Oil Crashes Below $0 Per Barrel - What?!

[Malikbhai]

https://edition.cnn.com/2020/04/20/i...ing/index.html

It went to -$37 per barrel during the session.

This will have a profound impact on everything. Could be a blessing; or it could see the start of a very long winter.

Discuss.

[Malikbhai]

Even though the current pricing reflects a futures contract that would expire Tuesday for May delivery, but any unsold oil would still be available in the inventory for June, July and so on.

[universal4]

It is difficult to predict what the market will do tomorrow, suffice it to say it will be a very active trading day at the opening bell.

I just can't see OPEC allowing it to continue, and certainly can see the US markets not wanting to make some corrections after the manner of late trading did today.

I know it dropped fast, but I am surprised trading wasn't halted mid day.

I am not sure if the fact the dow closed only just under 600 down if that means a big drop tomorrow opening or a rebound in the oil market. A lot of speculations are flying around on both sides of the argument.

Rick
Universal4

[Malikbhai]

It's back to its senses for now; for June delivery.

https://www.tradingview.com/symbols/NYMEX-CL1!/

[Malikbhai]

The US blends at the bottom of the page are effed. Like royally.

https://oilprice.com/oil-price-charts/block/50

[Pokerface]

Figures oil and gas prices are at record lows just when we can't go anywhere.

[Nenad]

I know somehow that the prices will go up just when we can go anywhere...