What does it mean

Gas is free now and the global economy's backbone is hone

Cheap fuel doesn't help to strike for climate.

War, buddy. It means war.

Great, can't wait to see Germany getting raped from all sides again

Are you ready for the total collapse of the Saudi regime and the subsequent civil war? Syria is a fucking birthday party compared to this happening.

>$0.68
it will stop at some point, right?

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No, it will go negative.

>Note that this is for the May contract, which closes tomorrow, and anyone left with a contract then will have to actually take delivery of the physical product. Since we are in supercontango (oil storage is full, causing spot prices to be significantly lower than forward prices), I am guessing that traders who are still holding on to contracts and don’t have available storage have to unload contracts pretty quickly.
>The June contract, where most of the trading is happening, is at around $22, and the July contract is $28.

>The June contract, where most of the trading is happening, is at around $22, and the July contract is $28.

Yes the entire global economy will recover by next month. Imagine being this delusional.

$6 premium to roll forward is still horrendous.

since you know so much more than the people trading billions of dollars, short it then, and put your money where your mouth is

It can go negative, means you lose money of you extract oil. So they just stop pumping it for 4 months. Cancels speculative contracts too, you know them as shorts, if you do know.

I thought that Russia and Saudi Arabia were going to work the price issue out? Why is this happening now? Is it just the lower demand caused by the quarantines?

planes aren't flying so the demand for oil is extremely low

>$0.40

I've seen it go $0,01 lads

it's all over

>Is it just the lower demand caused by the quarantines?
Well yes

IT'S NOT MOVING ANYMORE

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AAAAA

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Alright I figured it had at least something to do with that. I was just wondering why it dropped so low so fast at this specific point in time. Hasn't demand for oil been this low for almost two months now?

>buy on dips
>hodl and wait for peak oil
it's not really rocket science, k.

>non of the oil niggers want to cut production
>storage running out so they just dump it in the ocean
yeah truly eco

youtube.com/watch?v=KQ6zr6kCPj8

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IT'S NEGATIVE

The contango spreads will "kill" you before you get to sell.

The consumer prices ""might"" drop but soon they will manage to rise them.

Good, fuck shale oil.

It's lower demand which creates lower prices which often cause for all the oil producing nations to either pump even more oil or refusing to be the first to lower production because from their perspective it's better to sell 1 million barrels for nothing than 500k for slightly more

>tfw ill finally get a qt norwegian refugee gf

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Peak conventional reached a decade ago, the future is shale or it's nothing.

You will find out that Norwegians are uggos :| t. knower who often goes Finnmark

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srsly what's the price now?
tradingview is not moving anymore

But remember, the free market always produces the most efficient allocation of goods.

you're only taking into account demand, you have to realise supply is also part of the equation. If OPEC+ somehow agree a deal to cut production in the next month the price will shoot up and those contracts will be in the money

-$7

Rip vuvuzuela

It's bad for Russia but Saudis and American oil industry are on life support

Mad Max 2 but reverse

>negative price for oil futures
KEK

it just hit negative.

What's wrong Olaf? Worried that the North Sea oil that your luxurious living standards rely on is facing free and fair competition?
Sounds almost like a prisoner's dilemma type scenario. Who will fold first and cut production?

>Who will fold first and cut production?
They will all at the same time after weeks of negotiation.

yes they agreed a deal to cut production, but the deal wasn't enough. Unless demand bounces back soon(it won't) they will need another deal to cut production again.

Basically, all the oil tanks and tankers in the world are now full. So oil producers have to pay to get rid of production right now for may contracts. Pretty much everyone who doesnt have long term contracts will go bankrupt now

So the oil producing nations are just going to keep pumping the same quantities of oil for possibly weeks even though the price of crude is fucking negative?

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It's WTI not BRENT or URALS. You have no clue what are you talking about.

Unless like western hemisphere niggers, europeans actually put their oil money to good use. Norway has +$1 trillion wealth fund from their state oil company

The issue is that you simply can close up a fair number of oil wells like that.

free oil

yes, clown world

This. We may see tanker charter rates get to $200K/day for floating storage.