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Price of WTI crude less than zero?

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posted on Apr, 20 2020 @ 04:23 PM
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I don’t know how this is even possible. At this moment, 4:20 pm Central Time, WTI is negative $37.63 per barrel. Yet Brent Crude is $25.95. This is disturbing as hell! Can any experts explain what’s happening?
edit on 20-4-2020 by Scapegrace because: Typo

edit on 20-4-2020 by Scapegrace because: Typo




posted on Apr, 20 2020 @ 04:34 PM
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Really good active thread on this already: www.abovetopsecret.com...



posted on Apr, 20 2020 @ 04:35 PM
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It's currently holding steady at -$13, I have never seen anything like it my lifetime, I don't know where we go from here, do they pay us to take gas or does production stop?
edit on 20-4-2020 by NeoSpace because: (no reason given)



posted on Apr, 20 2020 @ 04:36 PM
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This is definitely the time to fill the Strategic Petroleum Reserve to the brim. There’s still capacity for 162 million more barrels. Too bad we didn’t expand our storage capacity to at least a billion barrels (and up to 1.5 billion) as proposed by Sam Bodman, W’s energy secretary. The reserve currently has a 797 million barrel limit.



posted on Apr, 20 2020 @ 04:39 PM
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originally posted by: NeoSpace
It's currently holding steady at -$13, I have never seen anything like it my lifetime, I don't know where we go from here, do they pay us to take gas or does production stop?
Good question. I guess the refineries will make out like bandits, huh? I’ll be curious to see the price of gasoline in the near future.
edit on 20-4-2020 by Scapegrace because: Typo



posted on Apr, 20 2020 @ 04:47 PM
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Production stops, as I understand..this is a "futures" price

Crazy times.



posted on Apr, 20 2020 @ 05:00 PM
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I just bought diesel at $2.09 in Knoxville. People we are at war. It’s an economic war. Russia and the Saudi’s are trying to break our fracking industry. And they are getting there. If we recognise it now, perhaps put price controls In place, we can save a valuable industry, if not they will have us by the short hairs in less than a year.



posted on Apr, 20 2020 @ 06:01 PM
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originally posted by: Scapegrace
This is definitely the time to fill the Strategic Petroleum Reserve to the brim. There’s still capacity for 162 million more barrels. Too bad we didn’t expand our storage capacity to at least a billion barrels (and up to 1.5 billion) as proposed by Sam Bodman, W’s energy secretary. The reserve currently has a 797 million barrel limit.


There are over 160 million barrels currently floating in tankers offshore.

I'm currently shipping Nat Gas on rail cars to Texas in the hope that they will even buy it.

If you cannot get rid of Nat Gas you cannot produce oil, unless they ease flare restrictions.

We're completely saturated as a market.

The oil industry is toast for at least the next two years.




posted on Apr, 20 2020 @ 06:05 PM
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originally posted by: Lumenari

originally posted by: Scapegrace
This is definitely the time to fill the Strategic Petroleum Reserve to the brim. There’s still capacity for 162 million more barrels. Too bad we didn’t expand our storage capacity to at least a billion barrels (and up to 1.5 billion) as proposed by Sam Bodman, W’s energy secretary. The reserve currently has a 797 million barrel limit.


There are over 160 million barrels currently floating in tankers offshore.

I'm currently shipping Nat Gas on rail cars to Texas in the hope that they will even buy it.

If you cannot get rid of Nat Gas you cannot produce oil, unless they ease flare restrictions.

We're completely saturated as a market.

The oil industry is toast for at least the next two years.





I take it you're in the business, how will this affect you do you think ?



posted on Apr, 20 2020 @ 06:08 PM
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originally posted by: opethPA
Really good active thread on this already: www.abovetopsecret.com...


Thread closed.




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