stock market was up today...

[85SugarVol]

So, these are contracts for actual delivery, and there's no storage left? Is that correct?

Yes

 

[MontyPython]

Oil at $1.34 per barrel.

Mind blown.

Never seen anything like this.

 

[85SugarVol]

 

[85SugarVol]

Under $1

 

[MontyPython]

Under $1

42 gallons of oil.

One. Dollar.

Amazing.

 

[hog88]

42 gallons of oil.

One. Dollar.

Amazing.

When this swings the other way it will be brutal because production is halting.

 

[05_never_again]

When this swings the other way it will be brutal because production is halting.

Yep. Once the slack is out, the rally on the upside will be neck-snapping.

 

[Velo Vol]

 

[hog88]

Yep. Once the slack is out, the rally on the upside will be neck-snapping.

We’ll see lines and rationing.

 

[05_never_again]

We’ll see lines and rationing.

I doubt that, but US oil independence will be dead for a long time. They're still producing like crazy overseas.

 

[Volatility]

Time to buy some XOM shares boys.

 

[hog88]

I doubt that, but US oil independence will be dead for a long time.

I see worldwide production and refining eventually being slowed possibly halted altogether. Takes time to restart. But I agree it will be a long time before we are oil independent again.

 

[Velo Vol]

LOL

 

[Ernest T. Vol]

When will the FED start buying oil?

 

[MontyPython]

 

[85SugarVol]

You now have to pay someone to take contracts off your hands.

Un. Real.

 

[FLVOL_79]

Oil at $1.34 per barrel.

Mind blown.

Never seen anything like this.

Welcome to like..1917...ahahahahah!!!

 

[FLVOL_79]

Well..in a few weeks I'll be filling up my Durango SRT with premium for under $20. Thanks Covid-19!

 

[rjd970]

Buy it now fellas.

What ETFs are out there that can still survive?

 

[NorthDallas40]

So at what point does the market as a whole lose it’s damn mind and the contagion drop the bottom out of the DOW and SnP?

 

[Velo Vol]

Man, that's got to be a brutal day for somebody. Imagine being a buyer when the market opened this morning.

 

[MontyPython]

May delivery closed at $36/barrel. MINUS $36.

"Here, I'll pay YOU $36 to take this 42 barrel drum of nasty oil off my hands."

All the economics classes I ever took just exploded in my head. Guessing tomorrow it'll rain frogs.

 

[hog88]

So at what point does the market as a whole lose it’s damn mind and the contagion drop the bottom out of the DOW and SnP?

By the end of the week Black Tuesday will look like a blip.

 

[NorthDallas40]

By the end of the week Black Tuesday will look like a blip.

I don’t see how the overall market can keep the gains it’s clawed back while the energy sector is taken off of life support and euthanized.

 

[Orangeburst]

May delivery closed at $36/barrel. MINUS $36.

"Here, I'll pay YOU $36 to take this 42 barrel drum of nasty oil off my hands."

All the economics classes I ever took just exploded in my head. Guessing tomorrow it'll rain frogs.

Isn’t this a storage issue? Why can’t the gov take it and put it in the salt pits?