oil crashed today, negative oil for the first time

[dat feel]

this means people holding oil futures had to pay to get rid of it because they can't store it

demand has collapsed and prices have fallen, which has created a vicious cycle and efforts to prop up oil prices didn't help (if you don't understand just pretend you do)

also, 25% of all jobs are gone and will not come back any time soon

clown world

 

[Ritalincel]

oils me

 

[Bill Cosby]

Jews on suicide watch.

 

[OldRooster]

The negative oil thing is beyond my comprehension level. I have not researched it, but have to believe it is a programed trading malfunction.

 

[Ritalincel]

Oils me

 

[Deleted member 3612]

mom is a nurse, dad owns his own company, sister literally works for centers for disease control

I am a NEET who works online, me and my family give 0 fucks

 

[fukmylyf]

Oils me

 

[john2]

oils me

Spoiler (NSFW) -

Spoiler: ENESEFDUBYU

 

[dat feel]

The negative oil thing is beyond my comprehension level. I have not researched it, but have to believe it is a programed trading malfunction.

oil is a real physical commodity

If you hold a call, the only way to avoid actually having to take physical delivery of 1,000 barrels of crude oil is to offset the trade before the expiration.

Learn About the Basics of Trading Crude Oil Futures

Crude oil futures trading is an active and volatile market. Learn about the fundamentals and opportunities for day trading and long-term investing.

www.thebalance.com

or would you rather take delivery of 1,000 barrels of oil to your condo?

 

[fukmylyf]

Spoiler (NSFW) -

Spoiler: ENESEFDUBYU

Oils me

 

[Ritalincel]

Spoiler: ENESEFDUBYU

Spoiler: ENESEFDUBYU

 

[Deleted member 5634]

What's @sethwalsh opinión on this

 

[fukmylyf]

What's @sethwalsh opinión on this

Oils him

 

[Ritalincel]

Oils me

 

[OldRooster]

oil is a real physical commodity

Learn About the Basics of Trading Crude Oil Futures

Crude oil futures trading is an active and volatile market. Learn about the fundamentals and opportunities for day trading and long-term investing.

www.thebalance.com

or would you rather take delivery of 1,000 barrels of oil to your condo?

But I would think that at about -$3/barrel the oil supplier would buy the contract and negate it.

 

[fukmylyf]

Oils me

 

[Britcel]

Will buy lots of oil now brb

 

[dat feel]

But I would think that at about -$3/barrel the oil supplier would buy the contract and negate it.

i think the answer to that might lie in storage

storage space is not infinite, and the amount of oil in storage went up significantly recently, and is expected to be at full capacity in may

so i guess owning that future oil becomes more of a liability if you can't sell or store it

 

[Gonthar]

Oil is dead anyway, the future belongs to electric cars!

 

[UnderCovrN0rmie]

The negative oil thing is beyond my comprehension level. I have not researched it, but have to believe it is a programed trading malfunction.

okay so basically, when you buy oil like a forex currency you don't get the barrels delivered to you, it's stored in a warehouse somewhere and the price of oil is so low right now that it's legit not even worth storing so all the places that store oil can't sell it like a bank would lend money to people so the people who actually own the oil need to pay to keep it being stored if i understand it properly

 

[Ritalincel]

 

[Nosecel]

had to pay to get rid of it because they can't store it

Cuckoldry

 

[dat feel]

Oil is dead anyway, the future belongs to electric cars!

oil is not only used to power gas engines in small vehicles

we need oil to fuel planes, build asphalt roads, make tires, makes plastic that's used in pretty much everything including phones, computers, clothes, shoes, detergents, bottles, cables, propane gas, and a ton of other things

 

[Ritalincel]

dat feelDailyMail Expert

 

[Alt Number 3]

haha meanwhile the fed is pretending that the ‘economy’ is doing great while printing money out of they anus.

 

[Ritalincel]

 

[Gonthar]

oil is not only used to power gas engines in small vehicles
we need oil to fuel planes, build asphalt roads, make tires, makes plastic that's used in pretty much everything including phones, computers, clothes, shoes, detergents, bottles, cables, propane gas, and a ton of other things

I think there are alternatives for all of those, except maybe plane fuel, electric planes suck, and other types of fuel are more expensive and trickier to use...

 

[OldRooster]

okay so basically, when you buy oil like a forex currency you don't get the barrels delivered to you, it's stored in a warehouse somewhere and the price of oil is so low right now that it's legit not even worth storing so all the places that store oil can't sell it like a bank would lend money to people so the people who actually own the oil need to pay to keep it being stored if i understand it properly

If oil stays negative for another week I will accept your and dat feels explanations. But I still think this a combination of a margin call landslide and programmed trading dysfunction (and a possible effort by some nation state to crush Iran and Venusula) and that this will be above $10/barrel in a couple days.

 

[UnderCovrN0rmie]

If oil stays negative for another week I will accept your and dat feels explanations. But I still think this a combination of a margin call landslide and programmed trading dysfunction (and a possible effort by some nation state to crush Iran and Venusula) and that this will be above $10/barrel in a couple days.

wouldn't surprise me if someone's using the chaos to knock the oil rich countries down a peg ngl

 

[dat feel]

dat feelDailyMail Expert

If oil stays negative for another week I will accept your and dat feels explanations. But I still think this a combination of a margin call landslide and programmed trading dysfunction (and a possible effort by some nation state to crush Iran and Venusula) and that this will be above $10/barrel in a couple days.

cheap oil is destoying US shale oil and trump has been trying desperately to shore up oil prices

no one else would dare destroy oil prices intentionally and harm US oil

 

[Deleted member 3612]

for retards who don't understand this what they are selling is CRUDE OIL, this needs to be refined, refining it makes it useful but it also COSTS MONEY so if the people who are refining oil have so much they don't need more, and even if they refined it THE COST TO OPEN A FACTORY AND RUN IT WOULDN'T MAKE SENSE SINCE THEY WON'T BE ABLE TO SELL ENOUGH TO MAKE PROFIT AND HAVE LIMITED SPACE TO STORE IT.... The real problem and why they are selling it for negative money comes down to this fact I outlines above plus OUR OIL INDUISTRY IS MADE TO HAVE MINIMAL STORAGE SPACE AND PUMP, REFINE AS QUICKLY AS POSSIBLE, basically imagine a supermarket but instead it's a small shop that gets deliveries every hour of fresh food instead, so when the food piles up the company has so much backordered it will cost them money to properly dispose of such a large amount of food they will pay people just to take it... The pumpers still have residual oil being pumped u don't just shut off a pump like 1 2 there are millions of barrels in the process of being filled with what is left and thier inventories are full there is nowhere to put iit, refineries won't open because they won't make money running with such low demand, entire system is build to ship a lot fast not hold a lot, NOBODY HAS STORAGE SPACE OR MEANS TO STORE MILIONS OF GALLONS OF OIL PROPERLY IF YOU THINK YOU CAN JUST PUT THIS SHIT INA WAREHOUSE THINK AGAIN U NEED ALL TYPES OF INSPECTIONS, PERMITS, CONDITIONS LIKE AIR QUALITY SAFETY FOR WORKERS, AIRCONDITIONING, AND PEOPLE TO REGULARLY INSPECT THE DRUMS, THE LAND ETC, AND IF ANY OF THIS SHIT SPILLS YOUR GOING TO BE PAYING HUNDREDS OF THOUSANDS TO CLEAN IT UP TO GOVERNMENT SPECIFICATIONS I WORKED AT A COMPANY THAT HANDLES THIS TYPE OF SHIT AND THIS IS MY FATHERS ENTIRE CAREER TRUST ME IF U THINK U CAN RENT A WAREHOUSE OUT AND STORE THIS SHIT JFL