Oil Futures

[Loki]

@jon-nyc said in Oil Futures:

@jon-nyc said in Oil Futures:

May futures expire tomorrow. If you're long you gotta accept delivery. There's no where to store it. In theory it could go negative.

And it did!

https://www.barrons.com/articles/oil-futures-fall-below-1-for-first-time-ever-51587406408

Hey, I asked earlier how much could we charge to store it.

[Doctor Phibes]

@Jolly said in Oil Futures:

@Doctor-Phibes said in Oil Futures:

Oh, that's really not good for anybody working in the petrochem industry.

Hurts us, fer shur.

Hurts here, too. At least half our business is with people servicing the oil industry.

[Axtremus]

@Jolly said in Oil Futures:

Hurts us, fer shur.

Will hurt Russia even more, and just about any regime whose oil export represents a big fraction of national income.

[Mik]

Those two picked a bad time to make a glut, that’s for sure.

[Copper]

So anyone with a significant interest in oil will certainly become an ally of the ReOpen people.

Lots of new alliances will be made.

[jon-nyc]

I wonder how many systems are breaking right now on that negative number.

[George K]

@jon-nyc said in Oil Futures:

I wonder how many systems are breaking right now on that negative number.

::insert "You divided by zero" meme here::

[jon-nyc]

Seen on twitter

BREAKING - DUE TO THE RAPID CAPITULATION IN MAY 2020 OIL CONTRACT, OIL WILL NO LONGER BE QUOTED IN VOLUMES OF EXPENSIVE STEEL BARRELS BUT IN 42 GALLON GARBAGE BAGS

[Loki]

Of all ironies as the last cruise ship gets a port, supertankers take their place floating aimlessly in the ocean.

Who could have written that script 3 months ago?

[89th]

USO (an oil ETF) is down 33% today, as of right now, at least.

[jon-nyc]

[89th]

Haha that is so good

[89th]

@89th said in Oil Futures:

Sooooo........should I buy Halliburton?

I should've. It's up 25% since I asked that question.