Crude Oil Collapses Epically

a reply to: burdman30ott6

-14.00 now and down 175%. HOLY CRAP!

a reply to: burdman30ott6
So, -9.00
Does that mean that they will pay ME 9.00 to take a barrel?

I'm in.

(But I'm guessing not.)

originally posted by: AndyFromMichigan
A negative price means that BP or Amaco or whoever needs to pay someone to take their barrel of oil off, right?

I have no idea what it means. I'm trying to find someone explaining it and it seems the experts are so far as stunned and confused as the rest of us. I presume we're now seeing the cost of storage, but it's presently Minus $26 and I know storage and handling don't even remotely cost that much.

originally posted by: burdman30ott6
...minus $23 a barrel.

TIL this can actually happen.

I understand Lumenari has a company in the business (or at least I assumed it was oil drilling she's in) I hope Lum comes in here and schools us on specifically what this could mean on the short & long term scales, and in the big picture.

a reply to: AugustusMasonicus

Upto your old chestnuts again eh.

Do you wonder why the USA tries using a range of techniques from economic sanctions to all out war when nations stop trading oil in the dollar.

Its not something that is liked and there is a reason for it. Any idea what that reason is.

a reply to: purplemer

blah blah blah. Heard it all before. I've got the educational background and the professional experience to tell you the theory is false. I've done exactly that in multiple threads on ATS... this isn't one of you Anthropogenic Global Warming topics, so there's no reason to go OT and turn it into one now.

Negative 6.90 right now, I'll take a million barrels please.

Minus $35 a barrel. Oil has dropped 300% in a matter of hours.

a reply to: purplemer

You realize oil is used in a lot more than energy, yes?

Gold is slowly dropping now. It's bizarre to see oil plummeting and gold not soaring in response. To me that indicates a dark omen.

a reply to: purplemer

There will be heart ache but really its about time. The system will adept to cleaner energy.

It's more likely that there will be bailouts and further conglomeration. Probably more of the latter.

a reply to: burdman30ott6

Would that not mean they pay you "a buck-ninety" for taking a barrel off their hands?

Frightening all the same levity aside.

a reply to: burdman30ott6

Take a look, backwardation.

originally posted by: burdman30ott6
a reply to: purplemer

blah blah blah. Heard it all before. I've got the educational background and the professional experience to tell you the theory is false. I've done exactly that in multiple threads on ATS... this isn't one of you Anthropogenic Global Warming topics, so there's no reason to go OT and turn it into one now.

blah blah heard it all before too. I dont usually wave creditatials around but since you are being the man. Here goes.
Rubbish. I am a trained Env Sci Msc and I am not certain. But you porve it and cannot post up against real science journals and save the world a load of heart ache

As I said every cloud has a silver lining moving away from fossil fuels could be the best thing that ever happened. Do you really want to be seeing more oil spills around the world.

As I said great it as a gift it may well turn out that way.

Yippy !!!

Does this mean gasoline will plummet to $0.00 free ? 🎯 🚬

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