| US oil price is now negative 22:22 - Apr 20 with 1022 views | factual_blue |
Does this mean I'll get paid to fill my car with petrol? |  |
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| US oil price is now negative on 22:30 - Apr 20 with 995 views | BloomBlue |
Not unless you're an essential worker |  | | |
| US oil price is now negative on 23:26 - Apr 20 with 955 views | monytowbray |
Man the economy is crazy. How does the fuel that powers the world hit negative? I’m an economic n00b and I’m like WHAT? |  |
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| US oil price is now negative on 23:58 - Apr 20 with 920 views | baltimore_suey |
no |  | | |
| US oil price is now negative on 00:41 - Apr 21 with 892 views | Theonlywayisup |
| US oil price is now negative on 23:26 - Apr 20 by monytowbray |
Man the economy is crazy. How does the fuel that powers the world hit negative? I’m an economic n00b and I’m like WHAT? |
The demand is next to zero and it is still being produced. They are running out of room to store it so are paying for consumers to take it from them this making it negative. Was only a month ago Trump bought a whole load at what he though was a discount of $30 a barrel. He's so smart. |  | | |
| US oil price is now negative on 07:39 - Apr 21 with 799 views | solemio |
You mean you haven't been paid so far? Come on, sort it. | | | |
| US oil price is now negative on 09:19 - Apr 21 with 749 views | ElephantintheRoom |
No - but it might pay some of those tanker owners to cut their losses, pump out the oil into the sea and go back and be given some money to take another load away. | |
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| US oil price is now negative on 09:25 - Apr 21 with 736 views | StokieBlue |
| US oil price is now negative on 00:41 - Apr 21 by Theonlywayisup |
The demand is next to zero and it is still being produced. They are running out of room to store it so are paying for consumers to take it from them this making it negative. Was only a month ago Trump bought a whole load at what he though was a discount of $30 a barrel. He's so smart. |
Exactly.
It happened because there is too much oil and not enough demand due to C19. Couple that with futures contracts maturing in May when there is forecast to be no storage available and thus the value of the oil is actually less than the cost of storage in May.
Hence people paying others to take it off their hands and cut their losses rather than having to take delivery of the oil and pay storage charges which are more than the worth of the asset.
SB |  |
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| US oil price is now negative on 09:30 - Apr 21 with 728 views | ElderGrizzly |
| US oil price is now negative on 09:25 - Apr 21 by StokieBlue |
Exactly.
It happened because there is too much oil and not enough demand due to C19. Couple that with futures contracts maturing in May when there is forecast to be no storage available and thus the value of the oil is actually less than the cost of storage in May.
Hence people paying others to take it off their hands and cut their losses rather than having to take delivery of the oil and pay storage charges which are more than the worth of the asset.
SB |
Yep, as low as minus $37 yesterday |  | | |
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| US oil price is now negative on 09:35 - Apr 21 with 721 views | WD19 |
It’s just the petrochemical industry trolling old folk who are stuck at home. |  | | |
| US oil price is now negative on 10:12 - Apr 21 with 699 views | Guthrum |
| US oil price is now negative on 09:19 - Apr 21 by ElephantintheRoom |
No - but it might pay some of those tanker owners to cut their losses, pump out the oil into the sea and go back and be given some money to take another load away. |
The fines for pollution might offset any profits. Not to mention the legal claims from the people who actually own the oil which has been poured away. |  |
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