5 replies to this topic

[Rogerdodger]

U.S. crude oil futures for May plummet to minus $37 — lowest price in history

2 months ago I thought that UCO at $10 was a deal. Today it closed at $1.35

 

I filled up with gasoline today and THEY PAID ME!

Well not exactly since gasoline is not Crude oil but how low can it go?

 

 

[Russ]

Martin Armstrong:"Spot crude has fallen to ZERO because this lockdown has destroyed the economy from top to bottom. There is no place to store the oil and the Climate Change conspiracy against the world is jumping for joy. What they fail to understand is the cheap oil makes every other form of energy now TOO expensive.

Their goal to reconstruct the economy without oil wiping out all the jobs in airlines and the auto industry for starters is going to unleash absolute civil unrest. If the governments DO NOT launch serious investigations into this deliberate destruction of the world economy to force the end of CO2, there will be revolutions as long as governments protect these people."

 

https://www.armstron...n-their-vision/

[Russ]

I created this chart in 2018 which projected a major low for oil in Mid April 2020,  I never dreamed the chart would get down to 1 cent!  The ultimate 5th wave extension.

 

 

Edited by Russ, 20 April 2020 - 08:54 PM.

[Rogerdodger]

The crude oil tanks around Cushing Oklahoma have approximately 91 million barrels of storage capacity.

 

 

Today's price was for tomorrow's expiration. Further out it is in the $20's but even  that price will destroy thousands of jobs.

Oklahoma is screwed.
 

Oklahoma collects a five percent gross production tax on every barrel of oil that’s produced in the state.

Economists with Oklahoma State University predict the loss of 10,000 energy jobs. June futures contracts are already selling in the $20 range, but that price is not high enough. Seng said as summer nears and demand stays low, oil companies are going to have to make some changes.

“It’s horrendous, but we can’t do anything about it," he said.

Edited by Rogerdodger, 20 April 2020 - 10:47 PM.

[12SPX]

U.S. crude oil futures for May plummet to minus $37 — lowest price in history

2 months ago I thought that UCO at $10 was a deal. Today it closed at $1.35

 

I filled up with gasoline today and THEY PAID ME!

Well not exactly since gasoline is not Crude oil but how low can it go?

 

 

 

I'm not an oil guy but have been watching that UCO.  Why did the price jump up to $21 today is that a miss quote?

[Russ]

Gush is starting to look pretty attractive,  possibly a test of support near the end of April...