Duhhhhh oil go negative?

[Anonymous No.18588490]

Do any of you retards actually realise what happened? No one wants to take delivery of the futures contract that expires tomorrow. The usual buyers refineries etc do not want it hence why we saw it go negative and spot prices also go negative. Based on the comments and posts it seems like most of you are a bunch of fuckin monkeys who don't know what a futures contract is and just look at a chart with no understanding of fundamentals.

[Anonymous No.18588512]

>>18588490
Yeah pretty much, the average orangutan on here is on Robinhood anyway

[Anonymous No.18588525]

>>18588490
hey faggot fuck you

[Anonymous No.18588530]

>>18588490
okay well if you know what happened, tell us, not what the probable effects are, but what you predict. Not because I'm being a smart ass, but because I'm genuinely curious of your opinion, now extrapolate on the subject, please.

[Anonymous No.18588542]

>>18588490
>>18588512
classic nothingburger containment posters

[Anonymous No.18588566]

>>18588490
futures contract? wtf? why did you get a doctorates in economics just to post on /biz/?
just go to the oil store and get paid to buy the oil, then dump it in a bathtub or some shit idk

[Anonymous No.18588581]

>>18588490
>Do any of you retards actually realise what happened?
yes
>No one wants to take delivery of the futures contract that expires tomorrow.
mhm
>The usual buyers refineries etc do not want it hence why we saw it go negative and spot prices also go negative.
mhm mhm
>Based on the comments and posts it seems like most of you are a bunch of fuckin monkeys who don't know what a futures contract is and just look at a chart with no understanding of fundamentals.
Wait what the fuck are you on about? What point are you trying to make? What fucking fundies or charts are you looking at for something that in the history of ever hasn't happened before?

[Anonymous No.18588606]

>>18588530
>this
Please enlighten us, in this unprecedented event, where everyone slowly realizes how entirely fucked the economy truly is

[Anonymous No.18588622]

>>18588542
Everyone knew it was gonna happen, I was short oil and minted money that you make in a year. Cry more because you didn’t listen Faggot

[Anonymous No.18588625]

>>18588490
So you're saying a historic moment, where institutional investors lost millions on futures contracts that have historically been about as stable a commodity in terms of liquidity as that of gold because no one wanted to buy it due to there being an unprecedented supply gut, was an insignificant even in your book?

Regardless of whether you're getting mad at people freaking out of things they might not fully understand, you're being an abrasive pedant for exactly 0 internet points.

[Anonymous No.18588643]

>>18588581
dont mind it, its a FED containment poster to keep the populace at bay

[Anonymous No.18588644]

>>18588490
Should I short oil prices?

[Anonymous No.18588658]

>>18588622
No one knew it would crash before rollover. Otherwise, you would have seen people heading for the door faster.

[Anonymous No.18588666]

Love how when anything bad happens there's always some people who want to convince you it's actually a good thing

[Anonymous No.18588681]

cope

[Anonymous No.18588711]

>>18588490
To be at zero or negative does that mean “they” anticipate demand to be below current reserves? So they think driving and shipping will continue to slow?

[Anonymous No.18589340]

>>18588490
A futures contract is a type of derivative giving the holder the right to buy the underlying asset at some point in the future.

[Anonymous No.18589469]

>>18588666
checked

[Anonymous No.18589589]

>>18588711
Tbh storage for WTI was quickly becoming an issue before the shutdown. This just accelerated it. The Saudis and Ruskies have been flooding the market with oil at much cheaper prices specifically to undercut the US. And storage in Cushing, OK was probably going to be at capacity sooner or later with other places choosing the lower priced oil, and with us continuing to produce.

So I think it's less about driving and shipping- those just accelerated a preexisting storage problem that we're having.

[Anonymous No.18589596]

>>18588658
I expected this to happen in 3 weeks, not today. The fact the storage crisis / contago hit early implies a whole pile of things.
> Demand in general is worse than estimated. China lied.
> US Oil Storage's are more full than expected (And now will be totally full. Everyone who could afford take a futures contract delivery did, with -40 WTI)
> OPEC lied about the actual cuts (No surprise).
> WTI was hit particularly hard by this, but it may trigger low / negative prices in other oil producing regions
> Tankers may 5x, if not more, if today was any indication.
This might not be over for awhile yet, I wouldn't be surprised if June contracts go negative too. Yeah, it'll recover eventually, but we'll have fucked up oil markets for some time to come.

[Anonymous No.18589624]

>>18589589
Saud / Rus would like nothing more than to shut down US shale production and force us to buy oil from them, they might have succeeded.
Not shown: small shale companies now go bankrupt / get bought out / force up unemployment even more.
Expect the next stimulus package to have some type of energy bailout, and probably those $2000 stimulus checks for 6 months everyone is talking about now.

[Anonymous No.18591143]

>>18589596
>Tankers may 5x, if not more, if today was any indication.
Invest in thankers when?

[Anonymous No.18592048]

>>18591143
Good idea but late to the party. Apparently, tanker stocks were way up today.

[Anonymous No.18592196]

>>18591143
2 weeks ago. Could still get in tomorrow probably, but the boat is leaving port. Remember these are not long term holds, you sell them once the talking heads on TV coom over them. Not there yet, but give it a week and maybe