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Hands up who never expected to see this headline?
Posted: Mon Apr 20, 2020 10:27 pm
by Dominic
https://www.bbc.com/news/business-52350082
US oil prices turn negative as demand dries up
The price of US oil has turned negative for the first time in history.
That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May.
Demand for oil has all but dried up as lockdowns across the world have kept people inside.
As a result, oil firms have resorted to renting tankers to store the surplus supply and that has forced the price of US oil into negative territory.
The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel.
Re: Hands up who never expected to see this headline?
Posted: Tue Apr 21, 2020 12:38 am
by kingfisher
Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.
https://uk.reuters.com/article/uk-globa ... in-history From Reuters:
-amid-pandemic-idUKKBN2210VU
Jon.
Re: Hands up who never expected to see this headline?
Posted: Tue Apr 21, 2020 7:19 am
by Kili01
Yes. Just heard this unexpected news at 7am courtesy of BBC. Will this affect us here?
Cheaper electricity?
Wishful thinking!
Dee
Re: Hands up who never expected to see this headline?
Posted: Tue Apr 21, 2020 9:24 am
by WHL
Usually costs 1000 euros, to fill up our heating diesel tank, il ring up later and find out what the cost is now
Re: Hands up who never expected to see this headline?
Posted: Tue Apr 21, 2020 9:25 am
by mike strand2
Happy in Cyprus wrote: ↑Tue Apr 21, 2020 9:14 am
The good news, reported last week, is that while EAC has historically bought oil requirements on the spot market (at whatever the current price was), it will henceforth forward buy on the futures market, meaning that it can take advantage of cheap oil for the short and medium term.
HALLELUJAH
https://www.youtube.com/watch?v=y8AWFf7EAc4
Re: Hands up who never expected to see this headline?
Posted: Tue Apr 21, 2020 12:01 pm
by Devil
I wonder to what extent the bad press on carbon-based products is influencing lower consumption of hydrocarbons?
Re: Hands up who never expected to see this headline?
Posted: Wed Apr 22, 2020 2:52 am
by June
That's interesting HIC
"Many countries who have gently relaxed lockdowns are now experiencing an uptick in cases."
Which are these please?
I'm not being funny...am genuinely interested to know?
Re: Hands up who never expected to see this headline?
Posted: Wed Apr 22, 2020 10:06 am
by Uncle D
“Get rid of all the cleaners, rubbish collectors, bus drivers, supermarket checkout staff and secretaries, for example, and society will very quickly grind to a halt. On the other hand, if we woke up one morning to find that all the highly paid advertising executives, management consultants and private equity directors had disappeared, society would go on much as it did before: in a lot of cases, probably quite a bit better. So,”
― Owen Jones, Chavs: The Demonization of the Working Class first published 2011
