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Title: Futures Plunge As WTI Crashes By Most On Record, Tumbling To $11 Per Barrel
Source: [None]
URL Source: https://www.zerohedge.com/markets/f ... most-record-tumbling-11-barrel
Published: Apr 20, 2020
Author: Tyler Durden
Post Date: 2020-04-20 08:51:28 by Horse
Keywords: None
Views: 2817
Comments: 32

There is blood.

Post Comment   Private Reply   Ignore Thread  

Begin Trace Mode for Comment # 26.

#1. To: Horse (#0)

Let's see who's getting the lowest price personally -- just google CHEAP GAS NEAR ME, all. Says $1.54 for my town.

NeoconsNailed  posted on  2020-04-20   9:06:39 ET  Reply   Untrace   Trace   Private Reply  

$1.59 here.

Yesterday I liberally applied it to the seams in my driveway to kill weeds and fire ants.

StraitGate  posted on  2020-04-20   9:33:50 ET  Reply   Untrace   Trace   Private Reply  

Costco and Sam's are both $1.29 for regular unleaded.

Make me wish that there were somewhere to go...

Lod  posted on  2020-04-20   9:43:17 ET  Reply   Untrace   Trace   Private Reply  

Make me wish that there were somewhere to go...

Update (1250ET): The CME just issued a statement that May WTI Futures can trade negative, which sent the May contract reeling to a $4 handle (low $4.04)...

Man, I wish I knew more about futures trading. There's a shit-tonne of money to be made here.

Somehow.

Esso  posted on  2020-04-20   13:15:33 ET  Reply   Untrace   Trace   Private Reply  

WTI is West Texas Intermediate barrel (42gal) of crude oil.

Update (1325ET): And just like that, a $2 handle ($2.24) for May WTI...

Esso  posted on  2020-04-20   13:32:02 ET  Reply   Untrace   Trace   Private Reply  

Update (1335ET): WTF WTI! The May contract just traded at $1.03... It was $10 90 minutes ago!

Esso  posted on  2020-04-20   13:42:00 ET  Reply   Untrace   Trace   Private Reply  

Update (1355ET): And there it is... the May WTI contract just traded at 1 cent...

The May contract - obviously - is down 100%...

Esso  posted on  2020-04-20   14:05:41 ET  Reply   Untrace   Trace   Private Reply  

Does that mean I can buy crude at $0.01 per barrel? I'll take 50,000.

Dakmar  posted on  2020-04-20   14:50:18 ET  Reply   Untrace   Trace   Private Reply  

As Roger Diwan explained in further detail, "speculators found themselves unable to resell the WTI contract, and have no storage booked to get delivered the crude in Cushing, OK, where the delivery is specified in the contract. This means that all the storage in Cushing is booked, and there is no price they can pay to store it, or they are totally inexperienced in this game and are caught holding a contract they did not understand the full physical aspect of as the time clock expires."

So what happens now?

Well, some stability appears to have been restored, because since its settlement close around -$37, May WTI has recovered all its losses for the day and was last trading just above $0.

Gawd, I love the smell of napalm all day long.

Dakkie, I think we're gonna need a bigger tank. By tomorrow morning.

Esso  posted on  2020-04-20   23:00:40 ET  Reply   Untrace   Trace   Private Reply  

Thanks for the info and the laughs.

Buy storage tank futures.

Lod  posted on  2020-04-20   23:04:17 ET  Reply   Untrace   Trace   Private Reply  

G'night Loddy, my friend.

Esso  posted on  2020-04-20   23:07:15 ET  Reply   Untrace   Trace   Private Reply  

'night, buddy, I may struggle on for a bit.

Lod  posted on  2020-04-20   23:15:50 ET  Reply   Untrace   Trace   Private Reply  

I'm seeing some reports that "Nork Dork" may have died or is sick.

Seems to be affecting the markets. Don't know exactly what is happening.

(edit) "US officials are now studying the North Korean line of succession."

Criminy! What are we paying these "(unIntelligence) agencies" for??? Most likely it will be his sister, the "head" of propaganda or whatever the hell she is.

Esso  posted on  2020-04-21   0:24:30 ET  Reply   Untrace   Trace   Private Reply  

Seems like a heart procedure may have gone poorly for lil kim.

Lod  posted on  2020-04-21   0:36:00 ET  Reply   Untrace   Trace   Private Reply  

Not quite classified info...

Kim Yo-jong: the sister of Kim Jong-un, fast 'becoming his alter ego'

The North Korean leader’s trusted propagandist-in-chief is in the ascendancy

From producing an ashtray during a cigarette break en route to a nuclear summit to issuing a statement in praise of the US president, Kim Yo-jong has become the single most important figure in the North Korean regime after her brother, the country’s leader, Kim Jong-un.

Since representing Kim at the 2018 Winter Olympics in Pyeongchang, South Korea, Yo-jong has not only acquired prestigious titles within the ruling Workers’ party. She is rumoured to be the brains behind Kim’s carefully constructed public image, at home and abroad. In return, she enjoys the absolute confidence of her brother, a leader capable of ordering the execution of his own uncle for alleged treason.

www.theguardian.com/world...im-yo-jong-the-sister-of-kim-jong-un- fast-becoming-his-alter-ego

(Edit) Damn, the auto link didn't work. Maybe if you cut & paste and take out the space, it might work. Sorry.

Esso  posted on  2020-04-21   1:01:28 ET  Reply   Untrace   Trace   Private Reply  

www.theguardian.com/world...st-becoming-his-alter-ego

Pinguinite  posted on  2020-04-21   1:24:03 ET  Reply   Untrace   Trace   Private Reply  

#28. To: Pinguinite (#26)

Thanks, Pin!

Esso  posted on  2020-04-21 01:28:47 ET  Reply   Untrace   Trace   Private Reply  

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