US oil falls below $0 a barrel

[friedchickendinner]

https://edition.cnn.com/2020/04/20/investing/premarket-stocks-trading/index.html


American oil crashes below $0 a barrel -- a record low

The spectacular collapse in oil markets is showing no signs of easing, as the coronavirus crisis saps demand and producers run out of places to store all their excess barrels of crude.

What's happening: US oil prices plunged, falling below $0 Monday. At one point, oil fell to $-40.32 a barrel. That's the lowest level since NYMEX opened oil futures trading in 1983.

[Skylge]

Brent oil price is at 25 usd

Big difference between WTI and Brent, but quite sensational today

Some explanation here:

www.cnbc.com/2020/04/20/coronavirus-us-oil-prices-collapse-as-storage-runs-out.html

Glad I'm not into futures or options, such very unusual events can cost a lot of money....

[SOMEPARTS]

Deflation. I've been telling people this time is different. The perpetual growth model is busted. There will be war when prices on oil get to a certain point.

[El Diablo Blanco]

This world is so fucked. Amazing how fragile a capitalist society is. 2 months of no economy and it crashes and will maybe take a decade to recover. 

[loco]

This world is so fucked. Amazing how fragile a capitalist society is. 2 months of no economy and it crashes and will maybe take a decade to recover. 

Stability and comfort are fragile.

[FitnessFrenzy]

we have deflation. My local restaurant is lowering prizes.

[LurkerNoMore]

They owe us money!!!!!!!!!!!!!

[Hypertrophy]

It will recover soon enough.In 1999 oil was stable $9 a barrel. The world didnt end. In fact people were ecstatic. A negative price just means demand is behind supply. Big whoop.

Oil spot prices vary wildly at times. I thought all the economic experts on here knew that, lol.

 I use platinum in my business. Its trading far less than gold at the moment.  That must mean we are doomed. Or not. It happens now and then.

[oldtimer1]

At least we are filling our war reserve cheap.

[Irongrip400]

Double edged sword. Steel prices fall with oil.

Why don’t that just halt production for a bit?

[Marty Champions]

Excess reserve. Theyd rather keep the oilers on payroll with no work to do than have a layoff

[tommywishbone]

Stunning development.

Horrific implications. The entire state of Texas just went on unemployment.

[Tapeworm]

Some crackhead at the stoplight kept trying to fill my tank. No. I'm good. Thank you.

[Rambone]

I guess not many people understand oil and commodities trading. It was a very funky and extremely rare moment, but if you look at WTI crude’s back month’s contract which expires in 29 days, oil is at $22 a barrel.

[SOMEPARTS]

I guess not many people understand oil and commodities trading. It was a very funky and extremely rare moment, but if you look at WTI crude’s back month’s contract which expires in 29 days, oil is at $22 a barrel.

Yes, but part of the market closed at negative $37. Markets are all about confidence.

[Irongrip400]

Excess reserve. Theyd rather keep the oilers on payroll with no work to do than have a layoff

That you DaddyWaddy?

[The Abdominal Snoman]

Yet their price gouging fitness equipment all over the internet. Big name companies raising prices on barbells etc with weeks/months back order log. I get supply and demand but these companies should be outed for doing such things in a time like this.

[Marty Champions]

That you DaddyWaddy?

hey sexy

[Tapeworm]

I have little sympathy for people who didn't have their gym established ahead of time. If they're going to be complacent about basic necessities until the 11th hour then too fuckin bad.

[SOMEPARTS]

Yet their price gouging fitness equipment all over the internet. Big name companies raising prices on barbells etc with weeks/months back order log. I get supply and demand but these companies should be outed for doing such things in a time like this.

All that stuff comes from China. When they run out it will be months before they have it again. That's the optimistic timeline.

Those big name companies could become big name closures if they can't source cheap manufacturing. Very few places smelt and cast iron in the USA now. Almost none outside of the industrial level.

[pellius]

Invest in Amazon. One of their major operation cost is deliveries. That cost just went way down.

[irishdave]

Brent oil price is at 25 usd

Big difference between WTI and Brent, but quite sensational today

Some explanation here:

www.cnbc.com/2020/04/20/coronavirus-us-oil-prices-collapse-as-storage-runs-out.html

Glad I'm not into futures or options, such very unusual events can cost a lot of money....

Buddy of mine made 200k in March and lost 163k after buying oil at 0 yesterday 😬 (futures)

[FitnessFrenzy]

Excess reserve. Theyd rather keep the oilers on payroll with no work to do than have a layoff

you are surprisingly coherent today.

[Hypertrophy]

Yet their price gouging fitness equipment all over the internet. Big name companies raising prices on barbells etc with weeks/months back order log. I get supply and demand but these companies should be outed for doing such things in a time like this.

Yep. Then in about 6 months the market for weights will be in a glut. Same old same old.

[stuntmovie]

IRISHDAVE, Good friend of mine just called this morning about losing $400,000 (Standard Oil Stock) but he is not too concerned because he realizes that it will rise again.

How do any of you stock buyers feel about MGM?