Oil at $17.50

[Nitrogen]

Oil down 98%....TODAY....

Russia and Saudi playing a game of who can hold their breath longer under water (I mean they already destroyed the shale industry). Every petro state is weeks away from collapse....Algeria, Cameroon, Chad, Ecuador, Indonesia, Iran, Libya, Mexico, Nigeria, Oman, Qatar, Russia, Saudi Arabia, the United Arab Emirates,Venezuela

[Bluehorseshoe]

-$37 to end the day.

[Bluehorseshoe]

The economy is super fu cked.

[RudyRuetigger]

okay

i have 1000 gallons worth of tanks

do i buy it today, tomorrow, or what day will reflect this?

[GunShard]

I'm going to fill up my gas tank on the last week of April as the prices will go even lower.

[Nitrogen]

-$37 to end the day.

In any other time, this would be "we interrupt this broadcast" type news. Crazy

[Bluehorseshoe]

In any other time, this would be "we interrupt this broadcast" type news. Crazy

The guy on CNBC said it could be in the minus this time next year.

[Nitrogen]

The guy on CNBC said it could be in the minus this time next year.

No way Trump could have known, but damn, all that oil bought at $30/barrel

https://www.cnbc.com/2020/03/13/trump-asks-energy-department-to-purchase-oil-for-the-strategic-petroleum-reserve.html

[jjgold]

It’s $21 a barrel the June contract

[RudyRuetigger]

It’s $21 a barrel the June contract

i just asked my guy, he said $25 but i saw article 21

[Iona]

okay

i have 1000 gallons worth of tanks

do i buy it today, tomorrow, or what day will reflect this?

One (1) contract is 1,000 barrels or 42,000 gallons; you do not have the capacity.

[DwightShrute]

https://pbs.twimg.com/media/EWEPB-gWAAMsfE8?format=png&name=large

[RudyRuetigger]

One (1) contract is 1,000 barrels or 42,000 gallons; you do not have the capacity.

so if i have 42000 barrels, they will pay me to hold it?

doubt it

[RudyRuetigger]

i want to buy this shit

how do i do it

i mean stocks, not the 42000 gallons

[Iona]

LOL

Full disclosure - I have never taken possession of oil.

My understanding is you will not be paid to hold it. You will be paid to take possession of the oil from the Cushing oil facility in Oklahoma. Then you have to transport, at your expense, the Oil to your storage location.

So, if you buy one (1) contract you would be paid 23K to pick up and store 42,000 gallons of oil.

[RudyRuetigger]

LOL

Full disclosure - I have never taken possession of oil.

My understanding is you will not be paid to hold it. You will be paid to take possession of the oil from the Cushing oil facility in Oklahoma. Then you have to transport, at your expense, the Oil to your storage location.

So, if you buy one (1) contract you would be paid 38K to pick up and store 42,000 gallons of oil.

no i meant id buy the stocks right now, but which do i buy?

to your post, why does it go to oklahoma?

[Iona]

i want to buy this shit

how do i do it

i mean stocks, not the 42000 gallons

Oh stocks - sorry, I misunderstood.

I guess XLE or XOP.

USO is a pure pay on the June and other forward contracts; however, be careful, the June contract is $ 21.00 a barrel.

What happened today, IMHO, was speculators long the May contract getting squeezed. So, be careful.

Just my 2 cents; this is not my area of expertise.

[Iona]

no i meant id buy the stocks right now, but which do i buy?

to your post, why does it go to oklahoma?

Cushing, Oklahoma is the delivery location for the NYMEX benchmark Light Sweet Crude Oil futures contract.

Light Sweet Crude Oil futures contract specifies delivery of a common stream of light sweet crude U.S. oil grades, which are referred to as WTI or Domestic Sweet crude oil.

[KnuckleHeadz]

Purchase OILU or CRC Rudy

[stevenash]

Purchase OILU or CRC Rudy

I had my eye on CRC, roller coaster stock but good value.

[Grits n' Gravy]

I had my eye on CRC, roller coaster stock but good value.

If you have the spare cash, get in.

[stevenash]

If you have the spare cash, get in.

I'm thinking about it. I'm thinking about it, maybe 1000 shares, no more though.
It's on my MoneyMarket watch list.

Thanks for the endorsement.

[KnuckleHeadz]

Can’t go with either... grab 50/50 or 70/30 of those two Nash

[stevenash]

Can’t go with either... grab 50/50 or 70/30 of those two Nash

CRC was a ten dollar stock last year.
I think it's bottomed, at a buck and a half you can't get dinged, well you can but they're just too big.
Like I said I've got my eye on it but no skin in the game as of yet.

[carolinakid]

i just heard that over the next couple of weeks gas prices should drop another 20 cents to 30 cents at the pumps and level off about the end of may

[stevenash]

i just heard that over the next couple of weeks gas prices should drop another 20 cents to 30 cents at the pumps and level off about the end of may

How low is low, I mean it's 0.88 cents a gallon in Michigan for the love of God.

https://www.gasbuddy.com/GasPrices/Michigan

[carolinakid]

it still about 1.50 in nc and heck i live about 15 mins from the colonial pipe line tanks

[carolinakid]

maybe by june they will pay us to fill up lol

[KnuckleHeadz]

CRC was a ten dollar stock last year.
I think it's bottomed, at a buck and a half you can't get dinged, well you can but they're just too big.
Like I said I've got my eye on it but no skin in the game as of yet.

It was $21 at this time last year..

[carolinakid]

back in 2009 when gas prices was so high it was around 140 a barrel

[JMobile]

Just under $3 here in San Diego.

[jjgold]

Hundreds of oil companies are going to go bankrupt

[Iona]

Hundreds of oil companies are going to go bankrupt

Along with some regional banks with huge loan exposure to the oil & gas industry.