Oil plunges below zero for first time with May contract ending

#1

Post by adventured » Mon, Apr 20, 2020, 11:50 AM UTC

Oil plunges below zero for first time with May contract ending
bloomberg.com

Re: Oil plunges below zero for first time with May contract ending

#2

Post by DevX101 » Mon, Apr 20, 2020, 2:27 PM UTC

Someone's going to find a creative way to store large amounts of oil and make a lot of money in a few years.

Re: Oil plunges below zero for first time with May contract ending

#3

Post by ethbro » Mon, Apr 20, 2020, 2:30 PM UTC

DevX101 wrote: post #2

Someone's going to find a creative way to store large amounts of oil and make a lot of money in a few years.

Physics would argue otherwise.

Re: Oil plunges below zero for first time with May contract ending

#4

Post by recursive » Mon, Apr 20, 2020, 2:31 PM UTC

ethbro wrote: post #3

DevX101 wrote: post #2

Someone's going to find a creative way to store large amounts of oil and make a lot of money in a few years.

Physics would argue otherwise.

And what would that argument be?

Re: Oil plunges below zero for first time with May contract ending

#5

Post by turbinerneiter » Mon, Apr 20, 2020, 2:33 PM UTC

recursive wrote: post #4

ethbro wrote: post #3

Earlier quoted context omitted.

Physics would argue otherwise.

And what would that argument be?

I think gas goes bad after some months, not sure if crude degrades as well.

Re: Oil plunges below zero for first time with May contract ending

#6

Post by [deleted] » Mon, Apr 20, 2020, 2:34 PM UTC

ethbro wrote: post #3

DevX101 wrote: post #2

Someone's going to find a creative way to store large amounts of oil and make a lot of money in a few years.

Physics would argue otherwise.

[deleted]

Re: Oil plunges below zero for first time with May contract ending

#7

Post by sz4kerto » Mon, Apr 20, 2020, 2:34 PM UTC

DevX101 wrote: post #2

Someone's going to find a creative way to store large amounts of oil and make a lot of money in a few years.

Nature has figured it out. (I.e.: the simplest way of storing oil is to not extract it.)

Re: Oil plunges below zero for first time with May contract ending

#8

Post by discordance » Mon, Apr 20, 2020, 2:35 PM UTC

ethbro wrote: post #3

DevX101 wrote: post #2

Someone's going to find a creative way to store large amounts of oil and make a lot of money in a few years.

Physics would argue otherwise.

Oil tankers are being used for storage:

https://amp.theguardian.com/business/2020/apr/19/supertanker...

Re: Oil plunges below zero for first time with May contract ending

#9

Post by orev » Mon, Apr 20, 2020, 2:35 PM UTC

DevX101 wrote: post #2

Someone's going to find a creative way to store large amounts of oil and make a lot of money in a few years.

Maybe we can store it in large underground caverns (or maybe porous basins) and then pump it up to the surface only when we need it. We would probably want to coordinate with other people also doing pumping in their region, as not to end up with too much on the surface that we can’t use and then have nowhere to put it.

Re: Oil plunges below zero for first time with May contract ending

#10

Post by asah » Mon, Apr 20, 2020, 2:37 PM UTC

orev wrote: post #9

DevX101 wrote: post #2

Someone's going to find a creative way to store large amounts of oil and make a lot of money in a few years.

Maybe we can store it in large underground caverns (or maybe porous basins) and then pump it up to the surface only when we need it. We would probably want to coordinate with other people also doing pumping in their region, as not to end up with too much on the surface that we can’t use and then have nowhere to put it.

I assume you're making a sarcastic reference to the Strategic Petroleum Reserve.

https://en.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(U...