4 ms·
anybody know how many barrels were actually sold at that price? $0 is one thing, but I'm shocked at the minus $38. It could not have been large.
by pcurve 7y ago
anybody know how many barrels were actually sold at that price? $0 is one thing, but I'm shocked at the minus $38. It could not have been large.
- ochoseis 7y ago“oil firms have resorted to renting tankers to store the surplus supply and that has forced the price of US oil into negative territory”
- irrational 7y agoHow long until we run out of tankers?
- blhack 7y agoHow out of date do you think this list is? https://horizonship.com/ship-category/tankers-for-sale/crude-oil-tankers-for-sale/ https://horizonship.com/ship-category/tankers-for-sale/crude...
- huac 7y agoI like this entry (https://horizonship.com/ship/250m-aframax-tanker-2004-124258-cbm-dwt-115635/ https://horizonship.com/ship/250m-aframax-tanker-2004-124258...), listed at $11.9 million and includes the following line: "As brokers try mid/high US$ 11 Mio's."
- irrational 7y agoSo, almost 200 for sale. That is interesting.
- godzillabrennus 7y agoNo demand, surplus inventory already out there, so taking possession in May requires storing them indefinitely. Investors decided to factor that cost in when buying these.
- lubos 7y agoYou can close your position by buying the month after futures. This will require you to store crude oil for just one month. I think the issue is that storage facilities are almost booked out and the remaining capacity is just so expensive.
- cheald 7y agoYou can look up the volume: https://www.marketwatch.com/investing/future/cl.1/charts https://www.marketwatch.com/investing/future/cl.1/charts -- between 2:20-2:25, EST, for example, volume was 748 contracts (748,000 barrels) at -$37.11.
- partiallypro 7y agoIt's entirely possible that no barrels will be effectively sold at a negative number. Because even after expiration you can negotiate OTC, it depends. At the very least, the final print likely will be renegotiated.