/biz/ - Business & Finance

ill have one trabillion barrels please

ALL THE BARRELS

>>18575891
Volume >144,000

It’s a nothing burger. My options always expire worthless, nothing new

>go to the gas station
>Yeah, Ill take 200 gallons
>Attendant gives me $1000 in cash

they would give me money if i buy gas?
wtf i hate elon musk

>>18575940
topkek

>>18575891
we short june next or?

>>18575891
>buy one gozillion barrels
>store it at international waters/antarctica
>profit

>>18576084

kek

>>18575940
first: please send us the Money that the storrage will cost.

>>18576084
based

>>18575891
I read us leafs cant stop drilling because our oil is so crude if it stops flowing its going to ruin the physical pipelines, does this make sense? I will miss living in a first world country but at least the collapse will be fun

where can I check the price? tradingview froze at 0.01

>>18576120
kek

>>18575891
Can you buy oil without possessing it physically?

>>18576552
source?

>every container in my house is full of oil

>>18576738
deep underground

>>18576501
it's all going into the sea
rip dolphinerinos

Thanks Obama

>>18576651
Yeah buy it on the NYSE

People, how the fuck does this work.
If you buy this. Do you obligate yourself to come pick it up. For which you get some money. But then if you dont, you have to pay other people even more??
I guess you cannot just take the negative money. And fuck off.

>buy all the barrels
>have them shipped to John Oliver or some other faggot's doorstep, sealing them in
>walk away with $100,000,000,000

>>18576858
Let me dumb it down. You'd need to pay delivery to get it physically. The delivery is going to be dumb expensive so even if you buy it they'll need to have it stored at their location, but they're full. Check mate.

>>18575940
Cool, storage cost is 10 mil a month

>>18576738
Idk ive been reading different websites and ive seen it mentioned a couple times

>>18577022
but what if i tell them to dump the shit into my basement and i pay the invoice later?? (plus tip cuz i will be billionaire)

>>18577022
I understand that they want to get rid of it that much, that they pay.
Maybe rephrase the question. What happens to the people that end up holding these futures that are negative.
Clearly nobody wants them.

oil has a expiry date
3-6 months until its a literal waste

>>18576084
Unironically laughed and I haven't laughed in weeks

>>18575891
Serious question, if people stop buying the oil and companies keep pumping where will they put the oil???

>>18577273
yeah and the worse is that the crisis originated from Russia and Saudi increasing their production. They said they reduced production recently I think but it's too late

>>18577267
Hoping to all 74 Gods that lockdown ends soon and things stabilize

>>18577273
unprocessed lasts forever

>>18577175
Legal problems. You need designated oily warehouses. But they're full. They can't just stop pumping oil. The machines don't work like that. I expect suicides if lockdown stays for a while longer.

>>18577647
how about taking a loan to build a gorillion warehouses? ah fuck it, i wont be able to profit from this will be the end of the story.

>>18577647
Why doesn't the US government buy all the oil now? it seems like they can handle the logistics and they have plenty of storage place

>>18578001
I bet they're arguing about it right now.

>>18578001
Just filled it up at $30/bbl if the internet is to be believed.

>>18576314
That's actually pretty much what they want you to do. It basically means they're willing to pay storage fees on it

>>18576084
good one

>>18578001
>they have plenty of storage place
They don't. Trump gave the order to fill up the inventories like a month ago.

>>18576602
https://finance.yahoo.com/quote/CL=F?p=CL=F

>>18576858
If you order a lot, delivery is free
>I don't need a vorillion globillion but if I take 3 there is no shipping fee

>>18578294
Just bought 2 barrels, where can I pick up my 44 bucks

>>18578271
Confirmed Trump browses /biz/

How much oil can I store on an acre of land?

>>18578502
When you come pick them up Cushing, OK
Make sure to bring some friends to carry the 275Pounds Barrels.

>>18575891
here's your 286 million dollars sir pls take the barrels now

>>18576552
lol there's like 4000 abandoned wells in alberta

>>18575891
https://www.zerohedge.com/energy/heres-next-problem-where-do-100-million-oil-barrels-get-delivered
It is very sweet from OP, to have fixed this problem for us.

>>18579325
real talk: could you - in theory - le troll physics your way outta that situation? Like buying so many barrels of oil, that the money you receive from them would be enough to cover the cost of transport? (let's say you already have a big fucking barren land to just drop the oil)

>>18579647
priced in

>>18577273
And yet the gas in my country(Estonia) costs €1.2 per liter.

>>18579647
You're literally retarded. No. You can't just 'drop oil on barren land", it would be rendered useless.

You need supertankers or massive oil storage fields like in Oklahoma to store enough oil to make any money off this price - and they're all full. You'd also need to pay fees to pump the oil into whatever storage you might have (there is none available).
Trust me in that way smarter people like you would already be jumping on this if there were any smart play here. The price shows: there is none.

>>18576651
nah, because the sole purpose of this is they want people to offload it from them ASAP

>>18580105
umm, sweaty. it already IS useless. it's so useless that they're paying you to buy it.

>>18575891
>mfw European, Balkan to boot
>mfw the costs of getting it here will cost 6 gorillion

REEEE

>>18578001
It was in the stimulus package, to buy cheap oil for the strategic reserves, 3 billion worth. Pure smart play for us, as a nation. Until Chuck Schumer threw a fit that oil companies might profit from it, and had it removed from the legislation. Womp womp.

Guys for oil whats your opinion on TNP $5 strike price Calls for September 2020?

>>18580258
Fuck off back to /pol, fatty.

>>18580105

what stops you from just putting the fucking barrels on there

>>18579647
The short answer is no.
The slightly longer answer is maybe if you'ee already fabulously wealthy and have a large amount of land assets suitable for storage, but you'd have to model it based on your assets to see if it was viable. It probably wouldn't be, which is why the price will KEEP FUCKING DROPPING until it becomes not only viable, but irresistible.

>>18580374
Because A. you're a retard, B. oil isn't actually shipped in barrels, you spastic fuckwit, and C. you're a retard.

>>18580368
Oh sweaty, that's a lot of projection for someone seething like that :(

>>18575891
where are you gonna store the oil dipshit. the reason why it plunged is because of retards doing what you just mentioned

>>18580507
Why can't you just dump the oil into the oceans?

Peak retard here, doesn't this shitshow means that the oil on the stock market went down?
Can't you guys buy the dip and resell and become millionaire after corona?
Or is it only a physical oil thing

>>18580735
this
>mass retards dump a shit ton of oil in rivers lakes and oceans
>severely damaging the wildlife and causing even more economic collapse

>>18580735
Because then you'll have sharks with cars

>>18580880

>mfw I work downstream in refining
Based

>>18575891
could i for real tho? Theres an empty barge on the river by my house id tell em to put it there

>>18576084
My sides

>>18580294
Believe it or not, oil does go off and stonks need to be renewed

>>18576084
>the phonecall that destroyed the oil market

>>18580797
Real answer here-

If you have storage for the oil (you don't) then you can buy oil futures that are expiring tomorrow and be paid to take the oil.

If you're like the rest of us, you can buy futures. You're only going to lose money on oil futures right now, because the speculative price is based on the world not being locked down.

Currently the best choice is to buy shares of the big boys like xom and hold until they normalize. Even then it's likely worth waiting a bit because this will undoubtedly effect their price as well.

>>18580880
LMAO

>>18580486
Fuck off, Spanky

>>18581152
>because the speculative price is based on the world not being locked down.
oh ok thanks anon

>>18580797
>Can't you guys buy the dip and resell and become millionaire after corona?

If you had somewhere to store a million barrels of oil, theoretically, yes

Otherwise no.

Stock market: Cryptocurrency is a scam. No stock/asset ever will be as volatile as bitcoin.

Oil: Hold my beer.

>>18580880


FUCK IT, BIOSINGULARITY TIME

>>18581309
seething is bad for you skin

>>18581550
Being 600 lbs is bad for everything, fatty.

>>18581701
ur pretty mean desu. comes in here with a light-hearted question n u act like a big whiney bitch

>>18581701
Why are you projecting? Is that how you cope? Fine by me.

Legitimate question: let's say I buy 1000 barrels. Let's then assume I make them delivered to my home (which hasn't a warehouse to keep them) and ask the drivers to come with me to you, the owner of a local factory which I know has the capacity to store all the barrels. Would you, taken by surprise and in front of all that oil, accept to store them for free for a year if I were to split in half the profits?

>>18578582
He really took the /biz/ advice of buying high and selling low at heart.

>>18577059
uhm yes i refuse to pay shipping

>>18576501
I'll let you pocket half of the money if you just dump it in the sea near California.

>>18581844
No real refinery would buy you barrels.
They sign contracts to get large amounts and its highly regulated as far as contaminants and integrity goes.

but what do i know.
#YOLOSWAG4COVID my dude.

what if i just dig a huge pool on my backyard 500 meters deep and just dump it there

>>18581844

"barrels" are a unit of measurement, not actual steel drums. Those are a few hundred bucks a piece.

>>18582111
>>18582431
Understandable. No real way to get rich out of this shitfest. At least got a good job (still depending if they confirm me in July)

>>18582657

Well, you could short the shit out of June oil futures, which are still trading in the $20 range, and once shale producers/Texas oilcos start to see a stock collapse, go long anticipating the inevitable bailout

There's huge opportunity here, just unfortunately no 1000x your money

>>18580735
Back to school retard

What does it mean though. Is this the actual cost of oil or some future price of it? Willing to learn here

>>18575940
>take the oil
>literally just dump it and take your giga bazilion dollars home

I live in Oklahoma. 1 hour from Cushing (where alot of oil is stored). Is this the end?

>>18583013
I believe its the price of the actual oil barrels of the may contract. Which means that whoever has this contracts is FORCED to take the oil. Problems is that almost all the storing facilities are full or almost full so no one wants it.
I dont know enough to say why it needs some special facility to be stored tho. I thought you could just put them in a open field with some simple cover and that was it, but if that was the case shit wouldnt be so cheap.

>It's the end of the world

Post bunker tunes
https://www.youtube.com/watch?v=bSJQLCImV18

just send the oil to space

>>18584132
>put them in a open field with some simple cover
EPA will charge you $100/bl for hazardous material storage.

JUST FUCKING BURN IT JESUS CHRIST

>>18584375
Fucking tree huggers. They ruined the economy!

>>18579199
He also have to bring the barrels :D

>>18584513
True tree huggers are in bliss right now.

>>18584132
Why does everything you get the oil in free barrels? You get the oil and nothing else. YOU will have to pay for the transport and if you want to store it in barrels (which no one does in these quantities) you would have to pay for the barrels. 1 empty barrel is currently more worth than 1 barrel of oil. And then who would buy 5 crude oil barrels from you? You can't do anything with it. Because its useless unrefined or at least useless in these small quantities.

>>18577509
they start burning it.

>>18584949
Cant i just dump it on the pool in my backyard and sell it on june?

>>18575891
Why dont go short for the future of june ? Or am I autistic ?

>>18585208
so much for covid reducing co2 emission

>>18576084
made me laugh, nice

>>18580105
>You'd also need to pay fees to pump the oil into whatever storage you might have (there is none available).

Just tip the barrels over! Duh!

>>18587002
yeah, I'm not seeing the downside to this. I'll rent a tanker that day, drive it to the fuel line, fill it up, drive a bit north, dump it out. repeat until I blown through a couple thousand barrels of oil. How the fuck would anyone catch me?

>>18587225
Hurr durrrrrrrrr. Yeah, no, fuckwad. It doesn't work like that. Oil depots aren't fucking gas stations, they won't release crude unless you can prove you have a legal place to put it, so dumb ass get rich quick tards like you aren't leaving tankers of crude all over the fucking place.

>>18587343
fuck, I'll just take my money and run then. what're they gonna do if Im run away to fucking somalia? no extradition

>>18577097
canada's oil isnt crued oil, its bitumen. a heavier substance that requires a lot more refining.

>>18587539
ur somalian?

>>18587579
not yet

>>18587624
if ur white, they make u their bitch just fyi