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Insane crash today. WTI down over 50% in a single day. A fall this fast has never seen before in history. Lot of opportunities here. When oil makes a come back and it absolutely will.. some of these companies are going to bounce 100% to the upside. Watch CVX, COP, EOG, PSX.
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Just read another article about this...that's crazy..we gotta get this country back up n running..this is pure bullshit bro..scare tactics and sheep are falling for it -
it's now down 70% in a single day.
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now down 82% in a single day. absolutely insane.Comment
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CrazyComment
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it touched .15 cents per barrel briefly. on Friday we were at $20 a barrel. the kind of drop is unthinkable. nothing fell this fast and hard even during the great depression. this is a new level of volatility. its about to hit zero. holy hellComment
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WTI crude actually hit zero today. zero. holy fuckaroniComment
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Oil Futures Going Back to the 1980's when futures began....
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this has never taken place in history.
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It’s such a false economy. The producers control output and manipulate the markets while investing or shorting all the time.Comment
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All about how the rich .........get richer...lol. Watch....Comment
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Oil Plunges Below Zero for First Time in Unprecedented Wipeout
Of all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping than Monday’s collapse in a key segment of U.S. oil trading.
The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory -- minus $37.63 a barrel. That’s right, sellers were actually paying buyers to take the stuff off their hands. The reason: with the pandemic bringing the economy to a standstill, there is so much unused oil sloshing around that American energy companies have run out of room to store it. And if there’s no place to put the oil, no one wants a crude contract that is about to come due.
Underscoring just how acute the concern is over the lack of immediate storage space, the price on the futures contract due a month later settled at $20.43 per barrel. That gap between the two contracts is by far the biggest ever.
https://www.bloomberg.com/news/artic...?sref=B8NrNGlPComment
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The day started like any other gloomy Monday in the oil market’s worst crisis in a generation. It ended with prices falling below zero, thrusting markets into a parallel universe where traders were willing to pay $40 a barrel just to get somebody to take crude off their hands.
West Texas Intermediate futures have been the benchmark for America’s oil industry for decades, seeing the market through booms, busts, wars and financial crises, but no single event holds a candle to this. By the end of trading, the contract had slumped from $17.85 a barrel to minus $37.63.
”Today was a devastating day for the global oil industry,” said Doug King, a hedge fund investor who co-founded the Merchant Commodity Fund. “U.S. storage is full or committed and some unfortunate market participants were carried out.”
In one way, it was just an extreme glitch as traders prepared for the expiry of the contract for delivery in May. Elsewhere, the market proceeded as normal -- Brent futures, the benchmark for Europe in London, ended the day down sharply, but still above $25 a barrel. WTI for June delivery changed hands at $21 a barrel.
But the negative prices also revealed a fundamental truth about the oil market in the age of coronavirus: The world’s most important commodity is quickly losing all value as chronic oversupply overwhelms the world’s crude tanks, pipelines and supertankers. Ultimately, traders were left desperate to avoid having to take delivery of actual oil because nobody needs it and there are fewer and fewer places to put it.
https://www.bloomberg.com/news/artic...&sref=B8NrNGlPComment
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‘I’m Just Living a Nightmare’: Oil Industry Braces for Devastation
Across the United States, companies are laying off workers, shutting down wells and preparing for a prolonged slump as oil prices tumble.
https://www.nytimes.com/2020/04/21/b...-collapse.html
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Yea this ain't good...it'll come back though...Comment
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