US Oil Price Crashes Below $0 a Barrel (Record Low)

tightarse on 21/04/2020 - 09:53
Last edited 21/04/2020 - 09:55

Producers are paying to get rid of oil. Simply amazing.

A couple of news articles here and here.

General Discussion

Comments

  • capslock on 21/04/2020 - 10:01

    Too bad we can't drive anywhere to take advantage.

    • Icecold5000 on 21/04/2020 - 10:07
      +5

      Just do some burnouts in your driveway.

  • jimbobaus on 21/04/2020 - 10:10
    +4

    I saw this, they are literally paying companies to take the oil from them

  • [Deactivated] on 21/04/2020 - 10:19
    +9

    Service Station told me to go away.

  • RockyRaccoon on 21/04/2020 - 10:21

    And which super funds have investments in oil stocks?

  • Ocker on 21/04/2020 - 10:22

    I understand that it is not the "physical" market trading at a negative price, rather it is the "futures" market. Quite a different story

    • Keplaffintech on 21/04/2020 - 20:40

      The price crashed just before the futures expired. That is, the point where they turn into a real physical commodity. No one wants to take delivery of all that oil right now.

  • Bid Sniper on 21/04/2020 - 10:28
    +4

    Where is that guy that wanted to store fuel in his shed?

    wait found it LOL
    https://www.ozbargain.com.au/node/523298

    • leiiv on 22/04/2020 - 00:23

      Excellent foresight!!

  • Arthur Dunger on 21/04/2020 - 10:31
    +6

    Thanks TA, awesome deal. Bought a few barrels. Greta won't be happy.

  • Archi on 21/04/2020 - 10:51
    +1

    this is talking about a futures market prices not a physical market price.

    • [Deactivated] on 21/04/2020 - 11:06
      +1

      Were you clearing space in your garage?

      • Archi on 21/04/2020 - 11:07
        +1

        you spying on me.

        • [Deactivated] on 21/04/2020 - 11:10
          +1

          I'm p#ssed because I wanted Brent, not West Texas Crude with my free money. It means the market hasn't bottomed!

  • c64 on 21/04/2020 - 11:11
    +5

    i'm waiting for the petrol companies to pass on the savings by increasing the pump prices …

  • capslock janitor on 21/04/2020 - 11:48
    -1

    I trust News posted on a website called sharecafe more, first before anything CNN posts tbh.

  • hj0809 on 21/04/2020 - 21:20

    The value of oil is not zero. It’s just people are not willing to take delivery of it in May.

  • Zazer on 22/04/2020 - 00:30

    It's really fascinating. Wonder if we can get an Ozbargain group buy in? Save on the shipping, split the profits?

  • dasa on 22/04/2020 - 08:33
    -1

    These people posting here saying it is this market and that market it is not the actual price of oil, I will bet you if it was the same markets saying it was going up we would see a immediate price hike at the bowsers.

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