Canadian Oil, aka FLO among oil traders (Fucking LEAF Oil), is now trading at -$7.15 right now down from -$0.65. WTI is trading at $4.38. That's right, Canada has to PAY the USA (it's only possible customer since it's too fucking retarded to build pipelines to sea to sell their 5m bpd production to Europe or Asia) to take their oil.
The Canadian dollar is in fucking freefall, currently at 71 cents USD but analysts are projecting a 50 cent dollar by the fall.
Not only that, but Castreau (Castro's son) introduced a UBI for 4 months of $2000 CAD (about $1000 USD) for peoiple who have lost their jobs. So far 7 million 39% White Canadians have received it. Canada has a workforce of just under 15M. That's 50% unemployment.
That's right. Negative oil prices on its main export, 50% unemployment and 39% White. And a collapsing currency.
Don't get me started on the housing bubble that will see Canadians sucking dick off the interstate for luxury soup.
Canadian oil accounts for $108B of GDP with money velocity factored in it's $200B. Canada's economy has shrunk 50% so it's at $750B, now with $200B gone it's dropped 66% to just $500B a year.
>$0 Oil Forces Canada To Shut Down Crude Production
>Canadian oil companies have begun shutting down steam-driven oil sands production projects as prices continue to fall, Reuters reports, noting the move could have dire long-term consequences for the production facilities.
>Steam-driven oil sands production, also called steam-assisted gravity drainage, involves injecting steam into an oil sands deposit to melt the bitumen and make it flow up the well. To ensure long-term production, the temperature and pressure at such sites must be maintained at a certain level. Disruption, Reuters explains, could result in permanent damage, which would translate into a permanent loss of production.
>Yet Western Canadian Select, the heavy oil benchmark of Canada, has been trading below $10 for about ten days now, with a temporary spike to $10.13 a barrel last Thursday. At the time of writing, WSC was trading at $-0.01 a barrel.
what does this mean for the average trader? Is there a -$7 listing on questrade where I get paid to invest?
Jacob Davis
You have to physically pick it up or put it into storage. Storage rates are sky high right now.
WTI just hit $1.05 / bbl.
Brody Turner
How could he not? You've posted that image 1000 times already. Also, did you know that prime ministers don't set food prices upon being elected? i.e. the prices haven't changed since the election; I understand this is a joke thread but really, get some new matieral you lazy fuck
Mason Ramirez
>posting luxury milk
Elijah Reed
Rise up Leafs, it's time for a revolution.
The Food Doms must be quarantined post haste, or you will starve when you can't afford $22/kg chicken breast.
>You guys are COMPLETELY fucked you keep saying that but life keeps getting better lately. Especially since I've been getting my Trudeau bux, and have time to spend it. now show flag. Let's see where you live.
