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Oil Trading NEGATIVE today!! #2766337
04/20/20 02:54 PM
04/20/20 02:54 PM
Joined: Jun 2006
Posts: 12,066
(Central) PA
Runner2go Offline OP
I Live Here
Runner2go  Offline OP
I Live Here

Joined: Jun 2006
Posts: 12,066
(Central) PA
Anyone else watching the news today?

Oil crashed hard... I guess they finally ran out of storage as predicted.
Started the day off at $17.85/barrel and plunged to (NEGATIVE) -$40.32/barrel

One of those HOLY S$#!!!! moments you may never see again. eek

https://finance.yahoo.com/quote/CL=F?p=CL=F&.tsrc=fin-srch


1966 383, 4-sp Charger 38yrs
1970 440+6, 4-sp Road Runner 36yrs
1974 360, auto Challenger 25yrs,in Family 41yrs
2003 Ram 2500 QCLB 4x4 Cummins HO
2010 5.7L R/T 6sp Challenger - Mopar10
2018 392 Daytona Charger
Re: Oil Trading NEGATIVE today!! [Re: Runner2go] #2766352
04/20/20 03:20 PM
04/20/20 03:20 PM
Joined: Jan 2003
Posts: 20,149
Park Forest, IL
slantzilla Offline
Too Many Posts
slantzilla  Offline
Too Many Posts

Joined: Jan 2003
Posts: 20,149
Park Forest, IL
How can something be valued less than 0? confused shruggy


"Everybody funny, now you funny too."
Re: Oil Trading NEGATIVE today!! [Re: slantzilla] #2766358
04/20/20 03:28 PM
04/20/20 03:28 PM
Joined: May 2012
Posts: 1,811
South Bend
John Brown Offline
top fuel
John Brown  Offline
top fuel

Joined: May 2012
Posts: 1,811
South Bend
Originally Posted by slantzilla
How can something be valued less than 0? confused shruggy


Easy. When something is such an eyesore that you have to pay to have it hauled away. In the case of oil, storage fees cost more than it can be sold for. That will self correct when business as usual return to its normal state.


July 19th should be "Drive Like Rockford Day". R.I.P. Jimmie.
Re: Oil Trading NEGATIVE today!! [Re: John Brown] #2766364
04/20/20 03:34 PM
04/20/20 03:34 PM
Joined: Feb 2004
Posts: 34,828
S.E. South Dakota !
bigdad Offline
Still Posting A Lot
bigdad  Offline
Still Posting A Lot

Joined: Feb 2004
Posts: 34,828
S.E. South Dakota !
3 weeks to a gallon , crude piles up fast !


The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
Re: Oil Trading NEGATIVE today!! [Re: bigdad] #2766366
04/20/20 03:43 PM
04/20/20 03:43 PM
Joined: May 2019
Posts: 6,174
nowhere
S
Sniper Offline
master
Sniper  Offline
master
S

Joined: May 2019
Posts: 6,174
nowhere
I made a bundle shorting a couple oil companies today. In and out quick, I could have made more but my track record is that I hang on too long.

Re: Oil Trading NEGATIVE today!! [Re: Sniper] #2766367
04/20/20 03:54 PM
04/20/20 03:54 PM
Joined: Aug 2005
Posts: 5,993
Salem
Grizzly Offline
Moparts Proctologist
Grizzly  Offline
Moparts Proctologist

Joined: Aug 2005
Posts: 5,993
Salem
I fully expect to pull up to the pumps, fill up the tank and they will give me some cash out of the register.

A few months ago it was "hands up" to the customer, now it gets to be the customer that says it. laugh


Mo' Farts

Moderated by "tbagger".
Re: Oil Trading NEGATIVE today!! [Re: Grizzly] #2766383
04/20/20 04:42 PM
04/20/20 04:42 PM
Joined: Jan 2005
Posts: 12,406
Kalispell Mt.
H
HotRodDave Offline
I Live Here
HotRodDave  Offline
I Live Here
H

Joined: Jan 2005
Posts: 12,406
Kalispell Mt.
I got a whole mess of 55 gallon drums, where can I get paid to pick up some oil?


I am not causing global warming, I am just trying to hold off a impending Ice Age!



Re: Oil Trading NEGATIVE today!! [Re: HotRodDave] #2766457
04/20/20 07:49 PM
04/20/20 07:49 PM
Joined: Jan 2003
Posts: 10,483
Freeport IL USA
poorboy Offline
I Live Here
poorboy  Offline
I Live Here

Joined: Jan 2003
Posts: 10,483
Freeport IL USA
When things get rolling again, we will have heII to pay for this.
Enjoy the cheap gas while you can, when this is over, I'm sure the oil companies will make up for it.this will be another one of those things we will look back at and say "Remember when?" as we are grumbling about the high price of gas. Gene

Re: Oil Trading NEGATIVE today!! [Re: poorboy] #2766463
04/20/20 08:12 PM
04/20/20 08:12 PM
Joined: Feb 2005
Posts: 20,116
PA.
pittsburghracer Offline
"Little"John
pittsburghracer  Offline
"Little"John

Joined: Feb 2005
Posts: 20,116
PA.
Sheetz gas station, fill your gas tank and get five hot dogs and some pepper poppers for free.


1970 Duster
Edelbrock headed 408
5.984@112.52
422 Indy headed small block
5.982@112.56 mph
9.42@138.27

Livin and lovin life one day at a time




Re: Oil Trading NEGATIVE today!! [Re: pittsburghracer] #2766517
04/20/20 10:13 PM
04/20/20 10:13 PM
Joined: Feb 2004
Posts: 7,194
Harrisburg, Pa.
screamindriver Offline
master
screamindriver  Offline
master

Joined: Feb 2004
Posts: 7,194
Harrisburg, Pa.
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...

Re: Oil Trading NEGATIVE today!! [Re: screamindriver] #2766554
04/21/20 12:57 AM
04/21/20 12:57 AM
Joined: Jun 2006
Posts: 12,066
(Central) PA
Runner2go Offline OP
I Live Here
Runner2go  Offline OP
I Live Here

Joined: Jun 2006
Posts: 12,066
(Central) PA
Originally Posted by screamindriver
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... flame
No change at all... not one penny. Every station holding the exact same price (Except SAMS $2.01 for a month)

Re: Oil Trading NEGATIVE today!! [Re: poorboy] #2766556
04/21/20 01:16 AM
04/21/20 01:16 AM
Joined: Dec 2005
Posts: 9,719
Home
S
SRT6776 Offline
I hate internal combustion engines!
SRT6776  Offline
I hate internal combustion engines!
S

Joined: Dec 2005
Posts: 9,719
Home
Originally Posted by poorboy
When things get rolling again, we will have heII to pay for this.
Enjoy the cheap gas while you can, when this is over, I'm sure the oil companies will make up for it.this will be another one of those things we will look back at and say "Remember when?" as we are grumbling about the high price of gas. Gene


It will initially but I see oil use going down as cars get more and more fuel efficient and the big one, if a lot of people keep working from home after this.

Re: Oil Trading NEGATIVE today!! [Re: Runner2go] #2766621
04/21/20 09:28 AM
04/21/20 09:28 AM
Joined: Jun 2003
Posts: 3,316
Southern Maryland
klunick Offline
master
klunick  Offline
master

Joined: Jun 2003
Posts: 3,316
Southern Maryland
Originally Posted by Runner2go
Originally Posted by screamindriver
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... flame
No change at all... not one penny. Every station holding the exact same price (Except SAMS $2.01 for a month)




You are spot on. Take a look at the futures for the following months. Tuesday(today) is the end for buying May contracts. Everyone is full up. Does make me wonder if someone could buy it and pump it back into their well for latter.


67 Barracuda FB 69 Superbee "Southern Maryland: If you want a good looking woman, you had better bring her with you"
Re: Oil Trading NEGATIVE today!! [Re: klunick] #2766631
04/21/20 09:52 AM
04/21/20 09:52 AM
Joined: May 2012
Posts: 1,811
South Bend
John Brown Offline
top fuel
John Brown  Offline
top fuel

Joined: May 2012
Posts: 1,811
South Bend
Originally Posted by klunick
Originally Posted by Runner2go
Originally Posted by screamindriver
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... flame
No change at all... not one penny. Every station holding the exact same price (Except SAMS $2.01 for a month)




You are spot on. Take a look at the futures for the following months. Tuesday(today) is the end for buying May contracts. Everyone is full up. Does make me wonder if someone could buy it and pump it back into their well for latter.


2.01, really? I paid 1.15 yesterday, and Costco is at a buck nine.

https://www.gasbuddy.com/home?search=46601


July 19th should be "Drive Like Rockford Day". R.I.P. Jimmie.
Re: Oil Trading NEGATIVE today!! [Re: John Brown] #2766722
04/21/20 01:06 PM
04/21/20 01:06 PM
Joined: Jun 2006
Posts: 12,066
(Central) PA
Runner2go Offline OP
I Live Here
Runner2go  Offline OP
I Live Here

Joined: Jun 2006
Posts: 12,066
(Central) PA
Originally Posted by John Brown

2.01, really? I paid 1.15 yesterday, and Costco is at a buck nine.

https://www.gasbuddy.com/home?search=46601

Well you're not in York PA... whistling
$0.77 per gal in total taxes here. frown

When our gas 1st hit $2.09 we were low for PA & ahead of the National curve, which was $2.15 at the time.
Now the National average is $1.80 or less.... and we are still stuck at $2.09
My Dad live 30miles away and was at $2.29 when we 1st hit $2.09... now he's at $1.85... here, still $2.09.
It may have changed the last few days as I wasn't out... but on Sat night every station I passed was still $2.09
And that was probably 15 different stations... every one posting the exact same artificially high price.

I don't really care, as I still have gas in the tank I bought a month ago, in Delaware for $1.99
Don't really drive anywhere lately... We put the fun cars away again, as the cops are just looking for
excuses to pull people over & hand out their new Lock down violation fines. (like tinted windows) flame


1966 383, 4-sp Charger 38yrs
1970 440+6, 4-sp Road Runner 36yrs
1974 360, auto Challenger 25yrs,in Family 41yrs
2003 Ram 2500 QCLB 4x4 Cummins HO
2010 5.7L R/T 6sp Challenger - Mopar10
2018 392 Daytona Charger
Re: Oil Trading NEGATIVE today!! [Re: Runner2go] #2766765
04/21/20 02:33 PM
04/21/20 02:33 PM
Joined: Sep 2003
Posts: 19,237
north of coder
moparx Offline
"Butt Crack Bob"
moparx  Offline
"Butt Crack Bob"

Joined: Sep 2003
Posts: 19,237
north of coder
yesterday in Brookville [78mi west from the Ohio boarder and "North of Coder"] it was still $2.09 as well.
beer

PS : i was out yesterday picking up medicine because i missed the deadline to call in to have it delivered.

Last edited by moparx; 04/21/20 02:36 PM.
Re: Oil Trading NEGATIVE today!! [Re: moparx] #2766827
04/21/20 05:40 PM
04/21/20 05:40 PM
Joined: Jan 2003
Posts: 902
Ohio
gtxmark Offline
super stock
gtxmark  Offline
super stock

Joined: Jan 2003
Posts: 902
Ohio
So is this a good time to buy some oil stock//// asking for a friend.LOL

Re: Oil Trading NEGATIVE today!! [Re: moparx] #2766858
04/21/20 07:04 PM
04/21/20 07:04 PM
Joined: Jul 2008
Posts: 30,247
Florida STAYcation
dIc dOc Deity ! Offline
The village idiot's idiot
dIc dOc Deity !  Offline
The village idiot's idiot

Joined: Jul 2008
Posts: 30,247
Florida STAYcation
77 cents in taxes for the sad sacks in Pennsylvania !! pity

I guess the PA poli apimp are punishing ALL their residents!

You’ve gotsta FEATHER THEIR BEDS ... accept that !

Re: Oil Trading NEGATIVE today!! [Re: dIc dOc Deity !] #2766871
04/21/20 07:20 PM
04/21/20 07:20 PM
Joined: May 2012
Posts: 1,811
South Bend
John Brown Offline
top fuel
John Brown  Offline
top fuel

Joined: May 2012
Posts: 1,811
South Bend
Originally Posted by Doc Fiberglass
77 cents in taxes for the sad sacks in Pennsylvania !! pity

I guess the PA poli apimp are punishing ALL their residents!

You’ve gotsta FEATHER THEIR BEDS ... accept that !



I've driven through Pennsylvania. They sure as he!! ain't using that 77 cents to fix the roads.


July 19th should be "Drive Like Rockford Day". R.I.P. Jimmie.
Re: Oil Trading NEGATIVE today!! [Re: John Brown] #2766881
04/21/20 07:42 PM
04/21/20 07:42 PM
Joined: Jul 2008
Posts: 30,247
Florida STAYcation
dIc dOc Deity ! Offline
The village idiot's idiot
dIc dOc Deity !  Offline
The village idiot's idiot

Joined: Jul 2008
Posts: 30,247
Florida STAYcation
To avoid the toll road I drove through the western part ...

I can STILL SMELL the smoking brake pads of my diesel dually....

Remember FEATHER THEIR BEDS ... not spending it on the roads !!

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