Oil under $11/barrel

stevek · April 20, 2020 12:17PM

@Icollecteverything said:
If we all put in a few bucks we could buy a super tanker full of dat crude stuff.

The oil companies will be employing those Somali pirates to hijack their ships.

MilesWaits · April 20, 2020 12:18PM

@CaptHenway said:
It’s ankle grabbing time!!!

Been down this road before, have you?

RedneckHB · April 20, 2020 12:19PM

@Icollecteverything said:
If we all put in a few bucks we could buy a super tanker full of dat crude stuff.

They be paying you to take it off their hands.

CaptHenway · April 20, 2020 12:20PM

Since it was at $18-something Friday, it is den roughly 300%. Pretty darn hard to do!

CaptHenway · April 20, 2020 12:21PM

Down

Higashiyama · April 20, 2020 12:21PM

I need some remedial help here; what’s the monthly cost to store crude oil? (I guess it’s going up)

CaptHenway · April 20, 2020 12:24PM

If you have to ask, you can’t afford it!

RedneckHB · April 20, 2020 12:24PM

@Higashiyama said:
I need some remedial help here; what’s the monthly cost to store crude oil? (I guess it’s going up)

Costs nothing to dump it into the ocean.

LarkinCollector · April 20, 2020 12:36PM

Seems like the govt should be taking this opportunity to top off the SPR and make a few bucks.

MsMorrisine · April 20, 2020 2:05PM

zz-40

zzNegativeOil

-40

VanHalen · April 20, 2020 2:37PM

@coinpalice said:
gas will cost less then what I paid when I was 16

That's what I was thinking. I remember paying around 70 cents/gal in 1980.

GRANDAM · April 20, 2020 2:40PM

@MsMorrisine said:
trading halted at -$36.76

I want a 100,000 barrels at -$36.76 per,,,, so I buy 100,000 barrels ,,,,, I get the oil and you pay me $3,676,000,,,,,,, I think I can stack 100,000 barrels in the back yard if I stack them 50 barrels high.

I hope the wind doesn't pick-up,,,,,

CaptHenway · April 20, 2020 3:10PM

@MsMorrisine said:

Great Googley Moogley!!!!

Tiggs2012 · April 20, 2020 9:32PM

@blitzdude said:
I must also confess it is nice filling up the tank at sub $1.00 a gallon. lol

More fun filling it up for 0.00 with zero other people touching your own clean nozzle and can do it from home to boot. Sorry you aren't there yet, its where te real fun is. Extra bonus, my car loads of fun to drive and outguns most motorcycles

roadrunner · April 20, 2020 9:43PM

@MilesWaits said:
Ouch. The Clampetts are poor again.

Nah. They already rolled over into the June/July contracts quite some time ago. Paper traders who waited to roll over just got fleeced and incinerated. The price of real oil sitting in a tank is still $20/barrel give or take. Same thing "could" happen to PM futures....only in reverse....as there is little ready supply for a SHTF scenario. Futures could go to zero....while physical price heads to infinity. Paper vs. Reality. Own the real thing....not GLD, SLV.

CaptHenway · April 20, 2020 10:29PM

Well, that was fun!

Azurescens · April 20, 2020 11:05PM

@blitzdude said:
Take that big oil, now you gonna be paying me to use gasoline. lol

They deserve to go bankrupt and be forced to adapt -- like all the small businesses in the US have to now do -- for the parts they've played in raping and pillaging the planet. Their disinformation campaigns for global warming were, and are, immensely successful. Let them burn like our rainforests.

jmski52 · April 21, 2020 4:57AM

Paper traders who waited to roll over just got fleeced and incinerated.

Looks like someone had to liquidate a few gold contracts as well.

jmski52 · April 21, 2020 4:58AM

Cushing is full. I would venture a guess that June & July contracts will not be desirable to hold for long.

jmski52 · April 21, 2020 5:00AM

The fake markets need an enema anyway. I wonder what this will do to all of the paper crap that's out there.

CaptHenway · April 21, 2020 6:43AM

How is the June oil contract doing?

jmski52 · April 21, 2020 6:50AM

per Marketwatch, June futures tumble 25%.

RedneckHB · April 21, 2020 7:04AM

War, of some sort over the last 50 years, has often been a result of super low oil prices.

tincup · April 21, 2020 7:59AM

Strange times indeed. In the 1970's, there was fear and panic that we were at 'peak oil' and the earth had no more to give... we were going to have dire times due to declining sources of oil in existence.

Now... no where to store it and they are paying you to take it. Going to be devastating to anyone tied to the oil industry...

ballistic_kennedy · April 21, 2020 8:24AM

Don't worry, the ,gov and the Fed have a plan.

Oil companies are too big to fail.

Right?

MsMorrisine · April 21, 2020 9:39AM

I'm guessing the oil market is pulling stocks and pms down.

day low $11 and 11.75 now

blitzdude · April 21, 2020 1:44PM

@Tiggs2012 said:

@blitzdude said:
I must also confess it is nice filling up the tank at sub $1.00 a gallon. lol

More fun filling it up for 0.00 with zero other people touching your own clean nozzle and can do it from home to boot. Sorry you aren't there yet, its where te real fun is. Extra bonus, my car loads of fun to drive and outguns most motorcycles

Company vehicle sometimes requires 4-500 miles of driving per day. Certainly not going to get that range out of an electric. I wish they did, and that my company would go that route.

Tiggs2012 · April 21, 2020 2:18PM

@blitzdude said:
Company vehicle sometimes requires 4-500 miles of driving per day. Certainly not going to get that range out of an electric. I wish they did, and that my company would go that route.

People already do that plus more miles already. My record is over 750 miles in a single day. Non issue really, cakewalk with a V3 or V2

Timbuk3 · April 22, 2020 1:57AM

Insane !!!
Gas here in Hawaii is $3.50 a gallon !!! :'(

asheland · April 22, 2020 10:14AM

@Timbuk3 said:
Insane !!!
Gas here in Hawaii is $3.50 a gallon !!! :'(

Dang! It's in the 1.30's here in Asheville, NC

TwoSides2aCoin · April 23, 2020 6:03AM

Correlation ? -----> https://www.moneymorning.com.au/20200420/the-oil-and-gold-disconnect-and-why-it-matters-attack-on-the-us-dollar.html

CaptHenway · April 23, 2020 6:24AM

@TwoSides2aCoin said:
Correlation ? -----> https://www.moneymorning.com.au/20200420/the-oil-and-gold-disconnect-and-why-it-matters-attack-on-the-us-dollar.html

As Arte Johnson used to say: "Very interesting!"

jmski52 · April 23, 2020 7:39AM

Gas here in Hawaii is $3.50 a gallon !!!
Dang! It's in the 1.30's here in Asheville, NC

Dang! Asheville is one of those places I've wanted to visit......the Biltmore, right?

Re: the gold-oil disconnect - it seems to me that they are more connected than ever as gold fully reflects the extent of the current oil glut and it's effect on oil storage and consequently - oil prices.

For sure, the petrodollar is under attack. The question is whether or not it is under attack by our own free-spending Congress and the Fed. They've certainly weaponized it and the SWIFTS system that is used for international payments.

We live in interesting times.

coinkat · April 23, 2020 8:47AM

Made it ma... top of the world!

asheland · April 23, 2020 10:12AM

@jmski52 said:
Gas here in Hawaii is $3.50 a gallon !!!
Dang! It's in the 1.30's here in Asheville, NC

Dang! Asheville is one of those places I've wanted to visit......the Biltmore, right?

Re: the gold-oil disconnect - it seems to me that they are more connected than ever as gold fully reflects the extent of the current oil glut and it's effect on oil storage and consequently - oil prices.

For sure, the petrodollar is under attack. The question is whether or not it is under attack by our own free-spending Congress and the Fed. They've certainly weaponized it and the SWIFTS system that is used for international payments.

We live in interesting times.

Yep! Biltmore Estate is like 5 or so miles from my work.

morgansforever · April 24, 2020 4:05PM

With my discount I paid .97 cents a gallon for home heating fuel, strange times. Wonder what the hyperinflation iceberg will be like in the months and years to come.

derryb · April 24, 2020 4:50PM

@cohodk said:
War, of some sort over the last 50 years, has often been a result of super low oil prices.

Haven't we been at war since 2003?

derryb · April 24, 2020 5:04PM

Negative oil is telling us that:

Futures markets are at risk. Panic in a (paper) market with unlimited supply is pandemic.
Current economic models may be completely invalid. Who predicted negative oil prices?
Economic forecasts may completely wrong. Especially when they are based on credit being the salvation.
Central banks are in uncharted waters, completely blind. Doing something is sometimes worse than doing nothing.

jmski52 · April 24, 2020 5:44PM

From what I read and know about, there's going to be major disruptions in energy supply and food supply because of the demand destruction that is ongoing with an economy that's on ice.

MilesWaits · April 24, 2020 5:52PM

Huh?

derryb · April 24, 2020 6:10PM

i suspect food will see major price inflation as demand grows and supply weakens. Just the opposite of oil.

Central banks will be throwing everything they have at stimulating inflation, to ease their debt burdens and to salvage the oil industry. Just as the last time they will fail. Until hard asset inflation occurs across the board, the FED's financial asset inflation will once again stimulate only credit and financial assets.

MilesWaits · April 24, 2020 7:22PM

Thank you for the clarification.

Oil under $11/barrel

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