Soon they will give you money for buying oil lol. I totally see it going below 0 today.
I am in negociation with king Salmane to buy Saudi Arabia
Now down to 0.00$ lol.
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I suppose you already know what happening, but just in case, itâs not far from the truth that people will give you money for buying oil (if you can store it between May and June)
(Future traders want to roll their May contracts to June, but thereâs no storage left, so yes technically this could go negative)
https://www.bloomberg.com/opinion/articles/2020-04-20/there-s-nowhere-to-put-the-oil
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What the actual fudge? I need explanation STAT! Why has this never happened before?
Because we never had a global lockdown with -95% in air travel. No one needs oil anymore and the producers have full storages. Storing it costs way more than 14$/barrel it seems lol.
We are at -14$/barrel.
Edit: We are at -40$/barrel wtf xD
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The World has gone bonkers. Have the Saudis or OPEC actually predicted this when they decided to play this game with Russia? They should have cut down on production as soon as it was clear what was going on.
https://www.cnbc.com/quotes/?symbol=@CL.1
What do you think Bojack? Letâs order 1 million barrels, get 40 million in cash and just disappear? xD
If there were no laws, you would literally be getting paid $40/barrel to pour oil into the ocean right now.
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So, totally unrelated question, but how much do you think it would cost to rent a football stadium for a couple of months?
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Crazy.
Is there an oil ETF I can âbuyâ and get some cash with it?
Unfortunately no. The only way to profit from this is to rent a football stadium and keep the barrels there for a couple of months.
Given that sport events might take a while to resume, renting a stadium should be cheap nowadays 
Why a football stadium? If these are barrels, you could keep them basically anywhere.
Do they actually let you keep the barrels? I thought you would have to rent a swimming pool or sth.
But I canât imagine that they are actually selling you physical barrels. Otherwise, why not just keep these barrels at the productions site and wait until this craziness ends. I think weâve reached a point where there are no free barrels left, no oil tankers, no oil trucks, nothing.
The math is simple.
- Order 1 million barrels.
- Get 40 million USD in cash.
- Rent a stadium for a couple of months for 20 million USD.
- Sell the barells now for 20$/barrel for 20 million USD.
- Now you have 40 million cash and you can retire.
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What if there is just, like, a tap and you have to organize your own containers and means of transporting the stuff? Storing would be the smallest of the problems.
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Oil at - 30USD/barrelâŠwow. Shit is now really hitting the fan.
Ever since I found out that my retired father has a fairly substantial amount of his wealth invested in a single oil stock (legacy effect - he worked for them a long time ago), I have been telling him how insanely risky/stupid it is to place a large bet on a single resource stockâŠ
Since the corona-crash I have been sending him screenshots. His response âas long as they keep upping their dividend at the shareholderâs meeting Iâm happyâ. Pretty sure that dividend wonât be raised this yearâŠ
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I hope his oil company doesnât go bankrupt.
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Itâs going to recover, only the spot price is impacted right (because of all the people who need to roll their futures)? Futures are still much higher.
Iâm afraid to think that some (chinese?) might be doing exactly that.
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