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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe Coronavirus Crisis Free-Falling: U.S. Oil Drops Below $2 Per Barrel As Demand Disappears
Updated at 1:44 p.m. ET
How low will oil prices go?
A key American oil benchmark, West Texas Intermediate, fell by more than 80% on Monday as global oil markets continue to grapple with a pandemic-driven collapse in demand.
At the start of 2020, a barrel of WTI cost around $60.
Shortly after 1:40 p.m. ET on Monday, a barrel was trading for less than $2 the lowest price the WTI futures market has ever seen.
The plummeting price of WTI is driven by a trading contract deadline; oil traders have until Tuesday to sell off the current futures contract. Other types of crude, without a deadline coming up that quickly, have not dropped nearly so sharply.
How low will oil prices go?
A key American oil benchmark, West Texas Intermediate, fell by more than 80% on Monday as global oil markets continue to grapple with a pandemic-driven collapse in demand.
At the start of 2020, a barrel of WTI cost around $60.
Shortly after 1:40 p.m. ET on Monday, a barrel was trading for less than $2 the lowest price the WTI futures market has ever seen.
The plummeting price of WTI is driven by a trading contract deadline; oil traders have until Tuesday to sell off the current futures contract. Other types of crude, without a deadline coming up that quickly, have not dropped nearly so sharply.
https://www.npr.org/sections/coronavirus-live-updates/2020/04/20/838521862/free-falling-oil-prices-keep-diving-as-demand-disappears
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The Coronavirus Crisis Free-Falling: U.S. Oil Drops Below $2 Per Barrel As Demand Disappears (Original Post)
womanofthehills
Apr 2020
OP
And in spite of this, the Dakota pipeline owners are still pushing this pipeline
guillaumeb
Apr 2020
#1
guillaumeb
(42,641 posts)1. And in spite of this, the Dakota pipeline owners are still pushing this pipeline
in spite of all of the negatives associated with it.
womanofthehills
(8,702 posts)4. Wow - that's so hard to believe
Kinder Morgan wanted to put a CO2 pipeline thru my land but when oil dropped to $50 a barrel they gave up the project.
guillaumeb
(42,641 posts)5. The pipeline would lead to a terminal/pumping station in Illinois.
And eventually, the oil would end up in China.
Thomas Hurt
(13,903 posts)2. Whatever will the OPEC sheiks do to pay for their next mega yacht
getagrip_already
(14,742 posts)3. and they are still draining the national oild reserves... n/t