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The price of oil
Posted: Mon Apr 20, 2020 8:39 pm
by 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.
Re: The price of oil
Posted: Mon Apr 20, 2020 8:41 pm
by integrale_evo
Whoops, realised it's already in the other thread
Re: The price of oil
Posted: Mon Apr 20, 2020 10:21 pm
by mik
now that. Is mental.
Re: The price of oil
Posted: Tue Apr 21, 2020 9:38 am
by 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).
Re: The price of oil
Posted: Tue Apr 21, 2020 9:41 am
by Sundayjumper
The article linked in the other thread did explain it, tbf.
Re: The price of oil
Posted: Tue Apr 21, 2020 9:49 am
by Gavin
Didn't see the other one, just saw a good explanation in another article yesterday.
Re: The price of oil
Posted: Tue Apr 21, 2020 10:13 am
by mik
For when this situation reaches the pumps....
2 seater. 4WD.
https://trucks.autotrader.co.uk/classif ... 4209003920
Re: The price of oil
Posted: Tue Apr 21, 2020 10:22 am
by duncs500
Mik will be the Mad Max of our dystopian future.
Re: The price of oil
Posted: Tue Apr 21, 2020 10:37 am
by mik
Mel Gibson is a famous Scot after all....
Re: The price of oil
Posted: Wed Apr 22, 2020 10:36 am
by Mito Man
Just got paid a load of money to accept some oil
Re: The price of oil
Posted: Wed Apr 22, 2020 11:24 am
by 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.
