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Author Topic: US Oil Prices Plunge Below $0, Producers May Pay To Get Rid Of Crude Glut  (Read 434 times)

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US Oil Prices Plunge Below $0, Producers May Pay To Get Rid Of Crude Glut
« on: April 20, 2020, 08:15:48 pm »

Marlo Safi
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April 20, 2020 2:31 PM ET

Oil prices plunged into the negatives Monday, suggesting those who have oil to sell were willing to pay others in order to get rid of the oil as barrels continue to be stockpiled in any available space companies can find in storage facilities, the New York Times reported.

The oil market faces a glut with nowhere to put physical barrels of crude, prompting some buyers in Texas to offer some oil streams for $2 a barrel, raising the possibility that producers may soon have to pay to relieve themselves of crude, Yahoo Finance reported Monday. Oil companies may have to turn taps off or see tank farms fill to the brim, according to the New York Times.

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https://dailycaller.com/2020/04/20/us-crude-oil-barrel-price-plunge-surplus-coronavirus/
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Offline catfish1957

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Re: US Oil Prices Plunge Below $0, Producers May Pay To Get Rid Of Crude Glut
« Reply #1 on: April 20, 2020, 08:18:08 pm »
Producers will shut off the spigot, before paying for it to be taken away.  Promise. 

Or in the case of the large intergrated, reifineries will basically get near free feedstock, and adjust margins according down stream.
« Last Edit: April 20, 2020, 08:19:30 pm by catfish1957 »
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