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

Fuazii

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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....!?

Screenshot 2020-04-20 at 20.39.59.png
 

tarman5490

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madness. costs more to store or close the well than to give it away for free

crazy times we live in
 

Nubian Content

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This is not as bad as it seems. Why? Because these are future contracts for May only and it will expire on Tuesday. So this price sentiment reflects what people expects to happen May (i.e no storage, pay to get if off their hands etc) but June oil contracts will be much better (cos people anticipate things to get better) so the June oil price will get back to above $20 after Tuesday.
 

JeanFerreira

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Yeah, unbelievable times we're living right now, oil companies are paying to people now...
 

sermon

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I`m watching on my trading account and the oil is around 20? Where do you find this info? Investing .com shows the same price around 20
 

SamAnton

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something doesn't make sense here we pay consumers to buy from us in order to keep producing so we don't run out of storage that's fine but the price doesn't even cover the extraction expenses we're fucked up anyway why would i do that?is it a market share related matter?
 

maslryu

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yeah grwoing potatoes and garlic becomes more profitable now
 

ziko12345

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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
Sooooo.... you get paid to BUY oil ??o_O
 
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