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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[–]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