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(Marketwatch) NewsFlash So let me see if I have this straight. You're going to pay ME to take your oil? How does this even work?   (marketwatch.com) divider line
    More: NewsFlash, 2:29p, Stock market, U.S. oil's May contract, 2:27p, stock market, local exchange time, Former Navy SEAL, 2:25p  
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8657 clicks; posted to Politics » and Business » on 20 Apr 2020 at 2:34 PM (16 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook


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338 Comments     (+0 »)
 
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2020-04-20 2:36:29 PM  
It's OPEC-1!  They's gone to plaid!
 
2020-04-20 2:36:51 PM  
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2020-04-20 2:37:07 PM  
Ever play hot potato?
 
2020-04-20 2:37:19 PM  
Buy buy BUY!
 
2020-04-20 2:37:26 PM  
It has certainly hit the anus.
 
2020-04-20 2:37:39 PM  
So....how does this work for stocks?
 
2020-04-20 2:37:41 PM  
Nobody wants to pay to store it
 
2020-04-20 2:37:45 PM  
This is for June deliveries and the price expires at midnight.
 
2020-04-20 2:38:08 PM  
I'll take a million barrels then.
 
2020-04-20 2:38:10 PM  

lifeslammer: So....how does this work for stocks?


Invest in Boeing.
 
2020-04-20 2:38:31 PM  
Can I just pull up somewhere with a flatbed full of empty oil drums and drive away with all the oil I can carry and some cash? Sounds awesome!
 
2020-04-20 2:38:43 PM  
Oh good this means that we can destroy the Earth even faster than we were before with all this cheap oil.
 
2020-04-20 2:38:44 PM  
I told you all that Keystone XL was going to make gas super cheap!
 
2020-04-20 2:39:24 PM  
This will probably bury the solar and wind industries as well.
 
jbc [TotalFark]
2020-04-20 2:40:21 PM  

SlashBlot: This is for June deliveries and the price expires at midnight.


So there's time to buy an abandoned Sears cheap and stock it with empty kiddie pools before delivery?
 
2020-04-20 2:40:35 PM  
Just think of how many words cannot be spelled without oil.

"Don't forget to pick up the aluminum f."
"Grandpa sed his pants again."
"B it for 20 minutes, then cool."
"Because of Trump, we are rlly screwed."
"This is pure term"
 
2020-04-20 2:40:46 PM  
I wish this would happen to mortgage interest rates. Would make buying this house I can't afford a lot easier.
 
2020-04-20 2:40:48 PM  
Anyone know where I can buy an abandoned oil well?

I will let them pay me to store their oil safely underground until they need it.
 
2020-04-20 2:40:57 PM  

KungFuJunkie: Oh good this means that we can destroy the Earth even faster than we were before with all this cheap oil.


If it wasn't for this virus preventing people from having a reason to buy one (and probably unable to buy one if the dealership is closed), I am sure alot of people would be buying SUVs and other large vehicles instead of thinking "What if the gas prices go back up?" like last time.
 
2020-04-20 2:41:06 PM  
You can't radially shut down a well.  Once the throughout gets a certain point, the line will seize, and you basically need to redrill the well.  So, unless you want to retire the well, you keep pumping, even if you need to pay someone to get it off your hands.
 
2020-04-20 2:41:15 PM  
Keep Falling.  I'm still paying too much for fuel.

https://www.gasbuddy.com/station/1627​1
 
2020-04-20 2:41:40 PM  
What the heck. -$35? I was expecting like maybe -1 or -2. How does this make any sense?
 
2020-04-20 2:41:55 PM  
A new version of the Beverly Hillbillies where Jed strikes oil and winds up owing thousands.
 
2020-04-20 2:41:56 PM  
It's only a matter of time till there are guys in alleys saying "Psst...you wanna buy some oil?" as they show you the barrel under their coat.
 
2020-04-20 2:41:57 PM  
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2020-04-20 2:42:04 PM  
Too bad they can't keep it from going bad somewhere - like leave it in the ground for a while.
 
2020-04-20 2:42:07 PM  

Il Douchey: This will probably bury the solar and wind industries as well.


where will they store the sun and the wind once it's extracted from the earth?
 
2020-04-20 2:42:14 PM  
On the BBC website Brent crude is still $25. This is just a weird thing with the US markets.

Their website can't handle the WTI negative price. As soon as it went negative the BBC started showing yesterday's close. Probably a sanity check but we're currently insane.
 
2020-04-20 2:42:39 PM  
Damn:

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2020-04-20 2:42:44 PM  
"Down 160% on the day"
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2020-04-20 2:43:22 PM  

Il Douchey: This will probably bury the solar and wind industries as well.


I'm a nuclear gal myself, but think that solar and wind have their places. But sadly yes, this isn't going to help either futures, technologically or stock wise.
 
2020-04-20 2:43:46 PM  
Just a reminder, Russia's only true commodity is oil.  Over/under on Vlad's life expectancy?
 
2020-04-20 2:44:10 PM  

Il Douchey: This will probably bury the solar and wind industries as well.


Yeah but-
Where you gonna store all that extra wind?
 
2020-04-20 2:44:12 PM  
This would sure be a great time to top off the Strategic Reserve!
 
2020-04-20 2:44:42 PM  
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2020-04-20 2:44:42 PM  
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Time for a fire sale! Everything must go! /s

/really hope Russia and Oil execs are hurting right now
 
2020-04-20 2:44:44 PM  

Admiral General Aladeen News: Il Douchey: This will probably bury the solar and wind industries as well.

Yeah but-
Where you gonna store all that extra wind?


Up yer asss!!
 
2020-04-20 2:45:09 PM  
"Well, I tried to help the in-DUS-try with *accordian hands* big tremendous deals with MBS and Putin, but it looks like the far-left loonies have decided to crash the oil, and believe me, they were trying to crash it before, not so much but it was happening, but now you have just unbelievable pressure from the left and the media to make oil $0 a barrel and now, I warned it would happen and I tried to stop it, but now it happened. So now the states can rely on the federal government for oil reserves but it is now up to them to strongly deal with OPEC and Putin themselves, and the federal government will do what we have always done and be there as needed. And if you notice, the ones who were nice, and I'm not saying they have to be nice, but it helps, it helps folks. When you're nice, more things happen. Big things. Tremendous things, and it will be better... even better than before. You should be ashamed of that question and for never focusing on the good I'm doing and all the money I saved. Gas is what, 25 cents now? Can you remember how expensive the gas was under the Obamagas regime? That's what I called it, OK? O-BA-MA-GAS. I inherited a big gas price, and now it's low. Why don't they give me any credit for that? You people...."
 
2020-04-20 2:45:17 PM  

null: This would sure be a great time to top off the Strategic Reserve!


Trump did this at $30 a barrel, Cushing probably can't hold anymore.
 
2020-04-20 2:45:29 PM  
$1.70 right now, almost at $0.80 like it was in the 1999/2000
 
2020-04-20 2:45:41 PM  
$1.57 is my best local price:
https://www.gasbuddy.com/station/4254​0

Never thought I'd see under $2 again.
 
2020-04-20 2:45:42 PM  
Negative $6.90? I'm so confused.
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2020-04-20 2:46:17 PM  
The next thing to collapse is futures on lifted F-350 in Oklahoma.
 
2020-04-20 2:46:59 PM  
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Crude oil prices has occasionally been over $100 a barrel, and was over $50 a barrel as recently as February 20, 2020.
 
2020-04-20 2:47:14 PM  

ArkPanda: On the BBC website Brent crude is still $25. This is just a weird thing with the US markets.


Yes. It's West Texas Intermediate crude, shipped by pipeline, so you either need to have storage tanks in the US or a tanker at a US port to fill. By far, the biggest market for WTI is the US and the US doesn't want it, and worse, they have really done anything with the crude they bought in March and April so there's nobody who even has a place to hold onto it.

(If they did, I'm sure they'd be "buying" at -35.00/bbl)

Brent isn't seeing this because almost all Brent crude travels by ship. We certainly don't want it, but other countries do, so there's not the demand collapse there as there is with WTI.
 
2020-04-20 2:47:16 PM  
nogood.com
 
2020-04-20 2:47:26 PM  

Erebus1954: $1.57 is my best local price:
https://www.gasbuddy.com/station/42540

Never thought I'd see under $2 again.


Holding at $3.94 in rural Alaska.
 
2020-04-20 2:47:34 PM  

coffeetime: Just a reminder, Russia's only true commodity is oil.  Over/under on Vlad's life expectancy?


I suspect he is no longer chuckling sovietly.
 
2020-04-20 2:47:53 PM  

null: This would sure be a great time to top off the Strategic Reserve!


Hell, build a dam across the Grand Canyon and fill 'er up as well. At these prices you would be crazy not to.
 
2020-04-20 2:48:00 PM  

Unobtanium: Damn:

[Fark user image image 425x486]


At this rate, they'll have to delist oil.
 
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