Oil reached minus

first: please send us the Money that the storrage will cost.

based

I read us leafs cant stop drilling because our oil is so crude if it stops flowing its going to ruin the physical pipelines, does this make sense? I will miss living in a first world country but at least the collapse will be fun

where can I check the price? tradingview froze at 0.01

kek

Can you buy oil without possessing it physically?

source?

>every container in my house is full of oil

deep underground

it's all going into the sea
rip dolphinerinos

Thanks Obama

Yeah buy it on the NYSE

People, how the fuck does this work.
If you buy this. Do you obligate yourself to come pick it up. For which you get some money. But then if you dont, you have to pay other people even more??
I guess you cannot just take the negative money. And fuck off.

>buy all the barrels
>have them shipped to John Oliver or some other faggot's doorstep, sealing them in
>walk away with $100,000,000,000

Let me dumb it down. You'd need to pay delivery to get it physically. The delivery is going to be dumb expensive so even if you buy it they'll need to have it stored at their location, but they're full. Check mate.

Cool, storage cost is 10 mil a month

Idk ive been reading different websites and ive seen it mentioned a couple times

but what if i tell them to dump the shit into my basement and i pay the invoice later?? (plus tip cuz i will be billionaire)

I understand that they want to get rid of it that much, that they pay.
Maybe rephrase the question. What happens to the people that end up holding these futures that are negative.
Clearly nobody wants them.

oil has a expiry date
3-6 months until its a literal waste

Unironically laughed and I haven't laughed in weeks

Serious question, if people stop buying the oil and companies keep pumping where will they put the oil???

yeah and the worse is that the crisis originated from Russia and Saudi increasing their production. They said they reduced production recently I think but it's too late

Hoping to all 74 Gods that lockdown ends soon and things stabilize

unprocessed lasts forever

Legal problems. You need designated oily warehouses. But they're full. They can't just stop pumping oil. The machines don't work like that. I expect suicides if lockdown stays for a while longer.

how about taking a loan to build a gorillion warehouses? ah fuck it, i wont be able to profit from this will be the end of the story.

Why doesn't the US government buy all the oil now? it seems like they can handle the logistics and they have plenty of storage place

I bet they're arguing about it right now.

Just filled it up at $30/bbl if the internet is to be believed.

That's actually pretty much what they want you to do. It basically means they're willing to pay storage fees on it

good one

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>they have plenty of storage place
They don't. Trump gave the order to fill up the inventories like a month ago.

finance.yahoo.com/quote/CL=F?p=CL=F

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If you order a lot, delivery is free
>I don't need a vorillion globillion but if I take 3 there is no shipping fee