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Message
Cramer sees another oil price collapse: ‘This has to go to zero again’
Posted on 4/27/20 at 9:36 am
Posted on 4/27/20 at 9:36 am
quote:
KEY POINTS
• The May futures contract for West Texas International closed in negative territory on April 20, the day before the contract expired.
• On Monday morning, the June contract was trading at less than half of where it settled on April 2.
• “So why shouldn’t this number go to zero? It should go to zero faster than it did last time,” Jim Cramer said.
LINK
Truck Nuts ON OFF [BACK OFF]
14
Posted on 4/27/20 at 9:39 am to OleWarSkuleAlum
Posted on 4/27/20 at 9:39 am to OleWarSkuleAlum
Listen to him. Kramerica Industries was an early pioneer in oil delivery safety systems.
Posted on 4/27/20 at 9:39 am to OleWarSkuleAlum
(no message)
This post was edited on 2/10/21 at 3:30 pm
Posted on 4/27/20 at 9:45 am to OleWarSkuleAlum
He really does aggravate me, but he's often right on his bigger viewpoints (he picks too many individual stocks to have lots of success there over this many years) and he is correct here. There is just no where for it to go. Enbridge is discussing holding it in their pipelines because no one is shipping it anywhere right now- just keep it in the pipeline. If no one can take delivery of the WTI contract from lack of storage, then it will just keep going down into negative territory.
Posted on 4/27/20 at 9:46 am to OleWarSkuleAlum
there was an article about another collapse thursday or friday in USA Today
This post was edited on 4/27/20 at 9:47 am
Posted on 4/27/20 at 9:47 am to OysterPoBoy
quote:
Listen to him. Kramerica Industries was an early pioneer in oil delivery safety systems.
Now let's push this giant ball of oil out of the window.
Posted on 4/27/20 at 9:47 am to lsulaker
quote:
no one can take delivery of the WTI contract from lack of storage, then it will just keep going down into negative territory.
What’s required for oil storage? Seems like we have a lot of space in the Midwest / West to store barrels of oil. I’m ignorant of the requirements though.
Posted on 4/27/20 at 9:48 am to ExtraGravy
(no message)
This post was edited on 2/1/21 at 11:53 am
Posted on 4/27/20 at 9:53 am to OleWarSkuleAlum
quote:
What’s required for oil storage? Seems like we have a lot of space in the Midwest / West to store barrels of oil
The limiting factor is not "space".
Posted on 4/27/20 at 9:56 am to OleWarSkuleAlum
quote:
What’s required for oil storage? Seems like we have a lot of space in the Midwest / West to store barrels of oil. I’m ignorant of the requirements though.
A lot of oil is stored in salt domes under ground. It is a pretty interesting concept. They drill into the salt dome wash it out with fresh water to create a void and then pump oil down into the void. It is very completed but that is the basics of it.
Posted on 4/27/20 at 9:57 am to OleWarSkuleAlum
quote:
What’s required for oil storage? Seems like we have a lot of space in the Midwest / West to store barrels of oil. I’m ignorant of the requirements though.
I can probably fit about 10 barrels in my garage. If it gets down to -35 again, that'll be about tree-fiddy somebody owes me.
Posted on 4/27/20 at 10:00 am to Lakeboy7
quote:
It stealing to get XOM in the 30s, straight up stealing.
Its still in the 40s as of this morning
Posted on 4/27/20 at 10:01 am to OleWarSkuleAlum
quote:
West Texas International
What's this?
Posted on 4/27/20 at 10:01 am to OleWarSkuleAlum
Why can’t we stockpile all this oil and use it to operate our military for the next 50 years or something
This post was edited on 4/27/20 at 10:01 am
Posted on 4/27/20 at 10:01 am to GetCocky11
That was so awesome
Posted on 4/27/20 at 10:04 am to SirWinston
quote:
Why can’t we stockpile all this oil
Because there is no storage.
I saw a picture yesterday of a shitload of huge oil tankers just sitting off the coast of California.
Until we open things back up and people start driving and jets start flying, we will be in this situation for a while.
Posted on 4/27/20 at 10:05 am to notiger1997
USO will surely dissolve shortly if June also goes negative, right?
Posted on 4/27/20 at 10:08 am to YeahYeah
(no message)
This post was edited on 2/1/21 at 11:51 am
Posted on 4/27/20 at 10:08 am to OleWarSkuleAlum
quote:
Seems like we have a lot of space in the Midwest / West to store barrels of oil.
Oil doesn’t just come out of the ground in barrels. That is just a unit of measurement.
There has to be a vessel to store the oil in and that is what we don't have.
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