Seller pays Buyer. First in History. Just happened in USA. Crude Oil Sells For Negative Price

[Old_Observer]

May contracts are being signed as follows:

Buy from me and I deliver it to you

No. Buy from me and I deliver it to you and pay your workers to unload it

No No Buy from me and I pay everything plus I give you some bonus cash.


ONLY Russia is saying. You take it or leave it and actually you have to pay for delivery, even when I agree to sell you the oil at zero.


A week ago this would have been impossible to explain to people even as theory. Now its a reality. You get paid to take oil, a commodity which has caused the most wars regime changes..in history.

[Old_Observer]

Oodweyne,

Give it a week and people are going to say "too hell with this i might as well die functioning". It has already started in US.

OIL for may contract was today negative. Which means oil companies have no where to keep it, they pay you to take it.

3 dollars a barrel is the latest. The oil company pays you 3 dollars a barrel to take the oil. Most of them will deliver.


People will go for the British option. Herd Immunity. Who ever makes it makes it. Take any kind of medication whether it works or not.

Imagine wars that can come out of idleness. Already saying family domestic violence and divorce filings are going to be way up.

[maakhiri1]

Very very serious, many countries hoping they had very  large storage facilities 

[maakhiri1]

Are they STILL producing OIL, with millions of barrels of  oil floating 

[Old_Observer]

Crude oil prices are plummeting amid the outbreak of the novel coronavirus, threatening to shut down the global economy by dramatically decreasing the demand for oil products, resulting in near-capacity oil storage facilities and a market crisis.

On Monday, the price of WTI for delivery in May fell to a negative value for the first time in history, reaching about minus $40 per barrel at NYMEX, as traders tried to get rid of their positions at any cost on the last day of trade.

The unprecedented negative price was partially explained by the fact that the contract closes on Tuesday, and there is no additional capacity to store oil.

The demand has fallen sharply due to the coronavirus pandemic, and storage facilities are already close to full.

Follow Sputnik's live feed to find out more.

[Old_Observer]

maakhiri1,

Yes. Apparently the wells cannot just be shut. If you had pumped so much water into the ground. The oil is coming up.

In Saudi case it will explode. There were also hundreds of ships loaded with millions of barrels already when Saudi had decided to up the ante.

Negative market has started already.
Most likely the big companies want to bankrupt the medium and small guys, so they buy oil wells of mideium and little guy cheap and shut them. The likes of Exxon BP can do that. Buy all the wells, shut them until oil becomes 200 and make a killing from oil wells they bught next to nothing.