Price of oil goes negative for first time in history, price now down to -$3.70 per barrel

submitted by magnora7 from cnbc.com

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[–]daikuji 9 insightful - 3 fun9 insightful - 2 fun10 insightful - 3 fun -  (3 children)

and you can BET the price will get hiked up and the average jo wont see ANY reduced price, and these gas companies will STILL get a bailout thanks to donny the clown

[–]JasonCarswell 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

Sad but ever so true.

[–][deleted]  (1 child)

[deleted]

    [–]daikuji 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    well, it should be nearly free

    [–]Zap_Powerz 7 insightful - 4 fun7 insightful - 3 fun8 insightful - 4 fun -  (6 children)

    This is all part of the plan to destroy the US economy and bring the USA to its knees. The Petrodollar is going to be eliminated. US hegemony will end. The NWO is at our doorstep.

    [–]daikuji 3 insightful - 5 fun3 insightful - 4 fun4 insightful - 5 fun -  (3 children)

    we can only hope

    [–]Froglich 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

    we can only hope

    We?

    [–]daikuji 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (1 child)

    yes the US is a stain on the planet and donald trump is helping to blot it out

    [–]Froglich 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    You think this, and who else?

    [–]magnora7[S] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

    The US economy has been a bubble ready to pop for several years now. I think the pandemic is just a convenient scapegoat.

    [–]Tarrock 5 insightful - 4 fun5 insightful - 3 fun6 insightful - 4 fun -  (2 children)

    Where can I get my free oil with money?

    [–]elephant-movement-2 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (0 children)

    You'd have to already bought the Future. That's the point. It's a future contract that went negative.

    [–]magnora7[S] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

    You have to have a place to put it! They don't supply the storage tanks lol

    [–]Tom_Bombadil 5 insightful - 3 fun5 insightful - 2 fun6 insightful - 3 fun -  (1 child)

    We're watching Agenda 21 in action. This plandemic has it all.

    Just in time for the 4/20/2020 milestone (occurs on 4/19, so it's in the 4/20 news papers).

    Edit: Milestone clarificaion.

    [–]beermeem 2 insightful - 4 fun2 insightful - 3 fun3 insightful - 4 fun -  (0 children)

    4/20

    4/20

    [–]magnora7[S] 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (10 children)

    There aren't a lot of things that shock me, but this has shocked me. I expected prices to go low, but not negative.

    edit: And the market closed at -35.20 per barrel. WOW. This is completely new territory.

    [–]Canbot 5 insightful - 2 fun5 insightful - 1 fun6 insightful - 2 fun -  (1 child)

    It is illogical. Are they paying people to take the oil? All this is doing is exposing that the quoted number is not real. The crash is real, but the real price is something like $10 and the derivatives market can't handle a price that low so it causes all kinds of funny nonsense. The price at the pump is still higher that pre 2000, go figure.

    [–]magnora7[S] 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (0 children)

    Well it's for the May futures contracts technically. So you could actually get paid to accept oil, if you have a place to store it.

    Shutting down wells and restarting them costs a lot of money and takes a lot of time. So they are willing to take a temporary loss to keep from having to shut all these wells down. Everyone has already filled their storage tanks though over the last few months because oil has been so cheap. So now there is production happening, and literally nowhere to store it. So it's the most cost-effective thing to sell it at a loss, rather than shut down a whole bunch of wells.

    [–]JasonCarswell 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (7 children)

    I don't even understand how that works.

    All I can picture is the reverse of a river and it's tributaries, but now all the tributaries have stopped, due to the lockdown, and the centralized river not only needs to stop, but has a containment problem.

    [–]vjit 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (6 children)

    They produce so much that they have no where to store them. It cost them money to have tanker ships idling with extra oil they can't offload.

    [–]JasonCarswell 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (5 children)

    They've been planning this for so long, you'd think they'd have prepared. Or maybe they did, but since 3/11 they've finally run out of space.

    [–]beermeem 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (4 children)

    JasonCarswell

    We won. Shut up.

    [–]JasonCarswell 2 insightful - 3 fun2 insightful - 2 fun3 insightful - 3 fun -  (3 children)

    "We" who? Are you part of the ruling class? Are you an oil hoarder?

    And why are you telling me to shut up? Did I say something wrong? Is this a learning experience for me?

    Or are you just being an asstroll?

    [–]beermeem 1 insightful - 3 fun1 insightful - 2 fun2 insightful - 3 fun -  (2 children)

    None of the above. This be a learning experience, I guess.

    We won, Jason. We're in charge now. You and I.

    [–]JasonCarswell 2 insightful - 3 fun2 insightful - 2 fun3 insightful - 3 fun -  (1 child)

    LOL. I bow out. I'm not leadership material. I'll remain an anarchist. You are now king, ruler of one. Live it up.

    [–]beermeem 1 insightful - 3 fun1 insightful - 2 fun2 insightful - 3 fun -  (0 children)

    Okay, Abbey.

    [–]la_cues 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (2 children)

    Doesn't this just shows how broken the stock trading system is?

    We are all sitting here laughing at getting a free barrel with a few bucks change to boot, when really its showing how the system is fundamentally flawed and not even based in reality! And yet it just keeps chugging along.

    Broken economies built on broken foundations.

    [–]magnora7[S] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

    Yes it certainly shows at the very least how futures contracts are divorced from the assets they supposedly represent. But more broadly, yeah it shows the market mechanisms are broken. It's supposed to help price discovery, not distort it beyond all recognition.

    [–]beermeem 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

    Red 6

    [–]blacksabbath 3 insightful - 3 fun3 insightful - 2 fun4 insightful - 3 fun -  (0 children)

    i'll take a million lol

    [–]elephant-movement-2 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

    Yay!

    [–]elephant-movement-2 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

    Good riddance. The sun is abundant. Leave it in the ground!

    [–]beermeem 1 insightful - 3 fun1 insightful - 2 fun2 insightful - 3 fun -  (0 children)

    Cats now have thumbs.

    [–]beermeem 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

    I poop in a bag.