Oil Prices Just Dropped to 1c/bbl and poss into Negative Territory

Tanko · 04-20-20, 01:41 PM

Oil historical prices... over 70 years

Tanko · 04-20-20, 01:46 PM

It just hit -$35/bbl. They will pay you $35 to take bbl of oil off their hands.

Anyone have an empty storage tank?

RudyRuetigger · 04-20-20, 01:48 PM

yea i have a few

how do i get it without being taxed out the ass

jjgold · 04-20-20, 01:57 PM

If you have an oil tank 275 gallons it’s not free believe me it cost about $400 to fill

Tanko · 04-20-20, 02:05 PM

Originally posted by jjgold

If you have an oil tank 275 gallons it’s not free believe me it cost about $400 to fill

Of course JJ.
This is "well-head" pricing so you have to:
1. Pay to transport
2. Pay to store/handle it

But, if you were an oil trader w/ any kind of storage space, you'd be salivating at these prices. Its like printing money. Negative prices are an anomaly that won't last long.

Obviously, this has never happened before so its crazy....

SBR_Guest_Pro · 04-20-20, 02:05 PM

how do i buy oil

RudyRuetigger · 04-20-20, 02:09 PM

Originally posted by Tanko

Of course JJ.
This is "well-head" pricing so you have to:
1. Pay to transport
2. Pay to store/handle it

But, if you were an oil trader w/ any kind of storage space, you'd be salivating at these prices. Its like printing money. Negative prices are an anomaly that won't last long.

Obviously, this has never happened before so its crazy....

i dont fukkin pay to store it. i have my own tanks that are rent free

i pay the main fukkin people out the ass because they tax me out the ass

better off just buying at a gas station

Tanko · 04-20-20, 02:21 PM

Originally posted by RudyRuetigger

i dont fukkin pay to store it. i have my own tanks that are rent free

i pay the main fukkin people out the ass because they tax me out the ass

better off just buying at a gas station

I wish they were REALLY BIG tanks Rudy.

You have to buy in 10's of thousands of gallons for each "contract". Think in terms of 500,000 12 oz. cans of beer. Then we could make a move on these prices.

Average Joe's aren't likely able to capitalize directly on these oil prices but its interesting to consider.

jjgold · 04-20-20, 02:25 PM

Negative prices for May currently

June it is $21 a barrel

Art Vandelay · 04-20-20, 02:28 PM

Originally posted by Tanko

Oil started the day in the teens and dropped to zero.

https://www.nbcnews.com/business/markets/oil-prices-tumble-lowest-level-1980s-n1187716

At this rate, they might be paying us to fill our tanks, LOL

Black Coffee · 04-20-20, 02:52 PM

Wow.. crazy times