.6% after briefly turning positive.

Contango oil prices spurs energy traders to buy now and sell later at a profit. But until they can sell the oil, they must store the purchased oil.

Storage is a major issue as facilities in Cushing, Okla., the major U.S. crude hub, start to fill up. In addition, floating storage held in offshore tankers has doubled over the past two weeks to record levels of more than 160 million barrels, according to Reuters.

Analysts estimate U.S. storage could max out by the summer, raising the threat of oil prices going negative. Already, oil prices for some of the more obscure grades of U.S. crude are nearing zero.

Demand isn't expected to rebound soon. The International Energy Agency sees a drop of 29 million barrels per day in global oil demand in April to the lowest level in 25 years, as countries lock down and restrict travel to prevent the spread of the deadly coronavirus. The IEA sees a 9.3 million bpd drop in demand for the year.


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The Italian researchers’ findings, published by the INT’s scientific magazine Tumori Journal, show 11.6% of 959 healthy volunteers enrolled in a lung cancer screening trial between September 2019 and March 2020 had developed coronavirus antibodies well before February.

https://www.reuters.com/article/us-health-coronavirus-italy-timing-idUSKBN27V0KF

This online first version has been peer-reviewed, accepted and edited,  but not formatted and finalized with corrections from authors and proofreaders

https://www.icandecide.org/


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InvisibleAhab McBathsalts
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Re: Crude oil crashes to below $0 per barrel! [Re: HamHead]
    #26616071 - 04/20/20 06:55 PM (3 years, 9 months ago)

It was a black Monday type event. Oil was down $50 today on the May contract. It was absolutely unfathomable.

Worse yet is that June isn't gonna look much better for demand. The root of the problem is the financing deals the fracking companies have made. They need to produce at any price. The glut can't end until longer term contracts go lower and companies go bankrupt. These companies need to pump til they go bust, there is no curtailment.

And like always the tax payer will be left to pay for cleaning up the abandoned wells after bankruptcy.


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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Offlinemorrowasted
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Re: Crude oil crashes to below $0 per barrel! [Re: Ahab McBathsalts]
    #26616077 - 04/20/20 06:57 PM (3 years, 9 months ago)

Hopefully houses get mad cheap here for a while


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InvisibleAhab McBathsalts
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Re: Crude oil crashes to below $0 per barrel! [Re: morrowasted]
    #26616082 - 04/20/20 06:58 PM (3 years, 9 months ago)

Texas or North Dakota?


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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Offlinemorrowasted
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Re: Crude oil crashes to below $0 per barrel! [Re: Ahab McBathsalts]
    #26616086 - 04/20/20 06:58 PM (3 years, 9 months ago)

Houston


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Invisiblemycosis
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Re: Crude oil crashes to below $0 per barrel! [Re: morrowasted]
    #26616102 - 04/20/20 07:05 PM (3 years, 9 months ago)

I used to post on a rig welder forum. It is hilarious that those guys are never happy.

They complain when it costs too much to put diesel in their machines and then when the price drops they complain because they're all out of work.

I bet you can buy a badass welder for pennies right now.


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InvisibleNiffla
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Re: Crude oil crashes to below $0 per barrel! [Re: HamHead] * 2
    #26616121 - 04/20/20 07:16 PM (3 years, 9 months ago)

Below $0 dollars.

Hmmm. Now I'm no economics major. but...that seems to be pretty low, dude.

:barbershreds:


--------------------


HAIL OUR NEW OTD KING


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OfflineSugabearcrisp
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Re: Crude oil crashes to below $0 per barrel! [Re: Niffla]
    #26616185 - 04/20/20 07:49 PM (3 years, 9 months ago)

Quote:

Niffla said:
Below $0 dollars.

Hmmm. Now I'm no economics major. but...that seems to be pretty low, dude.

:barbershreds:




Basically it is a storage thing, this oil is on the way already and like a hot potato everyone wants to keep it moving on, but with no one buying the producer is paying for someone else to store it.
When it goes below 0 it means that the producer has no place to put it and shutting the pumps off isn't really an option.


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Indirect Weighing tek


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OfflineHamHead
Hard Ass Motherfucker
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Registered: 03/17/15
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Re: Crude oil crashes to below $0 per barrel! [Re: Niffla] * 3
    #26616200 - 04/20/20 07:57 PM (3 years, 9 months ago)

Quote:

Niffla said:
Below $0 dollars.

Hmmm. Now I'm no economics major. but...that seems to be pretty low, dude.

:barbershreds:





Wanna make some dough? Fine a place to store a few thousand barrels of oil and wait until prices go back above $0.


--------------------
The Italian researchers’ findings, published by the INT’s scientific magazine Tumori Journal, show 11.6% of 959 healthy volunteers enrolled in a lung cancer screening trial between September 2019 and March 2020 had developed coronavirus antibodies well before February.

https://www.reuters.com/article/us-health-coronavirus-italy-timing-idUSKBN27V0KF

This online first version has been peer-reviewed, accepted and edited,  but not formatted and finalized with corrections from authors and proofreaders

https://www.icandecide.org/


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InvisibleAhab McBathsalts
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Folding@home Statistics
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Re: Crude oil crashes to below $0 per barrel! [Re: HamHead]
    #26616227 - 04/20/20 08:07 PM (3 years, 9 months ago)

If the June contract starts falling lower someone will get paid to pump it back underground.


--------------------
"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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InvisibleAhab McBathsalts
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Re: Crude oil crashes to below $0 per barrel! [Re: HamHead]
    #26616230 - 04/20/20 08:08 PM (3 years, 9 months ago)

Quote:

HamHead said:
Quote:

Niffla said:
Below $0 dollars.

Hmmm. Now I'm no economics major. but...that seems to be pretty low, dude.

:barbershreds:





Wanna make some dough? Fine a place to store a few thousand barrels of oil and wait until prices go back above $0.




You don't even have to store it. You just need to load it in a truck and dump it in a storm drain.


--------------------
"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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InvisibleNiffla
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Registered: 06/09/08
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Loc: Texas
Re: Crude oil crashes to below $0 per barrel! [Re: HamHead]
    #26616245 - 04/20/20 08:14 PM (3 years, 9 months ago)

Quote:

HamHead said:
Quote:

Niffla said:
Below $0 dollars.

Hmmm. Now I'm no economics major. but...that seems to be pretty low, dude.

:barbershreds:





Wanna make some dough? Fine a place to store a few thousand barrels of oil and wait until prices go back above $0.




:lookslucrative:


--------------------


HAIL OUR NEW OTD KING


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Offlinelostintimenspc
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Registered: 03/13/20
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Re: Crude oil crashes to below $0 per barrel! [Re: Niffla]
    #26616270 - 04/20/20 08:22 PM (3 years, 9 months ago)

We could save the climate with repeated virus epidemics! And the world, since we'll all learn to be team players isolating eventually.


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LSD, mushrooms and DMT are different structural levels within the same magically simulated mystery sometimes blandly called 'life'

Your life, your call.


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Offlinelostintimenspc
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Re: Crude oil crashes to below $0 per barrel! [Re: lostintimenspc]
    #26616272 - 04/20/20 08:22 PM (3 years, 9 months ago)

btw Shredder really thought ahead.


--------------------
LSD, mushrooms and DMT are different structural levels within the same magically simulated mystery sometimes blandly called 'life'

Your life, your call.


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Invisiblepsi
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Re: Crude oil crashes to below $0 per barrel! [Re: HamHead] * 1
    #26616302 - 04/20/20 08:35 PM (3 years, 9 months ago)

So is the barrel included or what? Where do you have to go to pick up your barrel worth of oil and $37.63?


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InvisibleTexas Honey BadgerM
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Re: Crude oil crashes to below $0 per barrel! [Re: Ahab McBathsalts]
    #26616319 - 04/20/20 08:40 PM (3 years, 9 months ago)

Quote:

Ahab McBathsalts said:
If the June contract starts falling lower someone will get paid to pump it back underground.



We have a mega salt dome in new mexico


--------------------

Some call me Paw 🐾


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InvisibleAhab McBathsalts
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Re: Crude oil crashes to below $0 per barrel! [Re: psi] * 3
    #26616325 - 04/20/20 08:41 PM (3 years, 9 months ago)



A contract is 1000 barrels, like 42,000 gallons. You need to pick up at Cushing OK according to federal regulations, so like in a tanker, or put it on a train in the right DOT approved cars.


--------------------
"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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Invisiblepsi
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Re: Crude oil crashes to below $0 per barrel! [Re: Ahab McBathsalts]
    #26616334 - 04/20/20 08:45 PM (3 years, 9 months ago)

Quote:

A contract is 1000 barrels, like 42,000 gallons.




Knew there would be a catch.


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InvisibleAhab McBathsalts
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Re: Crude oil crashes to below $0 per barrel! [Re: psi] * 1
    #26616352 - 04/20/20 08:53 PM (3 years, 9 months ago)

BP deepwater dumped 4.2 million barrels. If oil goes negative enough you could take possession and just dump it in the gulf. No one would even know. It wouldn't even be the worst thing done on wallstreet this week and it's only monday.


--------------------
"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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OfflineLoaded Shaman
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Re: Crude oil crashes to below $0 per barrel! [Re: Ahab McBathsalts]
    #26616702 - 04/21/20 01:55 AM (3 years, 9 months ago)

Does that mean someone is going to pay me to fill my gas tank?!


--------------------



"Real knowledge is to know the extent of one’s ignorance." — Confucius


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