May Crude Selling for $1.xx??? Holy cow

ZBZB · Apr 20, 2020

Edmond said:
Now -1.43

what service was that on? IB have 0.0 with the bar closing there. Then the close jumps to $18.

niko79542 · Apr 20, 2020

S2007S said:
Will it jump to 20+ once the contract expires and the June one comes into effect?

June contract volume eclipsed May contract volume sometime last week. I think it was Wednesday.

ZBZB · Apr 20, 2020

ZBZB said:
what service was that on? IB have 0.0 with the bar closing there. Then the close jumps to $18.

IB have stopped trading one day before the underlying market as you cannot take delivery at IB.

S2007S · Apr 20, 2020

So what happens tomorrow with oil? Is gas literally a buck a barrel? That means gas prices would be about 30 cents a gallon.

JoeF · Apr 20, 2020

-6.50 a barrel :wtf:

Scataphagos · Apr 20, 2020

JoeF said:
-6.50 a barrel

So.... seller has to pay buyer $650/bbl to take the stuff off his hands?

Now THERE'S an investment!

(Guess it works only if you got a place to store it.)

S2007S · Apr 20, 2020

Its now-35

Negative

Scataphagos · Apr 20, 2020

Price 10 mins ago... $-39.14/bbl.

Explanation for this will be an interesting read...

kmiklas · Apr 20, 2020

Don't touch it don't touch it DON'T TOUCH IT!!!

It's a smoking gun... outside of a few essential supply chains, NOTHING moves until 2021.

niko79542 · Apr 20, 2020

"My understanding is that, since May contracts expire tomorrow, you have to get physical oil delivered. However, due to all storage are at their full capacity, there is no place for you to store oil/The cost to store oil is too high, so people are paying others to take oil from them"