/biz/ - Business & Finance

>>19166890
I am aware of the traffic data lies. Also keep in mind, against expectations India just extended lockdown today meaning no demand from them neither.

>>19166901
US inventory has went down (after increasing mind you from prior levels and still above them), world inventory has gone up though and increasingly goes up. US inventory also is kept artificially down by not accepting Saudi tankers. These aren't arguments which deal with the structural supply and demand problem of the remaining oil deliveries.

>>19166922
I am not ratsu. I know oil has no changing hands due to open interest, heading into today we have 55k open interest still, or 55 million barrels on the market. Going into the final day when oil plunged negative on April 21, we had 3.5k open interest remaining needing to be dumped. For context. Within a day we need to essentially remove 50k contracts....and Friday we only removed a bit under 20k. The day before we removed around 30-40k, forgot. This isn't good, especially with volume the past 2 days at 16% average of the norm, and right now 2k June volume versus 40k July....1/20th of the future month and declining still. No one is buying these contracts without a home.

And we are capped out as I said due to Saudi tankers, as well as world. EIA is only for domestic energy, and only showed Cushing having a draw. Except tankers are due for Cushing and we delayed them for 2 weeks and counting still, just to keep numbers down. API report said the whole global supply went up by 7 million. So the storage situation has not resolved...and all large traders have moved onto future month contracts. Legally if you hold contracts, you are binded to take on the oil if you have not claimed it by the time expiration hits, meaning all those who have it (likely retail) and buying cannot store it...meaning they have to sell it at any cost due to incapability of storage once expiration hits. Unless they sell it prior to avoid that issue.

what the fuck is schumer doing? I thought he was trying to get more bucks for us proles?? why's he objecting to everything for no reason