I have never seen anything like this...
Oil just keeps going lower and lower and lower:
(Source: https://finance.yahoo.com/quote/CL=F?p=CL=F)
If oil is now -$35 a barrel, when are they going to start paying me to fill up my car with gasoline?! :)
Perhaps when this straightens itself out they will figure out a better way to price a barrel of oil going forward...
Stay informed my friends.
-Doc
This is completely ridiculous! I did not know this was possible... The world has completely gone mad!
Now I need to buy a car, or maybe a plane, plane use more fuel so, I will be rich in no time 😅.
I'm thinking of digging a giant hole, filling it with thick liner, and having them pay me to store some oil. :)
😆 LOL, I am thinking of renting swimming pools around UK and EU. No one is using them anyway. Fill them up, cash out and run to exotic no extradition country 😁
I hope you realise that this is just the may futures contract of crude oil that will expire tomorrow. The June contract is still @ 20$.
And the May VWAP was around $6, yes I know. Notice how this is posted in the FUNNY community?
What in the world!?? 🤔 ...I thought Interest rates were the only thing that could be negative...Guess i was wrong on that one!!!:) Lol
Thanks Doc,
...And Be Safe Out There Brother-
How big is your garage Doc?
You might be able clear a couple grand at those prices.
Posted via LeoFinance
I was thinking of building a swimming pool type setup instead. :)
So they will pay you for taking oil, because they have exhausted their capacity to store ?
Basically, yes. Though the May contract has now rolled over and we are back to positive prices... for now.
It was jaw-dropping when I saw Bloomberg Tweet these updates yesterday, and I couldn't keep up. Every time I scroll, it gets even worse, and I believe May futures dropped to as low as $-37 yesterday. June contracts are next, and they've already dropped 30% at the time of writing 😱
Yea, I saw they were trading at $5 last I checked. They were priced at $20 yesterday.
No, but if you've got a swimming pool that you're willing to fill with crude, maybe someone will pay you to take that ;).
If you wait long enough, I'm sure they will.
No idea if they would pay us for that. But I'm currently trying to look for a job right now and it's hard because of coronavirus no where is hiring.
Hi @jrcornel! Thank you for your article. With negative prices everthing seems possible. You are invited to participate in my „Guess the DOW“ game that will start every Saturday. In this creasy times with negative oil prices, it might be fun to bet on the Friday End standing of the DOW Jones. I will also add the LEO earned with these Posts to the price that can be won by the comment that come closest to the reality. So curation and rehives are also very welcome. Greetings. This is @no-advice