Oil price

[Bumble]

I expected the oil price to fall, but I must admit I never expected this:

CNN is reporting WTI light crude at 34 cents a barrel, and Yahoo finance at 5 cents a barrel.

[mr-dead]

oil prices now negative at -$11.42

wonder how much they'll pay me to fill the lambo tank and relieve some of those storage issues

[cravethatcoin]

Crazy times for oil.

I have put some funds in many oil companies, hopefully it's a good long term strategy.
 

[Chronix]

so how can somebody profit from negative prices of oil? i dont get that part

[Danny-boy]

1 minute ago, Chronix said:

so how can somebody profit from negative prices of oil? i dont get that part

Same here. 
 

I’d drop £5K in now but I don’t think that’s how it works with oil. 
 

Not sure. 

[bluemoon]

Yep this seems an opportunity, but it's hard to hold a barrel of oil in your hand and sell it back to an oil dealer! I guess buying shares is the way to go. What about scraping all the oil out of your car and holding onto it for a while? I've got a bottle of car lube from Wilko in the garage actually that I'll bury in my garden now. Speaking of lube, sorry Mrs. Moon, I'm taking that too!

[Kman]

I've heard when people want to put money into oil going down they do so by putting money into something like SCO - I think it means short crude oil? 

 

[Chorlton]

7 minutes ago, Chronix said:

so how can somebody profit from negative prices of oil? i dont get that part

I would guess it allows for storage , processing and transport costs, given the actual oil is currently worthless, to reduce the loss rather than make a profit.

[Bumble]

Prices for WTI light crude are now negative. (Unfortunately this does not mean you can actually be paid to take delivery!)

[vand]

Well that was genuinely bizarro, watching spot slide through the day. I gave up trying to keep tabs on the gold to oil ratio when it went past 200:1.  Never thought it'd touch and go past the infinity asymptote.

[KDave]

Incredible stuff, one day this will happen to gold but in the other direction.

WTI back to $20 tomorrow I reckon. 

[silverdocket]

It's a mad world 

[KDave]

4 minutes ago, silverdocket said:

It's a mad world 

At these prices they should be paying us to fill up! 

[AurumArgenti]

What next I wonder?

[PapaLazarou]

Why don't COMEX offer their warehouses for the storage of oil? They've sweet FA else in them.

Any overflow could be dumped in Fort Knox.

[Goldhooked]

5 minutes ago, AurumArgenti said:

What next I wonder?

UK sending billions of pounds in aid to poor countries such as Saudi Arabia 🤷‍♂️

[silverdocket]

6 minutes ago, KDave said:

At these prices they should be paying us to fill up! 

No reason why it shouldn't be 50p/60c a litre at the moment

[JunkBond]

Fuel duty.

[silverdocket]

Just now, JunkBond said:

Fuel duty.

Add to the cost percentage

[Thelonerangershorse]

6 minutes ago, JunkBond said:

Fuel duty.

& VAT

[Martlet]

 

6 minutes ago, silverdocket said:

No reason why it shouldn't be 50p/60c a litre at the moment

Because duty is a fixed amount, not % (though they put VAT on top of that!).  This is oil futures price, not the refined petrol/gasoline price.  They are linked of course but not directly.  

[mr-dead]

5 minutes ago, Martlet said:

 

Because duty is a fixed amount, not % (though they put VAT on top of that!).  This is oil futures price, not the refined petrol/gasoline price.  They are linked of course but not directly.  

Unless the price is going upwards obviously.

[silverdocket]

3 minutes ago, mr-dead said:

Unless the price is going upwards obviously.

Cheers it's good to know. Wonder what the duty is per litre 

[Abyss]

 

[KDave]

At the mere sniff of higher oil the price at the pumps goes up.