US Crude Oil Futures Below $0, First Time In History | Forex Factory

  • US Crude Oil Futures Below $0, First Time In History

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el_duende
Apr 20, 2020 2:04pm
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So what the hell does Trumpt tweet now after his historic OPEC+ oil deal
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Never
Apr 20, 2020 1:31pm
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I bought at $2.75 holding
Now I am part of history
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RossEdwards
Apr 20, 2020 2:14pm
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Quoting Momofrmnyc
Just imagine being on the right side of this. The win would be one of the greatest of the year in your portfolio.
Posted 9 Days ago... price circa $22.

Quoting RossEdwards
{quote} Yes.. inventory/storage is the key issue in current overproduction at well-head . and creates potential for another sharp leg down in prices. We are already finding shipping prices being doubled as excess inventory is being stashed in floating storage as onshore storage fills. What info I have received suggest that unless output is decisively curbed by May 1 will see a real storage crisis hit the market. And even that may not be enough. Perhaps others may have better info on this ? We dont normally trade energy and thus are not fully familiar...
What a short.. .. and (sadly) we dont even trade Oil futures..

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RossEdwards
Apr 21, 2020 4:35am — Edited
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100% @DaJoWaB.. You Nailed it Again..
Point IS NOT how smart our analysis was.(Im sure'000s of others did similar). but that it wasnt Rocket Science.
and anyone doing DD would have figured storage was the key factor in the front month (Irrespective of the Trump deal) ..weeks ago.

Sadly, I didn't make a dime out of it*.. now THAT is Dumb...
*(dont trade energy)
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Momofrmnyc
Apr 20, 2020 2:23pm
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Quoting RossEdwards
{quote} Posted 9 Days ago... price circa $22. {quote} What a short.. .. and (sadly) we dont even trade Oil futures..

Funny as well when I go back in my past comments I refer to oil as well dropping a few weeks prior but alas I know shit about oil futures. We do both understand the basic supply/demand and that TRUMPED everything today.
afevir
Apr 20, 2020 3:17pm
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this tells us how long we will have confinement for now
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Tony112
Apr 20, 2020 1:43pm
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Quoting Quantower
it's history, friends! {image}
SANTA MARIA!!!!! WHAT a poster for the futur generations. Let me print that out and frame it.
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Bones
Apr 21, 2020 6:23am — Edited
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Oil is creating demand for $ today, expires today but you can't take it
If you brought a futures when it was higher ,correct me if I'm wrong
You need more $ to pay that contract off, no way can you take it with no storage

I know thats not the May futures chart, just see what I mean
Their in negative positions from above
Attached Image (click to enlarge)
Click to Enlarge Name: CL-Monthly.jpg Size: 2 KB
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Bones
Apr 21, 2020 6:31am
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wow, one liner post you want to keep saying how smart it was, stop boring us, stop saying our and mixing I into the post. Everyone else knows you're just like anyone on these forums.

Quoting RossEdwards
100% @DaJoWaB.. You Nailed it Again.. Point IS NOT how smart our analysis was.(Im sure'000s of others did similar). but that it wasnt Rocket Science. and anyone doing DD would have figured storage was the key factor in the front month (Irrespective of the Trump deal) ..weeks ago. Sadly, I didn't make a dime out of it*.. now THAT is Dumb... *(dont trade energy)
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RossEdwards
Apr 20, 2020 1:43pm
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Quoting Never
I bought at $2.75 holding Now I am part of history
Psst!... Wanta buy some storage? Only $20 a barrel (pm)..

(Sorry mate.. but youve got a nice sense of humour.. .. Im sure it will come back..and youll end looking smart.. this is uncharted territory .. wish you well )
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DaJoWaBa
Apr 21, 2020 12:54am
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On 5th April, Ross Edwards wrote:

Quoting DaJoWaBa:
There's a backdrop being ignored here: how soon global storage becomes full which will create its own havoc. You can't even rule out negative prices to clear the excess. OPEC may want to try to manage output and price but not even Saudi or Russia will be able to cope that well with no demand at all.

Yep.. Nailed it.
Im sure you already watching Baltic Exchange Tanker rates.. Tankers being tied up in oil storage roles and transport rates rocketing..
1

So, folks could have got ready early April or even before that as I can't claim exclusivity.
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Momofrmnyc
Apr 20, 2020 3:38pm
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Quoting Jr123
{quote} Just imagine how many were on the wrong side.
Your totally right about that. Well you can swallow the pill and rollover for next month (obviously that'll be a cost to you). Regardless we are in unprecedented times that's for sure.
eozdural
Apr 20, 2020 4:35pm
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Quoting Jr123
{quote} Just imagine how many were on the wrong side.
From Zerohedge:
"There is a lot of chatter that a fund blew up here as the irrational forced selling in the front month - sending the prompt spread to a stunning $60 - suggests at least one major player was buying the dip on the spread and was obliterated today."

https://www.zerohedge.com/markets/historic-oil-crash-sends-canadian-oil-prices-negative
https://www.forexfactory.com/news/993869-history-in-the-making-oil-settles-at-negative
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Quantower
Apr 20, 2020 1:41pm
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it's history, friends!

Attached Image (click to enlarge)
Click to Enlarge Name: CL.png Size: 86 KB
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manahil
Apr 20, 2020 2:32pm
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Get free crude oil/brl with 40$ cash
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here2there
Apr 20, 2020 5:42pm
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Quoting Never
I bought at $2.75 holding Now I am part of history
US citizens aren't so privileged to trade oil. So much for the 'land of the free' (lie).
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asmadi78
Apr 20, 2020 2:29pm
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SELL OFF CRUIDE OIL WTI to USD$ -40.00 ( Minus 40.00 )
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barkie
Apr 20, 2020 1:46pm
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Quoting Never
I bought at $2.75 holding Now I am part of history
Yeah what a shame that contracts expire right at the time you see a once in a lifetime opportunity
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aquavox
Apr 20, 2020 6:29pm
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Quoting Momofrmnyc
{quote} Where does one store all this oil?
they put it back in the ground and hope for the market and price to recover
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Momofrmnyc
Apr 20, 2020 1:38pm — Edited
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Quoting Never
I bought at $2.75 holding Now I am part of history
Where does one store all this oil?
Momofrmnyc
Apr 20, 2020 1:51pm
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Just imagine being on the right side of this. The win would be one of the greatest of the year in your portfolio.
Blessed-man
Apr 20, 2020 3:22pm
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But the spread will be excessive at negative $40 (-$40/$2) as possible Sell/bid price.

How will average trader profit from the -ve price
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lakhan
Apr 20, 2020 3:31pm
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Sounds bullish to me
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Ghass1234
Apr 20, 2020 1:44pm
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Quoting Tony112
{quote} SANTA MARIA!!!!! WHAT a poster for the futur generations. Let me print that out and frame it.
time to buy ?
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Jr123
Apr 20, 2020 3:03pm
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Quoting Momofrmnyc
Just imagine being on the right side of this. The win would be one of the greatest of the year in your portfolio.
Just imagine how many were on the wrong side.
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Momofrmnyc
Apr 20, 2020 1:25pm
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Waiting from some random OPEC headline or someone related in the oil industry to try to juke the markets up.
desertninja
Apr 20, 2020 2:46pm
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are we going to collect petrol/diesel for free at the pump to help them relieve their storage problem? That would be nice.
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Mick21
Apr 20, 2020 6:28pm
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Anybody wants to buy some oil.....anybody.....anybody!
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Trader#FB00
Apr 21, 2020 3:11am
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Quoting Never
I bought at $2.75 holding Now I am part of history
Looks like Never is NEVER coming back from this one, eek
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