f7ben Posted April 20, 2020 Share Posted April 20, 2020 Global economy is in a depression DONT WORRY THOUGH....STONKS!!! Quote Link to comment Share on other sites More sharing options...
Pete Posted April 20, 2020 Share Posted April 20, 2020 Good Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 20, 2020 Author Share Posted April 20, 2020 Just now, Pete said: Derp Yup Quote Link to comment Share on other sites More sharing options...
Pete Posted April 20, 2020 Share Posted April 20, 2020 Just now, f7ben said: Yup Upset again Good Quote Link to comment Share on other sites More sharing options...
Mainecat Posted April 20, 2020 Share Posted April 20, 2020 It’s gonna be a buck a gallon. Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 20, 2020 Author Share Posted April 20, 2020 Oil down 92% now. It’s heading to zero Quote Link to comment Share on other sites More sharing options...
Anler Posted April 20, 2020 Share Posted April 20, 2020 This is the free market at work! Finally! Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted April 20, 2020 Share Posted April 20, 2020 Big Oil is gonna deserve a bailout after this. Quote Link to comment Share on other sites More sharing options...
FrankieJames7 Posted April 20, 2020 Share Posted April 20, 2020 here in Alaska, gasoline is less than 2 dollars a gallon Quote Link to comment Share on other sites More sharing options...
spin_dry Posted April 20, 2020 Share Posted April 20, 2020 Between being over leveraged and now this, oil shale companies are toast. Quote Link to comment Share on other sites More sharing options...
Kev144 Posted April 20, 2020 Share Posted April 20, 2020 In before taxpayer bailouts! Quote Link to comment Share on other sites More sharing options...
Anler Posted April 20, 2020 Share Posted April 20, 2020 21 minutes ago, spin_dry said: Between being over leveraged and now this, oil shale companies are toast. Oil has never been a free market commodity. Now they are dying by their own sword. Boo fucking hoo Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 20, 2020 Author Share Posted April 20, 2020 Oil hits -42 per barrel down 242% 1 Quote Link to comment Share on other sites More sharing options...
Rod Posted April 20, 2020 Share Posted April 20, 2020 Clearly someone is long and can’t get out Quote Link to comment Share on other sites More sharing options...
XCR1250 Posted April 20, 2020 Share Posted April 20, 2020 Pretty soon Gas Stations will be giving out free glasses and mugs again just like they all did years ago. Quote Link to comment Share on other sites More sharing options...
Pete Posted April 20, 2020 Share Posted April 20, 2020 17 minutes ago, XCR1250 said: Pretty soon Gas Stations will be giving out free glasses and mugs again just like they all did years ago. Air, piss and maps use to be free.. not no more Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted April 20, 2020 Platinum Contributing Member Share Posted April 20, 2020 (edited) . Edited April 20, 2020 by Jimmy Snacks Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted April 20, 2020 Share Posted April 20, 2020 7 minutes ago, Pete said: Air, piss and maps use to be free.. not no more gas stations used to be able to make money on fuel. Now it's off the convenience store making money and the gas is to bring them in. The only non convenience store stations are the handful of ones attached to a mechanics bay which is making money and those are dying off quick. think we lost 3-4 around here in the last 2 years. 1 Quote Link to comment Share on other sites More sharing options...
XCR1250 Posted April 20, 2020 Share Posted April 20, 2020 MARKETS This oil price crash isn’t as bad as it seems — here’s why PUBLISHED MON, APR 20 20202:19 PM EDTUPDATED 9 MIN AGO Pippa Stevens@PIPPASTEVENS13 KEY POINTS Something that’s never happened in the oil market just occurred: negative prices on an oil contract. While many people may see this and think the overall price of oil is negative, there’s nuance. The picture in the market is not as bleak as this eye-popping headline would suggest. WATCH NOW VIDEO03:08 Likely to see lower oil supplies until at least mid-May: Goldman’s Currie Something that’s never happened in the oil market is happening today: negative prices on an oil contract. While many people may see this and think the overall price of oil is negative, there’s nuance. The short answer is that no, not all oil is free. The picture in the market is not as bleak as this eye-popping headline would suggest. Futures contracts are tied to a specific delivery date. Toward the end of a contract’s expiration date, the price typically converges with the physical price of oil as the final buyers of these contracts are entities like refineries or airlines that are going to take actual physical delivery of the oil. Futures contracts ultimately are contracts for physical delivery of the underlying commodity or security. While some people in the market speculate on the contracts, others are buying and selling because they have use for the commodity itself. Near the contract’s expiration, traders just start buying the next month’s futures contract. Those who stay in the position to the final day are typically buying the physical commodity, such as a refiner. The West Texas Intermediate crude contract that fell more than 100% on Monday is for May delivery, and it expires Tuesday. With the coronavirus pandemic leading to unprecedented demand loss, and with storage tanks quickly filling up, there is no demand for this oil contract expiring Tuesday. That’s why it turned negative, meaning producers would pay to get this oil off their hands because there is no one that needs that crude this week with the country shutdown. Futures contracts trade by the month. The contract for June delivery was 16% lower at $21.04 per barrel. So after the May contract expires on Tuesday, oil will be back above $20. WATCH NOW VIDEO02:20 Crude closing negative means a mega glut that won’t clear soon: Kilduff The U.S. Oil Fund, which tracks the price of various oil futures contracts, fell just 10%. Trading volume was also relatively thin in the May contract. According to data from the CME Group, volume stood at roughly 126,400. By comparison volume for the June contract was nearly 800,000. John Kilduff of Again Capital attributed the plunge in the May contract to the fact that “the physical oil market conditions are a disaster, with growing concerns about finding available storage.” Longer term, he said the picture looks brighter. “The higher priced, longer-dated futures contracts are indicative of the market expecting some level of clearing in the cash market over the course of the next several months,” he told CNBC. “Given the rapid decline in the U.S. oil rig count and the expected cutback by OPEC+ members that is a reasonable assumption.” That said, he noted that as the subsequent contracts reach expiration, they could engage in their own “death march down towards the super-low cash prices.” Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world Quote Link to comment Share on other sites More sharing options...
01mxz800 Posted April 20, 2020 Share Posted April 20, 2020 we have been trucking asphalt from the refinery for almost nothing, hope this makes the paving season a lot busier than last year got almost 20mil in our storage tanks 1 Quote Link to comment Share on other sites More sharing options...
Mainecat Posted April 20, 2020 Share Posted April 20, 2020 1 hour ago, XCR1250 said: Pretty soon Gas Stations will be giving out free glasses and mugs again just like they all did years ago. Yup and washing your windows, filling your tank and checking your oil. Quote Link to comment Share on other sites More sharing options...
f7ben Posted April 20, 2020 Author Share Posted April 20, 2020 Don trying to sell us bullshit pump 1 Quote Link to comment Share on other sites More sharing options...
jtssrx Posted April 20, 2020 Share Posted April 20, 2020 6 hours ago, f7ben said: Global economy is in a depression DONT WORRY THOUGH....STONKS!!! That’s what happens when you shutdown the world over a virus Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted April 20, 2020 Platinum Contributing Member Share Posted April 20, 2020 4 hours ago, XCR1250 said: Pretty soon Gas Stations will be giving out free glasses and mugs again just like they all did years ago. I remember yrs ago seeing a hustler cartoon that said " Gee , I remember back during the gas crisis we couldn't even get you guys to clean the windshield. and the cartoon was the attendant blowing the customer. Quote Link to comment Share on other sites More sharing options...
1jkw Posted April 20, 2020 Share Posted April 20, 2020 8 minutes ago, steve from amherst said: I remember yrs ago seeing a hustler cartoon that said " Gee , I remember back during the gas crisis we couldn't even get you guys to clean the windshield. and the cartoon was the attendant blowing the customer. My favorite hustler cartoon had a kid turning green from drinking drain cleaner, the father read it, says induce vomiting if swallowed, quick Martha show him your pussy. Quote Link to comment Share on other sites More sharing options...
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