Economy WTI at $0!!! WTF is Trump going to do

[Voodoo_Child906]

West Texas Intermediate is at $0 now LOL!!! Cushing will be filled by May and the Frackers keep pumping Oil. WTF is Trump going to do, can he just force a shutdown of our domestic oil infrastructure?

 

[SBJJ]

It's the May contract that expires tomorrow.

And it's actually-40.00 right now. Yes, thay is NEGATIVE 40.

Still crazy though. The signs are there that an astronomical crash is coming

 

[superpunch]

It's because they can't find places to store it. Refineries are limiting processing and so storage sites are completely full. So oil suppliers are literally willing to pay people to take it off their hands.

 

[Fanu]

and prices of gas went up last week in my country somehow - motherfucker..

let's see if they go up tomorrow as well - that would be ridiculous (to say the least)

 

[SBJJ]

It's because they can't find places to store it. It's probably just a fluke thing. Let's see if next month's contract opens up like this. Very interesting but I don't think it means what you think it means.

Next months is trading. We will have to see what it does come closer to expiration.

 

[superpunch]

Next months is trading. We will have to see what it does come closer to expiration.

Are you oil trading these past few months?

 

[Fanu]

Business insider has a story on reasons to this historic price

https://markets.businessinsider.com...crude-oil-wti-falls-to-21-year-low-1029106364

 

[SBJJ]

Are you oil trading these past few months?

Nope. I do not touch anything oil.

 

[DivineMind]

It's the May contract that expires tomorrow.

And it's actually-40.00 right now. Yes, thay is NEGATIVE 40.

Still crazy though. The signs are there that an astronomical crash is coming

If it's just an expiring futures contract, trading can get crazy because the trading leading up to the expiry is usually illiquid and speculators sometimes get caught out holding a huge position they need to get rid of (because they don't want to take physical delivery).

 

[Not A Theist]

I'm finding it a bit odd that my usual place for checking oil prices, oilprice.com, is down... Guessing they're getting absolutely swarmed with hits.

 

[AgonyandIrony]

Are you oil trading these past few months?

Solid business opportunities coming up fellas.

 

[Jkillah]

I live in Louisiana and our economy is heavily dependent on oil. Between this and coronavirus impacting just about all other aspects of the economy, we are jolly well fucked.

 

[Cold187um]

I live in Louisiana and our economy is heavily dependent on oil. Between this and coronavirus impacting just about all other aspects of the economy, we are jolly well fucked.

I live in Alberta and our economy is equally heavily dependent on oil as well and WCS was in the negatives this morning. Fucked doesnt even do how fucked we are justice

 

[SBJJ]

Well, we will soon be seeing the real effects of shutting down a large portion of the world's economies.

There is actually a chance it makes COVID feel like a 1 day scratchy throat

 

[HockeyBjj]

Saw $1.06 gas yesterday. That area's always been oddly low, it could be at 80 cents by end of this week.

 

[Sano]

Solid business opportunities coming up fellas.

 

[Chesten_Hesten]

This is Trump's fault.

Trump will straighten this out with a Tweet

 

[Rod1]

That new green deal doesnt sounds that stupid nowadays.

 

[Not A Theist]

That new green deal doesnt sounds that stupid nowadays.

I don't know... It seems like the stuff that powers the old dirty world is at stupid lows. Why pay for energy that costs a premium? The oil industry's pain is the energy user's gain - and, unfortunately, it makes green energy a lot less competitive.

 

[Falsedawn]

Trump will straighten this out with a Tweet

What in the fuck is wrong with that dude?