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Price of Oil falls BELOW Zero


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#1
ccabal86

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Holy Fuck! That's a first in history.

 

https://www.bloomberg.com/news/articles/2020-04-19/dollar-steady-with-further-signs-of-virus-easing-markets-wrap?srnd=premium-europe

https://www.bloomberg.com/quote/CL1:COM

 

 


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#2
onbekende

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Isn't really the price of oil, it is the cost of US oil shipped around in pipelines cause all the reservoirs are filled to capacity.

 

it is basically like the milk lake, but then black instead of white :D

 

That said, oil prices is currently at roughly 25$ a barrel, hence Canada is shutting down production. They aren't profitable anymore nor can they export alot cause as mentioned above, the US has a capacity problem.


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#3
ccabal86

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Isn't really the price of oil, it is the cost of US oil shipped around in pipelines cause all the reservoirs are filled to capacity.

 

it is basically like the milk lake, but then black instead of white :D

FIIIIIINE, but it's still something that's unprecedented :P


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#4
Lysistrata

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Trump is purchasing 75 million barrels for the Strategic Reserve. It's really cheap!


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#5
Blade 619

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Yep. The -ve values were created by the May WTI approaching, so oil traders were at risk of getting millions of barrels delivered to their business addresses. 


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