Wtf

[Kathianne]

Is crude really down to $10 something a barrel?

[jimnyc]

Oil is getting crushed again with one futures contract down 50% to record low under $8

U.S. crude prices plunged to their lowest level in more than 30 years on Monday as traders continue to fret over a slump in demand due to the coronavirus pandemic. The price of the nearest oil futures contract, which expires Tuesday, was the hardest hit, detaching from later month futures contracts with a drop of more than 50%. This suggests that some believe there could be a recovery later in the year.

West Texas Intermediate crude for May delivery tanked 57%, or $10.52, to $7.65 per barrel, its lowest level on record. Meanwhile international benchmark, Brent crude, which has already rolled to the June contract, traded 5.2% lower at $26.62 per barrel. The June WTI contract, which expires on May 19, fell about 9% to $22.75 per barrel. The July contract was roughly 5% lower at $28 per barrel.

The front part of the oil futures ‘curve,’ which is the May contract that expires on Tuesday, was hit the hardest since it applies to fuel that’s set to be delivered while most of the country remains on lockdown thanks to the coronavirus. There’s little demand for gasoline from refineries, and storage tanks in the U.S. are nearing their limits.

Rest - https://www.cnbc.com/2020/04/20/oil-markets-us-crude-futures-in-focus-as-coronavirus-dents-demand.html

[Kathianne]

It’s now below $0. A barrel, producers are paying to have oil off their hands.

[Kathianne]

I’m at work, from what I gather there’s nowhere to store the oil.

EPA considering removing law on ethanol and additives temporarily!

[LongTermGuy]

Yes below zero...supply vs demand...Technically they will pay your to take it...People staying home not driving as much..

https://www.unreservedmedia.com/wp-content/uploads/2020/01/mask-coronavirus-afp.jpg

[FakeNewsSux]

This is due to a glitch in the futures market. West Texas Intermediate Crude futures for May come due tomorrow. Futures traders are desperate to avoid taking delivery if they don't sell their contracts. Since no one has any storage available to take delivery, the traders have to pay people to take delivery. The prices for Mideast and North Sea Crude are still trading in the $20-$25 range. Prices should be up tomorrow.

[Kathianne]

https://www.cnn.com/2020/04/20/investing/global-stock/index.html



Commodities » (https://money.cnn.com/data/commodities/)
Price
% Change


Light Crude
16.51
-19.19%


Natural Gas
1.90
-1.14%


Gold
1,692.50
-1.09%


Corn
318.00
-1.32%




Data as of



U.S. Stock Futures

https://i.cdn.turner.com/money/.element/img/3.0/data/arrowDown.gif S&P (https://money.cnn.com/data/markets/sandp/)
-31.75 / -1.13%


Level
2,774.75


Fair Value
2,814.36


Difference
-39.61



Data as of 6:38am ET



https://i.cdn.turner.com/money/.element/img/3.0/data/arrowDown.gif Nasdaq (https://money.cnn.com/data/markets/nasdaq/)
-57.00 / -0.66%


Level
8,635.00


Fair Value
8,714.28



Difference
-79.28




Data as of 6:38am ET



https://i.cdn.turner.com/money/.element/img/3.0/data/arrowDown.gif Dow (https://money.cnn.com/data/markets/dow/)
-386.00 / -1.64%


Level
23,102.00



Data as of 6:38am ET

[Kathianne]

At this time, oil futures are -30+change a barrel. Dow down over 500.

https://hotair.com/archives/jazz-shaw/2020/04/21/price-oil-now-literally-less-zero-dollars-per-barrel/