Oil $1 a barrel

[Mac-7]

$1.04 actually.

It costs more to buy a gallon of gasoline than it does a barrel of oil.

Incredible.

A dollar a barrel for crude oil?

that cant be true

 

[Meister]

Nazi says she will stay on vacation until May 4, unless there is an emergency.

US oil prices turn negative as demand dries up

Coronavirus downturn has put major pressure on oil prices with demand slumping and storage running out.

finance.yahoo.com

So what's so bad about cheaper oil? It's not like the oil companies are going to go broke, is it?

No much of a market for drilling, and not much of a market on alternative energy with prices this low.
Ripple effect

 

[ZZ PUPPS]

Ok.......my job is permanently TOAST..........so I'll see if my company is going to look at other options or start looking.

GAME OVER MAN.

??? I hope you are kidding???

No.......I'm not kidding.

May longs are being guillotined.

 

[HaShev]

SOLVING 2 PROBLEMS WITH ONE SOLUTION:
EMPTY MALLS BANKRUPT COMMERCIAL reiits and capitalization corps CAN get paid to store oil barrels at abandoned or floundering malls.

 

[Nostra]

An expert just said Canada is gonna get hammered over the next few months because they have no storage.

An "expert" also just started a thread saying oil is 17 cents a barrel. "Experts" have no links, but Canadian oil storage, does.

Hey Dumbass, their storage is almost maxed out. If they can’t move oil out they are fucked.

This conversation is waaaay beyond your very limited cognitive skills, Simpleton. Run along and let the adults talk.

Oil storage tanks are filling up, making production cuts ‘inevitable’ in Canada - BNN Bloomberg

Rock-bottom prices for Canadian oil and a lack of demand are setting the stage for “inevitable” production cuts, according to Goldman Sachs, which says the industry could run out of storage space within weeks.

www.bnnbloomberg.ca

 

[easyt65]

A barrel of oil may cost $00.17 a barrel, but refining it still costs the same, and local / state / federal tax revenue based on cost of gas is not going down. They want their money....probably out of that more that dollar a gallon of gas the majority of that money was local / state / federal taxes.

 

[Vandalshandle]

Can somebody explain to me why in the hell they are still pumping it, with no place to store it?

 

[easyt65]

SOLVING 2 PROBLEMS WITH ONE SOLUTION:
EMPTY MALLS BANKRUPT COMMERCIAL reiits and capitalization corps CAN get paid to store oil barrels at abandoned or floundering malls.

Stored barrels of oil will be worth nothing when President AOC outlaws the use of fossil fuels and the internal combustion engine. They will probably be fined or jailed for storage of an 'illegal substance'.

 

[blackhawk]

Guess we no longer need the green new deal.

 

[eagle1462010]

Can somebody explain to me why in the hell they are still pumping it, with no place to store it?

Probably just a market thing.........futures.........the oil will not be shipped if no one is ACTUALLY BUYING IT.

 

[eagle1462010]

Why haven't they stopped trading.........hmmm

 

[BULLDOG]

Nazi says she will stay on vacation until May 4, unless there is an emergency.

US oil prices turn negative as demand dries up

Coronavirus downturn has put major pressure on oil prices with demand slumping and storage running out.

finance.yahoo.com

So what's so bad about cheaper oil? It's not like the oil companies are going to go broke, is it?

You really are dumb.

I will give your opinion all the consideration it deserves, but that still doesn't answer my question, does it?

A question that stupid deserves no answer.

Whereas a thread this stupid deserves the mockery it gtes.

Clearly it is over your head. Run along to an “Orange man bad” thread, Simpleton.

If it's that obvious, it should be easy for you to explain. How does it hurt me to spend less when I fill up, and what does Pelosi have to do with what I pay for gas anyway? Do you want to give the oil companies even more than the billions in free money that we already give them each year?

 

[ZZ PUPPS]

-37.63 at the close. June is 20 plus change.

 

[HaShev]

SOLVING 2 PROBLEMS WITH ONE SOLUTION:
EMPTY MALLS BANKRUPT COMMERCIAL reiits and capitalization corps CAN get paid to store oil barrels at abandoned or floundering malls.

Stored barrels of oil will be worth nothing when President AOC outlaws the use of fossil fuels and the internal combustion engine. They will probably be fined or jailed for storage of an 'illegal substance'.

If I only knew how to refine the stuff, it's no good to me in it's raw form. I knew I should have paid attention in chemistry class.

 

[Vandalshandle]

-37.51 at the close. June is 20 plus change.

What does this mean? The guy with the oil has to pay me $37.51 per barrel just to take it off his hands?

 

[easyt65]

If I only knew how to refine the stuff, it's no good to me in it's raw form. I knew I should have paid attention in chemistry class.

Just sell it to Mitt Romney for his hair.

 

[22lcidw]

The price may go upward, but if it stays low people will realize how much they pay in taxes for a gallon of gasoline.

 

[Brain357]

If her vacation is why oil is down she can stay on vacation.

 

[eagle1462010]

Nazi says she will stay on vacation until May 4, unless there is an emergency.

US oil prices turn negative as demand dries up

Coronavirus downturn has put major pressure on oil prices with demand slumping and storage running out.

finance.yahoo.com

So what's so bad about cheaper oil? It's not like the oil companies are going to go broke, is it?

You really are dumb.

I will give your opinion all the consideration it deserves, but that still doesn't answer my question, does it?

A question that stupid deserves no answer.

Whereas a thread this stupid deserves the mockery it gtes.

Clearly it is over your head. Run along to an “Orange man bad” thread, Simpleton.

If it's that obvious, it should be easy for you to explain. How does it hurt me to spend less when I fill up, and what does Pelosi have to do with what I pay for gas anyway? Do you want to give the oil companies even more than the billions in free money that we already give them each year?

Brain dead MORON

 

[ZZ PUPPS]

-37.51 at the close. June is 20 plus change.

What does this mean? The guy with the oil has to pay me $37.51 per barrel just to take it off his hands?

If you are long a futures contract, you either have to close the position (by selling) or take delivery at expiry. If you don't want delivery, you have to sell the contract to close. Buyers are having to be paid to accept the contract.

So, yep. If you're long and have to get out, you will lose on both sides of the trade. What you paid to buy the contract plus the premium you'll have to pay to sell for closure.