May crude oil futures closed at -38.45. That's MINUS 38.45!

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May crude oil futures closed at -38.45. That's MINUS 38.45!

2020 Apr 20, 2:03pm 2,737 views 21 comments

The energy market is running into the problem of long term supply contracts running into full storages due to low demand. Radio news was talking about coal power plants running out of room for all the coal pouring in. Then today crude futures closed at -38.45!

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.

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RWSGFY @ 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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patrick.net

May crude oil futures closed at -38.45. That's MINUS 38.45!

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