History: the oil price (WTI) goes below zero dollars!

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History: the oil price (WTI) goes below zero dollars!




by Christophe » 21/04/20, 00:16

It's not a joke ...

Speculation, saturated storage ... Why the barrel of oil fell below zero dollar

US crude oil finished negative for the first time on Monday. Speculative mechanics has seized up, fueled by a fall in consumption of black gold and the saturation of storage capacities.



https://www.liberation.fr/planete/2020/ ... ar_1785881
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Re: Oil prices in constant currency (historical)




by Christophe » 21/04/20, 01:23

Trump takes the opportunity to fill the US strategic reserve, a purchase of 75 million barrels ...

Or just over 10% of their total reserve! : Mrgreen:

Learn more about strategic reserves: https://fr.wikipedia.org/wiki/R%C3%A9se ... C3%A9trole
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Re: Oil prices in constant currency (historical)




by Christophe » 21/04/20, 01:38

Completely...

On the evening of April 20, a barrel of West Texas Intermediate (WTI) was trading at -37 dollars. Concretely, this means that producers pay $ 37 to give their barrel of oil. The petroleum industry holds the year 1859 for its year zero. Never in the history of black gold, the price of a barrel had fallen into negative territory on the futures markets. In just one day, the price of this oil made in the USA and on the New York side literally collapsed, going from 24,59 dollars per barrel of 159 liters to… two dollars at the end of the day, before taking the plunge in the negative and finally appear at -37 dollars a barrel.


Courses
WTI Oil
-7.02 USD -138.57%
INDICATIVE VALUE -6.46 EUR

https://www.boursorama.com/bourse/matie ... urs/8xWBS/

It's just ... crazy ... and disturbing enough for the rest of things ... : Shock: : Shock: : Shock:

63043C44-A187-4E5B-A118-5122C768F11E.png


You will note that the stock market does not know how to manage negative quotes well ...

Okay, let's buy where you will put me 10 million please? : Mrgreen:
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Re: History: the oil price (WTI) goes below zero dollars!




by Christophe » 21/04/20, 01:54

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Re: History: the oil price (WTI) goes below zero dollars!




by Macro » 21/04/20, 06:57

Like what ... It would be enough that the people do not buy it ... For not that it sells ... (coluche the hitchhiker)
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Re: History: the oil price (WTI) goes below zero dollars!




by perplex » 21/04/20, 10:32

Without crystal ball, before December the machine will be gone to the bottom, economy forced market requires, see our Lemaire (I wonder if worse is possible) : Mrgreen:

So 100 € now could be X10 by December 2020 ...
It is tempting!
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Re: History: the oil price (WTI) goes below zero dollars!




by Macro » 21/04/20, 11:20

This is the price of a barrel of Texas oil ... On the spot .... If you want to transport it, store it further ... : Mrgreen: : Mrgreen: : Mrgreen: you will have to add dollars .... Go recover the buried hidden stocks of amoco and erika will cost you much less : Mrgreen:
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Re: History: the oil price (WTI) goes below zero dollars!




by Remundo » 21/04/20, 13:48

in France prices are always above 1 € / L, except of course the E85

live taxes. : roll:
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Re: History: the oil price (WTI) goes below zero dollars!




by Christophe » 21/04/20, 13:48

+ 300% today !! This is also historic! https://www.boursorama.com/bourse/matie ... urs/8xWBS/

Screenshot_2020-04-21 WTI Oil, WTI WBS Oil Price - Price, Quotation, Ice Europ Exchange - Boursorama.png
Screenshot_2020-04-21 WTI Oil, WTI WBS Oil Price - Price, Quotation, Bourse Ice Europ - Boursorama.png (186.12 KiB) Viewed 4873 times


So if I bought 10 million barrels yesterday I gained up to $ 370 million when I bought it ... which I sell today for $ 15 a barrel, or $ 150 million more.

Added value: $ 520 million in less than 24 hours without having invested 1 dollar !!

We are really living in a great time !!

Come on and tell me it's a health crisis there !! : Mrgreen: : Mrgreen: : Mrgreen:
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Re: History: the oil price (WTI) goes below zero dollars!




by Christophe » 21/04/20, 13:53

Remundo wrote:in France prices are always above 1 € / L, except of course the E85

live taxes. : roll:


a) I think there is little or no connection between the WTI and the price of fuels in France ... here it is Brent which counts right?

b) It is a futures market, that is to say delivery in X weeks or months ... so there is lag ... but actually the price at the pump in the USA should feel this thing!

After that it was obviously a speculative "bug" of a few hours ... so I would be surprised that this is applied at the pump at home : Mrgreen:

c) Nevertheless, the speech of journalists who argue that taxes constitute a large part of the price of oil does not hold: if the price of the product is negative ... its taxes are too! : Cheesy:

Less by more is less !!

6th class !!
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