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Recursion

(56,582 posts) Mon Apr 20, 2020, 02:36 PM Apr 2020

2

Oil is trading for negative dollars right now

"Interesting times", as Mencius would say

10 replies

= new reply since forum marked as read

Highlight:

Oil is trading for negative dollars right now (Original Post) Recursion Apr 2020 OP

THis Is Flat Insane, Sir The Magistrate Apr 2020 #1

And it's only mid-April Recursion Apr 2020 #2

Why are they pumping it out of the ground? OAITW r.2.0 Apr 2020 #3

It takes quite a bit of time to stop extracting operations. WhiskeyGrinder Apr 2020 #5

They've mostly stopped Recursion Apr 2020 #6

Lets see... ret5hd Apr 2020 #9

Markets: elleng Apr 2020 #4

Fast dive in progress: S&P 500: -1.74% Dow: -2.36% (-571) nt progree Apr 2020 #10

Womp womp and thoughts and prayers Fullduplexxx Apr 2020 #7

Trump is doing a tremendous job getting oil companies to reduce gas prices... Chakaconcarne Apr 2020 #8

The Magistrate

(95,243 posts)

1. THis Is Flat Insane, Sir

Reply to Recursion (Original post)

Mon Apr 20, 2020, 02:38 PM

Apr 2020

It is beyond schadenfreude....

Recursion

(56,582 posts)

2. And it's only mid-April

Reply to The Magistrate (Reply #1)

Mon Apr 20, 2020, 02:40 PM

Apr 2020

Mencius's curse is, I fear, all too apt.

OAITW r.2.0

(24,323 posts)

3. Why are they pumping it out of the ground?

Reply to Recursion (Original post)

Mon Apr 20, 2020, 02:45 PM

Apr 2020

I f you are paying someone to take the stuff, seems like the point where you stop pumping it. I'm pretty sure that the storage is maxing out and I don't see demand outstripping supply anytime soon.

WhiskeyGrinder

(22,309 posts)

5. It takes quite a bit of time to stop extracting operations.

Reply to OAITW r.2.0 (Reply #3)

Mon Apr 20, 2020, 02:49 PM

Apr 2020

Recursion

(56,582 posts)

6. They've mostly stopped

Reply to OAITW r.2.0 (Reply #3)

Mon Apr 20, 2020, 02:49 PM

Apr 2020

The ones who still are are doing it on contract for a positive price

ret5hd

(20,483 posts)

9. Lets see...

Reply to Recursion (Reply #6)

Mon Apr 20, 2020, 02:53 PM

Apr 2020

Pay workers/equipment etc to pump it out of the ground

----OR----

GET PAID to take delivery of that oil and then sell it at your contracted price to your contracts.

I'm not a businessman, but...

elleng

(130,768 posts)

4. Markets:

Reply to Recursion (Original post)

Mon Apr 20, 2020, 02:46 PM

Apr 2020

S&P 500
-1.29%
Dow
-1.88%
Nasdaq
-0.39%

progree

(10,894 posts)

10. Fast dive in progress: S&P 500: -1.74% Dow: -2.36% (-571) nt

Reply to elleng (Reply #4)

Mon Apr 20, 2020, 03:06 PM

Apr 2020

Fullduplexxx

(7,846 posts)

7. Womp womp and thoughts and prayers

Reply to Recursion (Original post)

Mon Apr 20, 2020, 02:49 PM

Apr 2020

Chakaconcarne

(2,436 posts)

8. Trump is doing a tremendous job getting oil companies to reduce gas prices...

Reply to Recursion (Original post)

Mon Apr 20, 2020, 02:51 PM

Apr 2020

Campaign ad coming.

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