Crude spot at $10.80 right now. 40 percent crash in an day.
Oil plunges below zero for first time with May contract ending
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Re: Oil plunges below zero for first time with May contract ending
#12Earlier quoted context omitted.
Physics would argue otherwise.
Oil tankers are being used for storage: https://amp.theguardian.com/business/2020/apr/19/supertanker...
Floating storage levels for crude are already double what they were a week ago [0]
[0] https://uk.reuters.com/article/us-global-oil-tankers-storage...
Re: Oil plunges below zero for first time with May contract ending
#13Crude spot at $10.80 right now. 40 percent crash in an day.
Thats WTI, Brent is still much higher.
Re: Oil plunges below zero for first time with May contract ending
#14Crude spot at $10.80 right now. 40 percent crash in an day.
Yea, the price keeps on going down and Bloomberg is updating the title very quickly.
Dunno how you would handle this situation on HN (same thing happens with other volatile assets).
Re: Oil plunges below zero for first time with May contract ending
#15Re: Oil plunges below zero for first time with May contract ending
#16Earlier quoted context omitted.
Physics would argue otherwise.
Oil tankers are being used for storage: https://amp.theguardian.com/business/2020/apr/19/supertanker...
Sure but those are limited as well, and their capacity would probably run out. Those tankers would have to basically be docked and not be able to transport anymore. And then?
Re: Oil plunges below zero for first time with May contract ending
#17Someone's going to find a creative way to store large amounts of oil and make a lot of money in a few years.
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Re: Oil plunges below zero for first time with May contract ending
#18Someone's going to find a creative way to store large amounts of oil and make a lot of money in a few years.
You can create underground caverns in salt using water drilling. That's how the US stores its oil reserves.
Re: Oil plunges below zero for first time with May contract ending
#19Earlier quoted context omitted.
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...
I believe (s)he's making a sarcastic reference to oil in the ground.
Re: Oil plunges below zero for first time with May contract ending
#20What happens when Saudi Arabia collapses? Does the royalty get the fuck out of town on their private jets with as many gold bars as they can carry?