Crude oil at $2.30 / barrel

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04-20-2020, 09:38 AM

SonicFlyer

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Crude oil at $2.30 / barrel

https://www.cnbc.com/2020/04/20/oil-...ts-demand.html

04-20-2020, 09:53 AM

Fresh

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Got down to $1.15 a few minutes ago. Wow.

04-20-2020, 09:58 AM

Mesabah

:-)

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$0.54, might go negative

04-20-2020, 10:03 AM

Fresh

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$.01......

04-20-2020, 10:08 AM

Mesabah

:-)

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For those wondering what's happening, speculators that never intended to take actual delivery of crude oil, are getting liquidated.

04-20-2020, 10:10 AM

OpMidClimax

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Quote:

Originally Posted by Mesabah

For those wondering what's happening, speculators that never intended to take actual delivery of crude oil, are getting liquidated.

Not good at all.. not good at all..

04-20-2020, 10:11 AM

rickair7777

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They may be running out of storage space for crude, and eventually refined products.

04-20-2020, 10:14 AM

Andy

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Quote:

Originally Posted by OpMidClimax

Not good at all.. not good at all..

This is going to cause a lot rich middle eastern sovereign wealth funds to liquidate a decent chunk of their stock, bond, and real estate holdings in order to raise cash.

Quote:

Originally Posted by rickair7777

They may be running out of storage space for crude, and eventually refined products.

Correct. There's nowhere to store it. The entire world's storage capacity is filling rapidly, including floating storage.

As I'm watching CNBC, they're quoting May WTI at -$3.70/bbl and going lower.