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Less than $8 a barrel in the states down over 50% today.
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Not reflected in the pump price not now and won't be in a months time.
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I read somewhere a week or so a go it could hit nearly zero, too much of it and no ones using it.
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The price you are quoting is for WTI and it continues to dive, $4.94 as I type.
The main factor creating the fall is the lack of storage capacity. Production is outstripping usage, and nobody wants to pay to store oil that will go nowhere near a refinery any time soon. Brent Crude is also falling, but currently trading at $26.36 |
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WTI closed 2019 at $61 and was $18.27 at close of play on Friday.
Brent closed 2019 at $66 and was $28.08 at close of play on Friday. |
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Our local Shell/Budgens sell more out the shop than fuel they were telling me.
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Oil futures negative!
They will pay you to store the oil  |
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A history of Brent prices since 2006.
Brent is typically priced higher than WTI, the differential typically being no more than a few dollars. Of course, petrol is not the only product produced from crude.  |
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Use car once a week to go Shops , gone from a oner a month petrol to a score
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If its $4.49 a barrel could you buy a thousand barrels without the oil and sell the empty barrels as scrap metal ? - or am i missing something
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Wooden
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Still not seen under a £1 yet at the pumps
Should be around around 70p Russia Middle East probably done a deal |
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$10 per barrel. Will I see petrol at 66p per litre on forecourts soon? I hope so.
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58p per litre is fuel duty
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Why will won’t get the rewards
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Filling stations make tiny margins on petrol sales, drive offs kill them.
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If stays low, with things as are could see an Increase in that Duty to try claw some money back
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A no-brainer winner if buying and holding. A multiple return on capital is assured once lockdown is relaxed.
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Petrol at present could be knocked out for 30p a litre and their still wouldn't be any takers..the Government and this ridiculous lock down have made sure of that.
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Probably a mug question but how does one go long oil?
I see contracts for 3 months max. |
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you buy shares in bp etc
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Other than stocks, etfs, there's no way right? Unless I got my own tankers.
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buy the oil, store it, ...might be a problem there though.
price will soon be quoted for june delivery not may as in todays price |
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dont buy any - the way things are going they'll end up as barrels on your doorstep.
I sold some a few weeks ago :) |
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there is nowhere to store it, thats why it's 17c a barrel
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^^
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i think its 22 dollars a barrel for june delivery at the mo.
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Was 22 in the morning too. I thought it would go down. If no one is buying for may why would they buy for June?
May contract expires today if Im not wrong so this is not that dramatic. I had decided to get involved in oil a week ago and still clueless. Just holding Shell shares for now. |
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I think they have in the past been able to reverse pump oil into disused oilfields, but that's neither here nor there, either is buying avarrel of oil,its crude, stop being silly. The big thing I have taken from the "agreements" is they all agree to reduce production and then try and profit by doing the opposite.Funny old world. We are at a crossroads and this so called rare resource seems to be getting less rare by the hour.Frightening to think how much there actually is,let's get on our bikes and see if we get get it into negative value.
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Fkin -11 how does this **** work? Do we get paid to take in oil? Empty the swimming pool time?
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bobby ewing would just park his ship.
jr would have some dirt on the refiner so they would take his oil... |
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you have to pay for delivery as well
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-23
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I think the issue is that shutting down production costs producers a huge amount, so they want to keep pumping but have nowhere to store it.
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WTI finishes on -$37...madness
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so how much to bail the oil companys out
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Can one not buy futures/contracts in oil? Buy now at about $8/10 and sell say 12 months' time or whenever before. Is that not how futures/contracts work?
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I meant Brent crude. It's about $25 per barrel.
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