US Oil Prices @ Negative... WTF!?!?
- Thread starter Fuazii
- Start date
clark123
Regular Member
- Feb 27, 2012
- 401
- 331
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.
FYI It's just on paper that price is negative no actual oil has been traded.
- Mar 30, 2018
- 12,094
- 14,359
Buy and store oil now, and sell it later on
Whitewhistle
Power Member
- Aug 2, 2018
- 547
- 113
More of a media clickbait to me. Yes, its unprecedented, but not as big of a deal, as everyone thinks.
Wilcoo1
Regular Member
- Oct 21, 2019
- 317
- 381
Oil dropped to $12 today, thats not a media clickbait at all. Its absolutely fucked.
Clare Jane
BANNED
- Nov 13, 2008
- 2,438
- 613
Whitewhistle
Power Member
- Aug 2, 2018
- 547
- 113
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
Regular Member
- Aug 6, 2019
- 246
- 176
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
BANNED
- Nov 13, 2008
- 2,438
- 613
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
Newbie
- Apr 21, 2020
- 2
- 0
at least im getting free gas now lol
D
Deleted member 120847
Guest
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.
Right now I am going to hodl a tank full and hope it becomes a lambo.
opencube
Junior Member
- Apr 16, 2020
- 119
- 40
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".
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
Power Member
- Apr 11, 2017
- 673
- 162
Oil prices reach NEGATIVE in 2020 yet a Instagram Verification Badge cost $10,000 USD........... That's life I guess LMFAO
JamesBond7
Registered Member
- Apr 21, 2020
- 71
- 85
Time to fill the fuel oil tank of my house.
Doobspelon
Regular Member
- Dec 12, 2018
- 426
- 492
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
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
Newbie
- Apr 15, 2020
- 49
- 27
For once I finally wish gas prices were higher.
Now, they pay you to fill your tank