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Offline mystery-ak

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US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« on: April 20, 2020, 10:23:34 am »
US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
by Josh Siegel
 | April 20, 2020 10:18 AM



U.S. oil prices fell to $11 per barrel Monday, a level not seen in at least 20 years.

The low price of West Texas Intermediate crude, the U.S. benchmark, comes amid collapsing demand from the coronavirus pandemic, which has shut down world economies and prevented people from traveling.

About 60% of the world’s oil normally is used to make transportation fuel.

The further drop in price Monday also reflected concern that the logistics of the oil industry — ships, pipelines, and storage tanks — will be overwhelmed soon from an oil supply glut with demand so low.

more
https://www.washingtonexaminer.com/policy/energy/us-oil-prices-plunge-to-11-per-barrel-lowest-in-two-decades-in-pandemic-fueled-free-fall
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Offline Free Vulcan

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #1 on: April 20, 2020, 12:08:38 pm »
Right now front month futures are bouncing off $10.
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Offline catfish1957

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #2 on: April 20, 2020, 12:13:13 pm »
Quote from: Free Vulcan on April 20, 2020, 12:08:38 pm
Right now front month futures are bouncing off $10.

As I said on another thread, there are some people making a speculative killing as we speak.  As production slows, that $10/bbl oil will bring huge returns.
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Offline Free Vulcan

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #3 on: April 20, 2020, 12:53:10 pm »
Just crashed again to sub/$8. I'm thinking early 80's since it's been that low.
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Offline Free Vulcan

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #4 on: April 20, 2020, 01:04:42 pm »
Scratch that, oil just bounced off $4.

That's early 70's prices, pre-embargo, non-adjusted for inflation.

Damn.

« Last Edit: April 20, 2020, 01:10:18 pm by Free Vulcan »
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Offline libertybele

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #5 on: April 20, 2020, 01:10:57 pm »
Quote from: Free Vulcan on April 20, 2020, 01:04:42 pm
Scratch that, oil just bounced off $4.

That's early 70's prices, non-adjusted for inflation.

I saw that ... unbelievable!   Well, Amazon, UPS, FedEx ... should be doing very well. 
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Offline Free Vulcan

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #6 on: April 20, 2020, 01:17:47 pm »
Quote from: libertybele on April 20, 2020, 01:10:57 pm
I saw that ... unbelievable!   Well, Amazon, UPS, FedEx ... should be doing very well.

I went back and looked at 100 year charts. Adjusted for inflation, I'm not sure oil has ever been this cheap since it first since it came to market.
« Last Edit: April 20, 2020, 01:21:43 pm by Free Vulcan »
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Offline Cyber Liberty

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #7 on: April 20, 2020, 01:19:12 pm »
Quote from: Free Vulcan on April 20, 2020, 01:17:47 pm
I went back and looked at 100 year charts. Adjusted for inflation, I'm not sure oil has ever been this cheap since it came to market.

It just briefly flashed <$4.  A 75% drop in today's session!
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Offline Fishrrman

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #8 on: April 20, 2020, 01:22:33 pm »
Hmmm.... finally, for the first time since 1973 (and the first arab oil embargo) we are seeing the concept of true "supply and demand" restored to the petroleum market.

From 1973 until now (an exception was a very brief period in 2008), "the market" has been distorted on the supply side, by a collaboration of suppliers fixing prices through production and therefore constricting that market.

Supply and demand cannot work under Adam Smith's rules when supplies are monopolized and manipulated by one side that controls all the strings.

But... today... for at least the immediate future... that is no more.
We are seeing "the price" of oil where it REALLY belongs -- determined by "the market".
Hallelujah !!!

« Last Edit: April 20, 2020, 01:24:08 pm by Fishrrman »
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Offline Free Vulcan

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #9 on: April 20, 2020, 01:27:10 pm »
Quote from: Cyber Liberty on April 20, 2020, 01:19:12 pm
It just briefly flashed <$4.  A 75% drop in today's session!

I'm guessing this is some expiry squeeze. Back month crude and RBOB futures aren't following.

I didn't realize that RBOB actually hit .50c/gal at the beginning of the month.

Gas prices here in Iowa now under a buck.
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Offline Hoodat

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #10 on: April 20, 2020, 01:29:25 pm »
Hasn't been this low since Reagan put an end to price controls.
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Offline Cyber Liberty

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #11 on: April 20, 2020, 01:33:52 pm »
Quote from: Free Vulcan on April 20, 2020, 01:27:10 pm
I'm guessing this is some expiry squeeze. Back month crude and RBOB futures aren't following.

I didn't realize that RBOB actually hit .50c/gal at the beginning of the month.

Gas prices here in Iowa now under a buck.

Crude just fell to under two bucks, and is flirting with one buck.
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Offline Free Vulcan

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #12 on: April 20, 2020, 01:38:38 pm »
Quote from: Cyber Liberty on April 20, 2020, 01:33:52 pm
Crude just fell to under two bucks, and is flirting with one buck.

Wow. I have 10 minute delay on oil futures so watching with a lag.

Someone wants/needs to deliver alot of crude really, really badly and right now.

Sell Mortimer, sell!
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Offline Fishrrman

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #13 on: April 20, 2020, 01:46:58 pm »
1.45pm:


A barrel of oil for less than the price of a gallon of gas?
Who woulda thunk it...?

Addendum:
Could it go to "below zero"...??
That is, "we'll pay YOU to take it off our hands..." ??
« Last Edit: April 20, 2020, 01:51:28 pm by Fishrrman »
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Offline Cyber Liberty

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #14 on: April 20, 2020, 01:56:11 pm »
Quote from: Fishrrman on April 20, 2020, 01:46:58 pm
1.45pm:


A barrel of oil for less than the price of a gallon of gas?
Who woulda thunk it...?

Addendum:
Could it go to "below zero"...??
That is, "we'll pay YOU to take it off our hands..." ??

It's 67 cents, so your question is a good one.

ETA: I just saw a flash of 20 cents!
« Last Edit: April 20, 2020, 01:56:59 pm by Cyber Liberty »
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Offline jpsb

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #15 on: April 20, 2020, 02:01:04 pm »
Quote from: libertybele on April 20, 2020, 01:10:57 pm
I saw that ... unbelievable!   Well, Amazon, UPS, FedEx ... should be doing very well.

I wonder what Russia thinks of it good friend China now.
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Offline Cyber Liberty

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #16 on: April 20, 2020, 02:04:33 pm »
Quote from: jpsb on April 20, 2020, 02:01:04 pm
I wonder what Russia thinks of it good friend China now.

Truer words have never been spoken!
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Offline Hoodat

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #17 on: April 20, 2020, 02:06:14 pm »
Occidental must be kicking themselves now over Anadarko.  Some Oxy execs should be jumping out of top floor windows by now, while Chevron execs emit sighs of relief.
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Offline Free Vulcan

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #18 on: April 20, 2020, 02:11:15 pm »
Just briefly hit $.01c/bbl, probably because it can't go lower.

I'm not sure there has ever been a exchange traded commodity contract that went to zero in anyone's lifetime.

No words. Sometimes when history is made, all you can do is stand silent and gape.
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Offline Cyber Liberty

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #19 on: April 20, 2020, 02:21:22 pm »
Quote from: Free Vulcan on April 20, 2020, 02:11:15 pm
Just briefly hit $.01c/bbl, probably because it can't go lower.

I'm not sure there has ever been a exchange traded commodity contract that went to zero in anyone's lifetime.

No words. Sometimes when history is made, all you can do is stand silent and gape.

Oh, yes it can go lower!  Current price is negative $8.
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Offline Free Vulcan

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #20 on: April 20, 2020, 02:22:58 pm »
Well put a 2X4 up my butt and call me a corn dog - oil just went negative.

Didn't know that was possible.
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Offline jpsb

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #21 on: April 20, 2020, 02:23:02 pm »
Quote from: Cyber Liberty on April 20, 2020, 02:21:22 pm
Oh, yes it can go lower!  Current price is negative $8.

Does that include shipping?
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Offline Fishrrman

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #22 on: April 20, 2020, 02:26:39 pm »
Cyber wrote:
"Oh, yes it can go lower!  Current price is negative $8."

What I want to know is...
... how does this work at the local gas pump...?    ;)
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Offline Cyber Liberty

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #23 on: April 20, 2020, 02:34:47 pm »
Quote from: Free Vulcan on April 20, 2020, 02:22:58 pm
Well put a 2X4 up my butt and call me a corn dog - oil just went negative.

Didn't know that was possible.
Quote from: jpsb on April 20, 2020, 02:23:02 pm
Does that include shipping?
Quote from: Fishrrman on April 20, 2020, 02:26:39 pm
Cyber wrote:
"Oh, yes it can go lower!  Current price is negative $8."

What I want to know is...
... how does this work at the local gas pump...?    ;)

:happyhappy:
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Offline Hoodat

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Re: US oil prices plunge to $11 per barrel, lowest in two decades, in pandemic-fueled free fall
« Reply #24 on: April 20, 2020, 02:41:48 pm »
Quote from: Fishrrman on April 20, 2020, 02:26:39 pm
What I want to know is...
... how does this work at the local gas pump...?    ;)

Closest refinery is in New Mexico.  Does not good if you can't get the oil to a refinery (which is why the prices is so low).

Meridian is working on building a refinery in Winkler County.  But that is far off.
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