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Oil futures are 20+ dollars. Unless you've got a tanker, you can't buy at this price.
well then i expect to see a full harbor of tankers just hanging out for the next few months :laughing:
 

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Discussion Starter #133

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Thanks for the link, that makes great sense - and shows that today's activity is not strictly a consequence of paper commodity trading but was certainly very strongly driven by it.
 

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futures contracts are in the negatives, I have no idea how that works.
It means that the oil producers have so much product on hand that they have to pay people to store it.
 

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It means that the oil producers have so much product on hand that they have to pay people to store it.
It also means that those who have contracts to buy have no where to store it. Those who have contracts to buy next month again will have no where to store it, thus the negative price.

To the one who mentioned the downstream businesses and works will be ok, that is not true. There is no where for the downstream products to go either. The only way to resolve is to get global demand moving quick and that is not going to happen before global economies and businesses go bankrupt. It is a depression.
 

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To the one who mentioned the downstream businesses and works will be ok, that is not true. There is no where for the downstream products to go either. The only way to resolve is to get global demand moving quick and that is not going to happen before global economies and businesses go bankrupt. It is a depression.
Yep, refineries are closing.
 

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It also means that those who have contracts to buy have no where to store it. Those who have contracts to buy next month again will have no where to store it, thus the negative price.

To the one who mentioned the downstream businesses and works will be ok, that is not true. There is no where for the downstream products to go either. The only way to resolve is to get global demand moving quick and that is not going to happen before global economies and businesses go bankrupt. It is a depression.
my thoughts too, great depression 2.0
 

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my thoughts too, great depression 2.0
Well, the oil industry is in a depression. We will have to see how that goes within the full economy. Of course, retail is starting to move in that direction. I think Russia may very well fall into a depression.
 

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To the one who mentioned the downstream businesses and works will be ok, that is not true. There is no where for the downstream products to go either. The only way to resolve is to get global demand moving quick and that is not going to happen before global economies and businesses go bankrupt. It is a depression.
Yep, refineries are closing.
what refineries are closing? Philly, NY harbor, and surrounding area is still hopping. PBF, P66, Motiva, Shell, are all still moving cargo. I've been nonstop in the 3 weeks I've been back at work. So downstream (up here anyway) hasn't been affected yet that I can see. Not sure about the rest of the US.
 
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