US Oil Prices @ Negative... WTF!?!?

[Sristy]

Futures Traders are not actual deciders of the price. It is only for May futures.

 

[clark123]

Dont bite in the headline news for clickbait, its the futures contract which will expire tomorrow/today where you live. The real price of oil is still dancing around 20 hence future contract which expires June, July are dancing around the same price.

FYI It's just on paper that price is negative no actual oil has been traded.

 

[Mr Positive]

Buy and store oil now, and sell it later on

 

[Wilcoo1]

Oil dying right now

 

[Whitewhistle]

More of a media clickbait to me. Yes, its unprecedented, but not as big of a deal, as everyone thinks.

 

[Wilcoo1]

More of a media clickbait to me. Yes, its unprecedented, but not as big of a deal, as everyone thinks.

Oil dropped to $12 today, thats not a media clickbait at all. Its absolutely fucked.

 

[Clare Jane]

The price of US oil has turned negative for the first time in history.

That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May.

Like WTF....!?

View attachment 132843

i had Some trades with oil today account lost due toil big falling, over $1300

 

[Whitewhistle]

Oil dropped to $12 today, thats not a media clickbait at all. Its absolutely fucked.

Please, explain how is it "absolutely fucked"? As I've said, it is unprecedented and it does have plenty of implications, but the sad thing is that its used as a huge clickbait. That was my point

 

[Fuazii]

i had Some trades with oil today account lost due toil big falling, over $1300

What site are you using to trade?

$1,300 is a big loss for a day man

 

[Clare Jane]

What site are you using to trade?

$1,300 is a big loss for a day man

yeah really bad feeling today, im using ICmarket as broker .

 

[YuriTheKing]

at least im getting free gas now lol

 

[Deleted member 120847]

Lets hope our crypto gambling experts tell us how to profit.

Right now I am going to hodl a tank full and hope it becomes a lambo.

 

[opencube]

The cause is storage capacity. Oil has to be stored, it occupies physical space, you can't just dump it in the sea. If you own futures about to expire (meaning, become deliverable) and you don't have a storage space where to take delivery, you face significant penalties. Since US infrastructure is nothing short of miserable, after having been decaying freely for thirty years, spare storage capacity in Cushing, OK is minimal, and so...

Brent for instance doesn't have the same problem. This is a well known kink of the energy market, which is precisely why they say noobs / retail shouldn't be presuming to trade in these markets : things everyone knows about happen and you're left holding a large bag of "Wtf".

 

[Kyle Martinez]

Oil prices reach NEGATIVE in 2020 yet a Instagram Verification Badge cost $10,000 USD........... That's life I guess LMFAO

 

[JamesBond7]

Time to fill the fuel oil tank of my house.

 

[Doobspelon]

This doesn't mean oil prices, great people.

This is WTI. Oil is bought int. at Brent crude prices which are about $20 per barrel atm.

https://www.energyandcapital.com/resources/brent-vs-wti-crude-oil-what-is-the-difference-/51922

 

[friendliestbear]

For once I finally wish gas prices were higher.

 

[royserpa]

The price of US oil has turned negative for the first time in history.

That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May.

Like WTF....!?

View attachment 132843

Now, they pay you to fill your tank