Crude Oil May Contracts on Negative

in #palnet4 years ago

If you read me lately you can see i have been trading stocks and commodities. Spot to do that anonymously is of course SimpleFx but you can use any other platform or form that you like.

WTI Crude Oil was doing crazy things since some time but today may contracts went into negative.

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For the WTI Oil brand before 21:00 investors were ready to pay -37 dollars! Which means that someone who sold the item had to pay extra! A large group of investors expected a weak session, but certainly, the scale of declines exceeded all expectations. On some platforms, the decline is not observable, because some brokers have already switched to June contracts over the weekend.

If this keeps going on contract expires tomorrow it means sellers will pay you to get the OIL barrels. Catch is - 1 contract is 1000 barrels. So if for example 35USD was on minus you would get 35 000 USD + free barrels. Sadly not many people can hold those barrels - and companies are also fully stocked - hence the price.

Hell i haven't tank car since over 7 weeks and normally i have to do i max 1,5 week.

Right now a barrel costs over 1 USD.

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This is so odd to see.

crazy times we live in

Always knew this black sludge that is the bane of environments would invert in price.
Always have had to pay for manufacturing waste.

:)

Yeah, it went back over $1. But we don't have anywhere to put this stuff!

still pretty crazy

I didn't expect what has happen to oil price.

nobody did i think...

 4 years ago Reveal Comment