Oil Trading NEGATIVE today!!
#2766337
04/20/20 02:54 PM
04/20/20 02:54 PM
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Joined: Jun 2006
Posts: 12,066 (Central) PA
Runner2go
OP
I Live Here
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OP
I Live Here
Joined: Jun 2006
Posts: 12,066
(Central) PA
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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. 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
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Re: Oil Trading NEGATIVE today!!
[Re: John Brown]
#2766364
04/20/20 03:34 PM
04/20/20 03:34 PM
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Joined: Feb 2004
Posts: 34,880 S.E. South Dakota !
bigdad
Still Posting A Lot
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Still Posting A Lot
Joined: Feb 2004
Posts: 34,880
S.E. South Dakota !
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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
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Re: Oil Trading NEGATIVE today!!
[Re: Sniper]
#2766367
04/20/20 03:54 PM
04/20/20 03:54 PM
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Joined: Aug 2005
Posts: 5,999 Salem
Grizzly
Moparts Proctologist
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Moparts Proctologist
Joined: Aug 2005
Posts: 5,999
Salem
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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.
Mo' Farts
Moderated by "tbagger".
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Re: Oil Trading NEGATIVE today!!
[Re: Grizzly]
#2766383
04/20/20 04:42 PM
04/20/20 04:42 PM
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Joined: Jan 2005
Posts: 12,419 Kalispell Mt.
HotRodDave
I Live Here
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I Live Here
Joined: Jan 2005
Posts: 12,419
Kalispell Mt.
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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!
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Re: Oil Trading NEGATIVE today!!
[Re: poorboy]
#2766463
04/20/20 08:12 PM
04/20/20 08:12 PM
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Joined: Feb 2005
Posts: 20,164 PA.
pittsburghracer
"Little"John
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"Little"John
Joined: Feb 2005
Posts: 20,164
PA.
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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
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Re: Oil Trading NEGATIVE today!!
[Re: screamindriver]
#2766554
04/21/20 12:57 AM
04/21/20 12:57 AM
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Joined: Jun 2006
Posts: 12,066 (Central) PA
Runner2go
OP
I Live Here
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OP
I Live Here
Joined: Jun 2006
Posts: 12,066
(Central) PA
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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)
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Re: Oil Trading NEGATIVE today!!
[Re: poorboy]
#2766556
04/21/20 01:16 AM
04/21/20 01:16 AM
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Joined: Dec 2005
Posts: 9,719 Home
SRT6776
I hate internal combustion engines!
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I hate internal combustion engines!
Joined: Dec 2005
Posts: 9,719
Home
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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.
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Re: Oil Trading NEGATIVE today!!
[Re: Runner2go]
#2766621
04/21/20 09:28 AM
04/21/20 09:28 AM
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Joined: Jun 2003
Posts: 3,318 Southern Maryland
klunick
master
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master
Joined: Jun 2003
Posts: 3,318
Southern Maryland
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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) 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"
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Re: Oil Trading NEGATIVE today!!
[Re: klunick]
#2766631
04/21/20 09:52 AM
04/21/20 09:52 AM
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Joined: May 2012
Posts: 1,820 South Bend
John Brown
top fuel
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top fuel
Joined: May 2012
Posts: 1,820
South Bend
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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) 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.
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Re: Oil Trading NEGATIVE today!!
[Re: John Brown]
#2766722
04/21/20 01:06 PM
04/21/20 01:06 PM
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Joined: Jun 2006
Posts: 12,066 (Central) PA
Runner2go
OP
I Live Here
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OP
I Live Here
Joined: Jun 2006
Posts: 12,066
(Central) PA
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Well you're not in York PA... $0.77 per gal in total taxes here. 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)
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
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Re: Oil Trading NEGATIVE today!!
[Re: Runner2go]
#2766765
04/21/20 02:33 PM
04/21/20 02:33 PM
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Joined: Sep 2003
Posts: 19,366 north of coder
moparx
"Butt Crack Bob"
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"Butt Crack Bob"
Joined: Sep 2003
Posts: 19,366
north of coder
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yesterday in Brookville [78mi west from the Ohio boarder and "North of Coder"] it was still $2.09 as well. 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.
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Re: Oil Trading NEGATIVE today!!
[Re: moparx]
#2766858
04/21/20 07:04 PM
04/21/20 07:04 PM
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Joined: Jul 2008
Posts: 30,424 Florida STAYcation
dOrk !
The village idiot's idiot
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The village idiot's idiot
Joined: Jul 2008
Posts: 30,424
Florida STAYcation
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77 cents in taxes for the sad sacks in Pennsylvania !! I guess the PA poli are punishing ALL their residents! You’ve gotsta FEATHER THEIR BEDS ... accept that !
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Re: Oil Trading NEGATIVE today!!
[Re: dOrk !]
#2766871
04/21/20 07:20 PM
04/21/20 07:20 PM
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Joined: May 2012
Posts: 1,820 South Bend
John Brown
top fuel
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top fuel
Joined: May 2012
Posts: 1,820
South Bend
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77 cents in taxes for the sad sacks in Pennsylvania !! I guess the PA poli 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.
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