History In The Making: Oil Crashes To NEGATIVE $14 Per Barrel
zerohedge.com
Oil Plunges Below Zero for First Time With May Contract Ending
bloomberg.com
U.S. oil May benchmark crashes into negative territory in unprecedented daily move
marketwatch.com
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thanks coronaniggers
Fuck Israel
I just went out and got gas for what I assume will be the last time
How is this a good or bad thing? I don’t care about Arab oil desu
One, nothing wrong with me
Two, nothing wrong with me
Three, nothing wrong with me
Four, nothing wrong with me
One, something's got to give
Two, something's got to give
Three, something's got to give now
Let the barrels hit the floor
Let the barrels hit the floor
Let the barrels hit the floor
Let the barrels hit the floor
Let the barrels hit the floor
Let the barrels hit the floor
Can I get the quick rundown on what exactly happens with negative oil costs?
Give it to me like I'm 5
ITS HAPPENING
BUY THE DIP
It costs them more to keep the oil so they will pay you to take it off them
Depression.
not Oilmageddon
you had ONE job
It's only May contracts dumb dumb, June and preceding contracts are still at 20 a barrel. The contracts change every month but since may contracts are about to expire people are trying to get them off their hands (since they're leveraged they have to pay 50,000 or so to fulfill the contract order)
>Oilmageddon
sounds retarded desu
KEK
I'm retarded when it comes to economy, what does this mean? Explain this to me like I'm 9.
>Can I get the quick rundown on what exactly happens with negative oil costs?
Crude oil isn't a product, so much as it is a material to be turned into a product. If there's no storage available for it prior to refinement as a result of there being a tanked demand for the refined outputs of crude oil then you have barrels and barrels of it just sitting around that nobody needs or wants at the moment.
Raw milk was in the same situation a few weeks ago as Dairy farms that don't have the equipment needed to pasteurize, pack, containerize, or otherwise process raw milk into a saleable product were just dumping their excess production into drains or compost.
Obviously you can't do the same thing with crude oil. At best it could be stockpile or burned.
LOL even the debtors that corona is gonna kill can afford to fill up the tank now!
it's a delicious bio-financial weapon, better than max security debtors prisons... youtu.be
>"Oil Futures" are basically a contract to buy 1,000 barrels of oil.
>When you buy a future contract you basically put down a small down payment
>If contracts expire you are obligated by the contract to buy the 1,000 barrels of oil (costing several thousand dollars)
>May contracts are about to expire
>Therefore people who are stuck with the contract and want to get rid of them are ok with selling it for less than the entire direct deposit they paid
>The price can go as low as it wants
Early on with coronachan we made up fun names like Kung Flu etc, we need to do the same here.
OPECAlypse
Oilageddon
Gaspocalypse
Gassening
Ok go!
No you dumb faggot stop asking to be spoon fed like a boomer
Bout time we made a general, nigger mods wont give us a sticky
Oilocaust
Oil barrel just flew over my house,tankers in 30 minutes.
So whats the lowest now? -40 dollars?
Exaggerated version of 2014, the (oil) gulf was packed with ships at anchor. tankers were even taking the long way around South Africa at 3 knots.
It's the same as it ever was, expect worse living standards.
It's over.
We'll all be starving soon.
Unironically this...
FUUUUUUUU WHY DON'T I HAVE SOME PLACE TO KEEP IT
I COULD BUY SHITTONS AND BE FILTHY RICH WHEN THE PRICE BOUNCES BACK UP
MINUS INFINITY
SOON PRICE OF EVERYTHING WILL BE NEGATIVE INFINITY
You simply cannot look at USA debt right now.
It grows so fast that the number you read is millions lower than the number you try to type onto a texan oil extraction anime forum.
This is an attrition war and the JEWSA are going to loose it badly. Even JEWNITED ARABO-JEWS will get some hit.
Praise Putin, Praise Xi, Praise ADOLF HITLER
Self employed essential worker reporting in, I drive a service truck and gas is one of my biggest expenses. Substantial savings every time i fill up, its like getting a raise.
honestly this is worse for all the big wig corporate guys and generally the upper class. itll all even out eventually but i dont think its the end of the world