Crude Oil Collapses Epically

This has to be bad, so if consumption is down and oil prices are hitting negatives, what is the solution ?

If i didnt know any better i think the next thing we will be hearing are the drums of war...

originally posted by: TheRedneck
Just realized something... we are talking about the same thing, right? It's not the cost of the oil that is below zero... it's the cost of the FUTUREs. Kinda related, but a whole 'nother critter.

A future is when someone buys a contract to buy or sell oil for a specific price at a later date. It's not the oil itself, and futures do not have to be exercised.

Just wanted to make sure everyone knew that.

TheRedneck

Oil did drop to about 21 bucks a barrel, but ya its futures and I don't even know what that means outside people win and lose fortunes if they pick poorly. Maybe we should ask Hillary about it, it seems she is good at futures.

well to focus on a positive if the price of oil is now crazy low would that not make rebuilding infrastructure like roads and airstrips be at an all time low as they use oil in their construction? any one else got any other industries that are gonna be happy with cheap cheap oil? like what other positives will come from this

If you have to pay someone to take it... I would expect a number of spills might "accidently" happen! I'm kidding if course.
a reply to: purplemer

originally posted by: hopenotfeariswhatweneed
This has to be bad, so if consumption is down and oil prices are hitting negatives, what is the solution ?

If i didnt know any better i think the next thing we will be hearing are the drums of war...

That is what I fear.

a reply to: AugustusMasonicus
well considering I was not talking about just OIL companies perhaps you should expanded your thinking

Seems to appear the scenario, is still going as planned..

Global health crisis ❌

Global economical collapse ❌

Global social breakdown ❌

Global civic and government collapse ❌

I am not very surprised to see oil in negative territory. The Russians and the Saudi, wanted to saturate the oil market and flood the us oil companies out. Bad time to be a USA oil company bankruptcies are the next thing to flood the USA courts along with the lawsuits suing hospitals, governments, senior care facilities, and employers, ahem hence the social breakdown which leads to the civic and government collapse ala a broken system.

Anyhow I am tired nap time.

It will soon bounce back, we’ve seen similar things before. Maybe not on this scale but meh.

Someone will be making $Billions off the back of this, just hope it’s the good guys eh?

Capitalism is a strange beast.

other oil markets getting hit now !!

originally posted by: Cobaltic1978
It will soon bounce back, we’ve seen similar things before. Maybe not on this scale but meh.

Someone will be making $Billions off the back of this, just hope it’s the good guys eh?

Capitalism is a strange beast.

That's right, we hear it all the time, this is money making territory for those in a position to benefit, buy low sell high

So a system built od supply and DEMAND fails completely when there is no DEMAND and an oversupply.

Not really a surprise should have had a global pandemic halt the stock market - no profiteering in a pandemic.

Everyone who has made money in this time are just as bad as the price hikers of PPE equipment and food.

originally posted by: purplemer
a reply to: CriticalStinker

I can't read the future... But I don't see how abandoning an entire infrastructure, and telling people they have to ditch their car and get a new one would effect the economy well. Especially if it wasn't organic, or occurring in a healthy market.

IM sure peeps will still be able to run their cars. I am saying this collapse may cause enough damage to shift us into a new economic paradigm. Its well needed.

The oil cars are finished they are being phased out here in Europe. Its simply a matter of time. More versitile technology will takes its place and the world may be cleaner for it.

I am hoping this is the push we have been waiting for.

Let’s see; among the companies with the highest revenues in the world, six of the Top
10 are oil companies, including the second, third and fourth highest grossing. I’m sure there won’t be catastrophic consequences for the global economy. I doubt you’ll notice any effect on your lifestyle or standard of living.

From oil price dot com

Sorry for the inconvenience but our charts will be back online tomorrow

This seems to make some sense of this:

It's only the 05 [May] contract and it's expiring tomorrow.
Traders must empty their positions or make physical delivery, and normal traders CANNOT make physical delivery, so they must hit whatever orders available on the ladder, accept whatever price they are offered.

twitter.com...

a reply to: burdman30ott6

How is the genteel and socially acceptable oil doing, though?



But more seriously, with the lockdown, there has been less travel both domestically and internationally. Less travel = less fuel used = less sales, so it would make sense that the cost value of fuels would dive, but this is only for the moment.

When the world kicks back into action, sales are likely to boom again.

originally posted by: puzzled2
well considering I was not talking about just OIL companies perhaps you should expanded your thinking

Again, which ones?

This map was released on April 18. Shouldn't this be a good sign for the Oil Market?

I want to boy ten thousand barrels if it is under a quarter a barrel. Then when It goes back over sixty bucks a barrel, I can tell friends I once bought ten thousand barrels of oil. It will make me look like a big shot. How can you buy oil under 0? They are not going to pay you to buy it are they?

originally posted by: rickymouse
I want to boy ten thousand barrels if it is under a quarter a barrel. Then when It goes back over sixty bucks a barrel, I can tell friends I once bought ten thousand barrels of oil. It will make me look like a big shot. How can you buy oil under 0? They are not going to pay you to buy it are they?

Technically they're paying $16 for each barrel you take off their hands, oil has become less than worthless.

originally posted by: chr0naut
a reply to: burdman30ott6

How is the genteel and socially acceptable oil doing, though?

Mohammed bin Salman is currently wishing he never had anyone put in a blender