WTI May Futures Now Below $2 – Headed to below $0

You can, and they will. You just have to cap the well never to be used again.

Someday, we need to remind the Saudi jackass enemy that their military can’t fight it’s way out of a piss soaked paper bag, and that they are annoying the only nation standing between them and oblivion, and that some afternoon we might just take everything they have.

They are waaaayyyy out ahead of their skis

Thinking the same thing.

I should’ve bought an oil tanker! They’d pay me to take the oil, and then I could sell the oil in a year.

ah….but then you’d be a price-gougher

Oil consumption is probably near an all time low for the past generation at least. No where to put it. I heard that there is 40 million barrels of crude being stored on ships that is unsold.

In Albertas’ tar sands you just stop digging it. It’ll wait until needed.

This “news” is meaningless, people. It is just a contract that expires this week. It won’t be “$0” or anywhere near it on Wednesday, when a new contract is active. Likely to be $18-20. Reporters average a 10th grade education. This silly headline is an example of it.

I’m astonished that the markets haven’t collapsed. They are ether at the bottom, or investor confidence that this thing will be over soon is still high. All it will take is a major secondary flair-up and that will change. This whole thing is being manipulated. The only way out maybe an actual war against china. They own the UN and globalist movement. China thinks they will be in charge when the smoke clears. I think the ccp falls before it is over, just like the USSR.

President Trump should tell everyone to fill up their cars and drive around to save our country.

Check back in a couple of months. Make no mistake. This virus is the mother of all black swans. Economies were already doing a lot o sleight of hand to make things look like everything was fine, but it wasn’t.

At least when WWII started, we didn’t owe a lot of money. The whole world’s Venezuela/Zimbabwe moment is just a few months off. This is gonna leave a mark. It is literally as plain as the nose on your face.

It is not meaningless to people. The spot and future prices converge at expiration. So, yes the price will be higher, but June futures are also falling. If consumption remains low there simply won’t be any place to put the oil. June prices will continue to fall.

A $40-$50 tariff on imported oil would solve this problem overnight.

POTUS has the authority to make it so.

The Saudis have 9 supertankers headed our way now. Every tanker in the world is full, many just anchored. It’s an epic glut.

You most certainly can

Huh? Most of these new wells in unconventional plays are severely damaged after extended shut-in times.

NOW is the time to fill the National Strategic Reserve.

That was my point. My nephew works the wells in Texas, he says that it would be easier to drill a new well.

Agreed. Two years ago was the time to expand the storage of the NSR so more oil could be bought at low prices.