am9 Apr 21, 2020
muesli

Oil price drops below $0

"US oil prices have turned negative, meaning that some producers are paying customers to take oil off their hands."

(CNN)

Apr 20, 2020 at 7:38pmWeb
Show threadMidwestern PossumApr 20, 2020
@fribbledom I've been reading the market news on this and I can't quite comprehend what it means, or the relatively absurd suggestions thrown out to help the industry.
Show threadAcesabeApr 20, 2020
@fribbledom I love how oil is now basically "free" and yet it still takes like shit!
Show threadRandy Noseworthy 😼 Apr 20, 2020
@fribbledom
Well... I want someone at the gas station to pay me to fill up my car. Then it'll be real to me.
⛽🆓🔥😹
Show threadNormand C. Apr 20, 2020

@randynose @fribbledom
Well, the way I see it is, they're desperate to unload all this oil by tomorrow, right? So let's generously offer to take some of it off their hands, we stand to make a fortune when we can sell it back a few months from now.

I can maybe store 100, 150 barrels in my backyard. What about you guys?

😜

Show threadRandy Noseworthy 😼 Apr 20, 2020

@normandc
Yeah, I don't think I can carry that many to my back yard.

@fribbledom

Show threadNormand C. Apr 21, 2020
@randynose @fribbledom
Oh, carrying. I guess I didn't think this through. 😄
Show threadRandy Noseworthy 😼 Apr 21, 2020
@normandc
Just leave them in the front yard?
@fribbledom
Show threadmurphApr 21, 2020
@randynose @normandc @fribbledom You two are assuming that because its measured in barrels, that they give you the barrels. I would assume that they pull up with a truck and start pumping into your front yard. EPA violations are your problem.
Show threadRandy Noseworthy 😼 Apr 21, 2020

@murph @normandc @fribbledom
Well, Dang it Murph! Now I wish I had a swimming pool to store it in.

I really don't use my basement , so perhaps I could just put it there?

Show threadNormand C. Apr 22, 2020
@randynose @murph @fribbledom
😂
Show threadNormand C. Apr 22, 2020
@randynose @murph @fribbledom
What's funny is I had the thought, when I bought my house 4 years ago there was an above ground pool and I gave it away, now how much gallons would it have held... 😄
Show threadRandy Noseworthy 😼 Apr 22, 2020

@normandc

You saved a shit ton of money and work by not having that pool.

@murph @fribbledom

Show threadAyiorApr 22, 2020
@normandc @randynose @fribbledom I read that thats actually the issue - they are running out of places to store the oil 🤔
Show threadJanaApr 20, 2020
@fribbledom I just make a date ordered for 48€ per 100l - ok, bulkorder 32m³ with 5 other People. Normal 3qm³ price is at 57,5€ at the moment for Superlight Extra fule for heating & backup generator.
Show threadAngela Glansbury 🚽Apr 20, 2020
@fribbledom
Feel sorry for the US Government, which will now have to think of a new excuse to invade other countries.
Show threadcyrstemApr 20, 2020
@fribbledom
now my beer cost more that a barrel of oil
Show threadTallTim📈📉💰Apr 21, 2020
@fribbledom The June front month contract could have the same problem. Storage is full, and the delivery point is land-locked so you can't "bunker" storage in a tanker.
Its a fascinating study in demand shocks in regards to futures. Retail investors that don't know what they're doing are investing in Oil ETFs, because they don't understand futures. They are getting charged a premium to do so, and it won't turn out like they suspect.