Question about oil trading at -$23.00

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RickRund
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Question about oil trading at -$23.00

Post by RickRund » Mon Apr 20, 2020 10:00 pm

At least that was the last number I saw. How does that work?



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allcat
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Re: Question about oil trading at -$23.00

Post by allcat » Tue Apr 21, 2020 6:38 am

RickRund wrote:
Mon Apr 20, 2020 10:00 pm
At least that was the last number I saw. How does that work?
Cheaper than that. End of the month contracts. Too much oil with nobody driving. Supply and demand.


Now sorry for caring about Cat/griz too much. I've been properly chastised by the coach of the other team. :-^

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wbtfg
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Re: Question about oil trading at -$23.00

Post by wbtfg » Tue Apr 21, 2020 7:00 am

How long til I get paid for filling up my gas tank?



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RickRund
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Re: Question about oil trading at -$23.00

Post by RickRund » Tue Apr 21, 2020 8:04 am

Kinda makes us mad. We have the new 5th and it is still in storage. Hasn't even gone out for its first trip. And with my beast 8.1 Chev getting 6-8 mpg towing depending on terrain now we wouldn't feel quite so bad having to fill it up and travel. Is that the definition of conundrum?



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LTown Cat
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Re: Question about oil trading at -$23.00

Post by LTown Cat » Tue Apr 21, 2020 1:00 pm

RickRund wrote:
Mon Apr 20, 2020 10:00 pm
At least that was the last number I saw. How does that work?
Basically domestic suppliers are full. Meanwhile orders they contracted prior to the demand drop have shipped. They are sitting on the ocean in tankers. So domestic suppliers are paying the tankers, etc to hold off on delivery--hence the negative amount.



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