Free-Falling: U.S. Oil Drops Below $2 Per Barrel As Demand Disappears -NPR

[Bilal Raza]

How low will oil prices go?

A key American oil benchmark, West Texas Intermediate, fell by more than 80% on Monday as global oil markets continue to grapple with a pandemic-driven collapse in demand.

At the start of 2020, a barrel of WTI cost around $60.

Shortly after 1:40 p.m. ET on Monday, a barrel was trading for less than $2 — the lowest price the WTI futures market has ever seen.

The plummeting price of WTI is driven by a trading contract deadline; oil traders have until Tuesday to sell off the current futures contract. Other types of crude, without a deadline coming up that quickly, have not dropped nearly so sharply.

But in general, crude oil prices are very low and continue to fall. Brent, an international benchmark, is in the mid-$20s and fell more than 6% on Monday.

Oil-producing countries and companies are trying to reduce their output, but they can't keep pace with the extremely rapid drop in global demand, as the world economy hits the brakes.

That's creating a massive oversupply of oil and raising concerns about where buyers will be able to physically store it all.

Free Fall: Oil Prices Go Negative

For the first time ever, a key oil benchmark, West Texas Intermediate, fell below zero on Monday. That means some traders, instead of paying money to buy oil, are paying to get rid of it.

www.npr.org

 

[saneopinion]

1 cent pay gya bhai

 

[kwan225]

Canadian Oil Prices Turn Negative As Global Demand Vaporizes.

Source

 

[Wake up Pak]

U.S. oil benchmark crashes below $1 a barrel, on track for biggest 1-day drop in history

 

[Khallas]

0.14/barrel bottom is formed it will go up from here,

was the best chance to buy but all brokers disabled trading on Crude oil.

 

[Wake up Pak]

Crude Oil WTI (NYM $/bbl) Front Month
-0.20

 

[Wake up Pak]

-1.43

 

[Wake up Pak]

-3.70

 

[Wake up Pak]

-6.65

 

[Wake up Pak]

-8.29

 

[Wake up Pak]

-9.20

 

[Wake up Pak]

-11.42

 

[Khallas]

-9.20

Its $15 Now

 

[Wake up Pak]

-29.40

 

[Wake up Pak]

Its $15 Now

Crude Oil WTI (NYM $/bbl) Front Month
-40.08

 

[Khallas]

Crude Oil WTI (NYM $/bbl) Front Month
-40.08

May be my feed is wrong, you are right i check from other source price is in negative but my data feed is not updating anymore.

 

[Wake up Pak]

May be my feed is wrong, you are right i check from other source price is in negative but my data feed is not updating anymore.

go on MarketWatch.com

 

[Ahmed Jawad]

Every one come on , oil futures contract expiring tomorrow is dropped to 30 dollars minus means that you will get the delivery after tomorrow. You guys do not even understand what is going on. This oil futures what does that mean. The real price is still 20. This means for this month the storage is full and no one can buy. Of course Pakistan can buy this oil if they have some storage in refineries. I am sure financial advisors are looking at the situation and will try to exploit it if possible

 

[CAPTAIN SOLO]

How low will oil prices go?

A key American oil benchmark, West Texas Intermediate, fell by more than 80% on Monday as global oil markets continue to grapple with a pandemic-driven collapse in demand.

At the start of 2020, a barrel of WTI cost around $60.

Shortly after 1:40 p.m. ET on Monday, a barrel was trading for less than $2 — the lowest price the WTI futures market has ever seen.

The plummeting price of WTI is driven by a trading contract deadline; oil traders have until Tuesday to sell off the current futures contract. Other types of crude, without a deadline coming up that quickly, have not dropped nearly so sharply.

But in general, crude oil prices are very low and continue to fall. Brent, an international benchmark, is in the mid-$20s and fell more than 6% on Monday.

Oil-producing countries and companies are trying to reduce their output, but they can't keep pace with the extremely rapid drop in global demand, as the world economy hits the brakes.

That's creating a massive oversupply of oil and raising concerns about where buyers will be able to physically store it all.

Free Fall: Oil Prices Go Negative

For the first time ever, a key oil benchmark, West Texas Intermediate, fell below zero on Monday. That means some traders, instead of paying money to buy oil, are paying to get rid of it.

www.npr.org

Somebody shold tell the government to increase the strategic reserves of the country to 365 days . i think they are currently at 15 days