History Made Today - WTI Crude Closes at $-37.63

[diamondd817 826]

So now what? They shut production, and when the world gets back on its feet gas skyrockets to $15/gal? 

[mustang69 505]

This is the point where anyonewith storage capacity should be "buying" these oil contracts - if you can call being paid to take it "buying".   Trump should be refilling the Strategic Petroleum Reserve with it.   The irony of having speculators paying the US govt to take it is fantastic.

[Zeke 5,504]

1 hour ago, mustang69 said:

This is the point where anyonewith storage capacity should be "buying" these oil contracts - if you can call being paid to take it "buying".   Trump should be refilling the Strategic Petroleum Reserve with it.   The irony of having speculators paying the US govt to take it is fantastic.

I’m sure to very sure that just happened. 

[matty 810]

Temporary glut.

[Displaced Texan 11,731]

Yeah oil will come back. Time to buy in 

[AlDente67 563]

I can fit about 3 gallons in my lawn tractor.  Maybe another 5 or 6 in my cans.

 

Can anyone stop by and drop some off?

[Displaced Texan 11,731]

What I need to do is build some oil storage tanks at the ranch. 
 

Hell, I can’t get anyone to lease the drilling rights at the moment, maybe I need to provide storage space! Lol

[45Doll 5,873]

I just heard on Fox Business that the storage rate for oil on tankers at sea has gone up five fold.

If anyone needs ammo storage let me know. My rates are considerably cheaper.

[Sota 1,191]

can I get it loaded in actual drums, stuffed into shipping containers?  I could pack maybe a half dozen 53' containers on my driveway.  maybe more if we're interesting.  figure by the time someone gets pissed off to try  and make my life hard, this will all be over.

 

[raz-0 1,259]

On 4/21/2020 at 7:51 AM, WP22 said:

Other much more expensive fuels to produce. Lib logic; "we are losing our shirt producing this cheap source of energy nobody needs right now. Let's make beaucoup profits producing this expensive energy nobody needs right now"

GD must be subscribed to Ms. Cortez twitter feed. She came out with that brilliant idea earlier in the day.

 

God, I'm going to feel skeezy semi-defending greenday's point. So let me preface it that no.. dumping expensive bio fuel on the market won't be some genius move. Nor is investing in alternative energy right now going to be a profitable move. 

That being said, if you are an oil company, this is a pretty solid warning that it might be time to diversify and spend some of the war chest on something less prone to volatility than oil. More specifically, moving into energy production that might not have as much upside but has more consistent demand and can't just turn off over night. 

The energy powering transportation can do that. Things like household heating and electric are less likely to do that as bad. 

Like maybe you do some really weird shit and build the oil equivalent of water batteries. Have more storage, and when shit like this goes sideways you sell buffering capacity to the grid. I mean you have to pump it into the frikin tanks anyway. 

But I don't work in the sector. Maybe they already do that. 

[gleninjersey 2,139]

On 4/20/2020 at 7:04 PM, JackDaWack said:

I made a lot of money with that stock years ago, well before they did a reverse split on shares. 

 

 

How do i buy it at -37 dollars? do they pay me to take stock?

You would have had to shorted (sold) oil contracts months ago.  Meaning you would have been agreeing to deliver "x" amount of barrels at "x" price when you sold the contract.  Then now you could have bought contracts now at the negative price (someone is paying you to take the contracts) to receive oiil barrels.

As long as the contracts were for the same quantity of oil, you would have made a killing.  And you wouldn't have had to worry about receiving or delivering as your net contracts equal zero.

Read the article 45Doll shared.  It explains it better.  But that's it in a nut shell.

Great for the U.S.  Buying millions of barrels at all time lows.  Especially since the dollar is (again) being devalued.  It wouldn't surprise me if the U.S. sells millions of barrels once the prices normalizes.  Going to need to raise some cash some how to pay for this bail out.


 

[tony357 386]

On 4/21/2020 at 12:15 PM, Displaced Texan said:

Trump just bought 75M barrels for the US Strategic reserve 

My landlord at the marina works on a tug said all they been doing is pushing oil tankers they are lined up outside the inlet as far as you can see just sitting their waiting.