CRUDE OIL PRICE

[BIGSHCLUNK]

Crude opened @ -$4.77   Yesterday was below that by far wow......

[JS29]

 :thinking:Now would be a good time to fill our home heating tanks!!! 

[Cuda Cody]

That's only the price for the futures contract that closes today.  So anyone holding the paper today will end up with a phone call tomorrow asking "where do you want your oil delivered?".  People would rather pay to not have it delivered to a place they have nowhere to store it so that's why the negative price.  The June contracts are at $14.30.  Still WAY to low for most oil companies to survive. 

The July contract is at $23.42 so the market is expecting some demand for oil to come back.

[kdcarman]

That's only the price for the futures contract that closes today.  So anyone holding the paper today will end up with a phone call tomorrow asking "where do you want your oil delivered?".  People would rather pay to not have it delivered to a place they have nowhere to store it so that's why the negative price.  The June contracts are at $14.30.  Still WAY to low for most oil companies to survive. 

The July contract is at $23.42 so the market is expecting some demand for oil to come back.

Great summary!

[dodj]

So we should be able to fill up our cars and get paid a couple bucks? 

[MEK-Dangerous]

I'm thinking this might be a buying opportunity. Anytime oil has dropped this low, it didn't stay that way for long.

Unfortunately, I have NO experience in the commodities market. So take what I say with a grain of salt.

I need to do research on the commodities. I just might want to buy in here.   

[Katfish]

I'm thinking this might be a buying opportunity. Anytime oil has dropped this low, it didn't stay that way for long.

Unfortunately, I have NO experience in the commodities market. So take what I say with a grain of salt.

I need to do research on the commodities. I just might want to buy in here.

Agreed, has to go up, the timeframe is the only issue

[Bullitt-]

@MEK-Dangerous .... maybe some cruse line stocks while your at it Mike..

                   You at least have some experience there 


       

[MEK-Dangerous]

Wade, I can't believe you remembered my cruise from heck that went up in flames.

That picture is so funny, but it was 2:30 in the morning, so we couldn't actually see the smoke coming out the back.

[JS29]

Anybody get heart? Ship sink? 

[MEK-Dangerous]

Anybody get heart? Ship sink? 

No, but the seven day cruise stopped at day 3 when they flew us home.

[JS29]

Did they make things right with the passengers? 

[Msbaugh440]

I'm hoping someone in the states is taking the opportunity to build up some reserves right now! Things are interesting in the refinery side of the business right now. Usually pump prices lag oil prices so we make lots of money during these times. Problem is we don't have enough storage for our finished products either! Demand is so low we can't sell anything! Diesel is still going strong, but gasoline and Jet fuel to the airports suck right now

[jimynick]

"Usually pump prices lag oil prices so we make lots of money during these times" Funny that, eh? I don't think it takes 10 minutes between when the price of crude goes up 5 cents a barrel before the pump price goes up 10 cents a gallon. Nothing personal, but I just can't find it in my heart to feel sorry for the oil companies- who've got so much fuel that they can't find enough places to stash it! Here's an idea, why not just sell it cheap, because you got it cheap, and everybody will be happy. 

[Topcat]

No, but the seven day cruise stopped at day 3 when they flew us home.

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I heard MEK brought a Banana onboard.   

Banana's are bad luck.