The price of oil

[integrale_evo]

Yep. Dead.

The price of US oil has turned negative for the first time in history.
That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May.
Demand for oil has all but dried up as lockdowns across the world have kept people inside.
As a result, oil firms have resorted to renting tankers to store the surplus supply and that has forced the price of US oil into negative territory.
The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel.

[integrale_evo]

Whoops, realised it's already in the other thread

[mik]

now that. Is mental.

[Gavin]

It is not accurate though. It is may's oil futures that are negatively priced. Anyone who owns those futures is trying to offload them as they have to take delivery and there is nowhere to store it.

Typical press either not understanding or misleading.

I wonder whether oil wells can just stop pumping? Presumably a large cost implication to that and the restart as well (Pun very much intended).

[Sundayjumper]

The article linked in the other thread did explain it, tbf.

[Gavin]

Didn't see the other one, just saw a good explanation in another article yesterday.

[mik]

For when this situation reaches the pumps....

2 seater. 4WD.

https://trucks.autotrader.co.uk/classif ... 4209003920

[duncs500]

For when this situation reaches the pumps....

2 seater. 4WD.

https://trucks.autotrader.co.uk/classif ... 4209003920

Mik will be the Mad Max of our dystopian future.

[mik]

Mel Gibson is a famous Scot after all....

[Mito Man]

Just got paid a load of money to accept some oil

[Jobbo]

Got 750l of oil delivered today for £173.67; our tank was only half empty. It's £9 cheaper for that amount if I ordered today. I need a bigger tank.