Price of WTI crude less than zero?

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?

Really good active thread on this already: www.abovetopsecret.com...

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?

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.

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.

Production stops, as I understand..this is a "futures" price

Crazy times.

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.

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.

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 ?

originally posted by: opethPA
Really good active thread on this already: www.abovetopsecret.com...

Thread closed.