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May crude oil futures closed at -38.45. That's MINUS 38.45!
2020 Apr 20, 2:03pm 2,735 views 21 comments
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16
Onvacation
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2020 Apr 20, 5:24pm
Onvacation
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2020 Apr 20, 5:24pm
Martinez shut down their refinery.
https://www.sfgate.com/news/bayarea/article/Marathon-Refinery-To-Suspend-Production-Due-To-15210831.php
https://www.sfgate.com/news/bayarea/article/Marathon-Refinery-To-Suspend-Production-Due-To-15210831.php
17
RWSGFY
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2020 Apr 20, 5:34pm
RWSGFY
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2020 Apr 20, 5:34pm
Patrick says
They will be scooped up by bigger players in the field. The capacity is not going anywhere.
US fracking producers are basically done for.
They will be scooped up by bigger players in the field. The capacity is not going anywhere.
19
Booger
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2020 Apr 20, 6:15pm
Booger
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2020 Apr 20, 6:15pm
marcus says
Probably not. Oil and other petroleum products need special containment stuff to contain spills.
It would be a great time to own a few storage tanks. Interesting construction task. Can you "print" some big tanks out in bumble fuck in a couple weeks time
Probably not. Oil and other petroleum products need special containment stuff to contain spills.
20
Automan Empire
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2020 Apr 20, 7:18pm
Automan Empire
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2020 Apr 20, 7:18pm
In the 70s and early 80s, when the oil embargoes caused shortages and price spikes, there was a burgeoning industry in "fuel saver devices" that made bold double digit claims about their (usually nonexistent) gas saving ability. A running joke emerged that it would be dangerous to put 4 or 5 of these on the same car because you'd have to pull over every few miles to bail gas out of the tank.
Today's negative prices kind of undermine the hyperbole and implausiblity factors that are part of the basis of the humor there.
Today's negative prices kind of undermine the hyperbole and implausiblity factors that are part of the basis of the humor there.
21
RWSGFY
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2020 Apr 20, 7:24pm
RWSGFY
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2020 Apr 20, 7:24pm
I'm open to the idea of helping the oil industry by driving down my giant SUV to the nearest gas station and filling her up.... if they pay me $100.
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Small data point, I live in LA county and travel frequently to the boundary of Kern County, a big historic oil producing area. Usually pump prices are 10-20c less than LA, but this was upside down by 30-40c a gallon this weekend, with Kern prices apparently not merely falling later but actively going UP.