4 ms·
Oil briefly went negative a couple years ago too which was shocking. I thought about “buying” some, but then realized I’d have to set up for the oil to be picke
by strongpigeon 9mo ago
Oil briefly went negative a couple years ago too which was shocking. I thought about “buying” some, but then realized I’d have to set up for the oil to be picked up (or try to sell the contract before it expired).
- zahlman 9mo ago> a couple years ago It was near the beginning of the pandemic, due to the demand shock of everything shutting down. There were probably practical ways to profit off the low prices (assuming the risk of them not recovering), but I never did figure out something that would work for a retail investor.
- buckle8017 9mo agoThe only way to profit was too have a large storage tank.
- deleted 9mo ago[deleted]
- nemomarx 9mo agodid it not come with the barrels? I figured you'd just need a warehouse and a truck. (which is a pretty big ask, of course, and maybe free labor to pick it up up and move it into the truck...(
- deleted 9mo ago[deleted]
- meindnoch 9mo agoLol, no. When you buy "barrels" of oil on a commodity market, the barrel is a unit of volume (42 US gallons).
- SAI_Peregrinus 9mo agoBarrels are over $50 each even in bulk. The oil is often less than the barrel, "1 barrel" of oil is a unit of volume equal to 42 US gallons. The price/barrel is the price of bulk oil, not oil literally transported in barrels.