Oil Trading NEGATIVE today!!

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

How can something be valued less than 0?

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.

3 weeks to a gallon , crude piles up fast !

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.

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.

I got a whole mess of 55 gallon drums, where can I get paid to pick up some oil?

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

Sheetz gas station, fill your gas tank and get five hot dogs and some pepper poppers for free.

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)

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.

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

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)

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.

So is this a good time to buy some oil stock//// asking for a friend.LOL

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.

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 !!

the roads are SO bad that even after they fix them, they are STILL bad !

I've lived in PA most of my life. I've actually gotten my car stuck in a pot hole once.

I've lived in PA my entire life, driven on the roads for 42, & luckily haven't gotten "stuck" in a pot hole...yet However like every else driving here, I've HIT thousands of them, as most are unavoidable. And I've passed a number of cars over the years sitting just beyond pot holes, with blown tires & broken rims. Clearly PA roads are doing their part keep the Tie Rod manufactures in business. And a recent audit revealed that the Gov "transferred" $2Billion of PA gas tax money to the State Police (pension fund) Apparently he felt that was more important than using the gas tax for it's intended purpose of fixing potholes & crumbling bridges.


Yesterday I went out for milk & bread...
Our generous local gas stations finally lowered the price this week a whole "4" cent's
Now standing at $2.05 everywhere except SAMS that dropped from $2.01 to $1.92

Before all this started, gas around here used to sell about 15-20 cents above RBOB+$0.77Taxes
For the last month that margin has increased to 70-90 cents/gallon above march & april rbob+tax contracts. When rbob dropped from $1.65 to $0.55 they dropped the price at the pump from $2.55-$2.59 down to $2.09, & stayed there for a month.