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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[–]magnora7[S] 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (8 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.

[–]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.