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Now trading at -$37.00. That's right. Negative thirty seven dollars. Today: -54.67, -299.23%. https://www.marketwatch.com/investing/future/crude%20oil%20-...
I wonder if that negative int broke a bunch of code in software around the world
Anyone with insight what we will see tomorrow when the May contract issue isn't in play?
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Ok folks - I'll never ever use some kind of "joke" here again. Do you really want to discuss that being a software developer requires at least a glimpse of being "smart"? I wanted to use it in a way to express "humbleness", that's why the stress should be on "somehow". I need a break, seriously.
> Do you really want to discuss that being a software developer requires at least a glimpse of being "smart"? Pretty sure that'll be a topic of conversation on HN for decades to come.
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I wonder if that negative int broke a bunch of code in software around the world
Son I sure hope thats not an Int. Its double, float or something else
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You'll also see the economy in the fourth largest city in the US - Houston - collapse. It's not just the large energy companies here, but the entire ecosystem of companies that support the energy industry here.
Are there any signs of this starting to happen given how low prices have gone?
However, those cash reserves will quickly burn though. And the worst part is a lot of Houston's economy is buttressed by oilfield services companies, which make all their money off drilling new fracking wells.
Right now, it makes 0 sense to drill new fracking wells (-40 sense, to be more accurate), and they have big loans on billions of dollars worth of equipment.
It's gonna hurt soon, and it's going to hurt very bad.
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Depreciation exists, and for mining investments, it's quite fast. Without extra investments, in 3 years most of that infrastructure won't be there anymore.
Fascinating. Is crude oil extra corrosive or is it something in the environment? Ocean salt water is highly corrosive but then what about equipment on land? Is there something that could be done to make an idled investment last longer?
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> I asked why they weren't prepared on Friday. What, exactly, do you expect them do to "prepare"? Friday they had more time to unload the contracts, and today they have less.
How to prepare: Sell futures on Friday, buy today (to close out the position). Profit from the predictable price difference.
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What I don't understand is why the sudden move today? Did the longs think they had a place to put the oil on Friday but found out over the weekend they had no place to put it? Just seems like you would know what to do with the oil on Friday. Note this is not a rhetorical question, I would sincerely like an answer.
By definition all open futures contracts have to either a) be Physically delivered Or b) be closed (remember that for futures contracts there is someone on each side (prepared to deliver 1,000 bbl and prepared to receive 1,000 bbl) Now if you are a financial participant you need to close out your position as you are not in a position to either deliver/receive physical oil - so you need to essentially pay whatever it…
“ The upcoming May contract’s expiry means traders are shifting their positions to June as they try to avoid taking deliveries of cargoes because of the lack of space to store them. That has opened up an unprecedented discount of more than $10 between the two nearest contracts. This situation—in which the price of the June contract is far above that of the May one—apparently delights in the name “super contango.” Peo…
The price knows where it is because where it isn't.