I'm betting the downfall won't be reflected at the pump price...Or even your heating oil...You know how it works...Immediate price jump for "worldly" problems...No acknowledgment with the downfalls...
It will be back up in the $20's as soon as they start quoting June contracts.
Today was the result of getting stuck with closing May contracts with no where to put the oil.
They said anyone left holding a contract, would have been forced to take delivery...
So they where basically paying anyone that had storage available, to take open contracts off their hands.
I heard one of the annalist on TV say it may take a few days to sort it all out...
But that when the dust settles, someone somewhere likely went out of business today.
Be it a small oil company, hedge fund or trading company, time will tell.
But something like this doesn't just "happen" because 1 or 2 players made a bad bet.
It was wild to watch the price just keep going lower in real time today. (1-3pm est.)
Meanwhile our gas is still the EXACT SAME $2.09 that it was a month ago...
No change at all... not one penny. Every station holding the exact same price (Except SAMS $2.01 for a month)
