That would never happen unless America nationalizes it and turns into Venezuela. Nothing is off the table at this point thoughâŚ
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Unlikely. On those negative contracts they either have to take delivery in person or settle the loss.
Judging by price action, I would say 40 is the current cost of storage and sellers intend to deliver. A smart refiner will make a fortune, greedy ones will be sitting on their hands.
I didnât mean that as a govt policy, just the effect of market pricing. But you are right in âNothing is off the table at this point thoughâŚâ
The barrel (in use) costs 100, the oil inside is 0, the storage is more, labor and transport. I wouldnât read too much into the negative price, oil is not like the crops that are just being tilled back into the soil. Itâs the CME version of GFY.
The Fed canât control it now any more than they did when it slid into the 6000s. The current market levels are artificially high because of stimulus but that doesnât change whatâs under them.
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plunging 305 percent to a record low -$36.73 per barrel. At a price below zero, buyers would be paid to take delivery as there are costs associated with transportation and storage.
How much does it cost to lease an oil tanker?
Everyone do your part to stablize prices
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Regular at Costco is now $1.35 
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$2.45 Costco SoCal 
Difference in gas tax is about $0.50 between AK and CA
Guessing the other $0.50 is for sun and surf
Or most of Alaska doesnât need the gas to be shipped too far?
Time to get back in?
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No thanks. Iâll stick with tax law!
And not even 60 days later, after a month where WTI went negative, 91 is back to $3.39/gal. Funny how quickly equilibrium returns.
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Yikes⌠not looking good
Iâm gonna take a wild guess and say that we didnât send our best with hat in hand.
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And Russia, also.
Timing is rather interesting with this decision too. I think we will see $4.50 average gas by December.
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