Oil Drops To Lowest Level in 22 Years! 😳

Kex
Kex Posts: 5,161
in The Clubhouse
West Texas Intermediate prices dropped as low as $10.03 today, a decrease of about 45%.

f078hvjtdmi0.jpeg
Alea jacta est!
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  • afterburnt
    afterburnt Posts: 7,892
    It ain't worth pumping.
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  • Kex
    Kex Posts: 5,161
    I don’t recall ever seeing such a wide disparity between WTI and Brent prices.

    Normally, Brent (the world standard) is always a little more expensive than WTI, but today, Brent is “only” down 5%, at $26.50! 😳
    Alea jacta est!
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  • muncybob
    muncybob Posts: 3,032
    I thought the Russia-Syria thing was resolved and prices were gonna go up?
    Yep, my name really is Bob.
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  • Gardenstater
    Gardenstater Posts: 4,431
    Coronavirus remediation must be lowering gasoline demand in the states BIGLY.
    George / NJ

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  • Viking64
    Viking64 Posts: 7,032
    Kex wrote: »
    Oil Drops To Lowest Level in 22 Years!

    Well, you better add a quart or two before you throw a rod*.


    *Any innuendo implied is no fault of poster.
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  • Kex
    Kex Posts: 5,161
    Now down almost 60% in a single day! 😬

    To a low of $7.65.

    US Oil Prices Drop to Record Low
    Alea jacta est!
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  • kevhed72
    kevhed72 Posts: 5,046
    Demand is off bigly....coupled with a price war. When do they run out of storage for all this oil??
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  • BlueFox
    BlueFox Posts: 15,251
    Air is a lot cleaner now.
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  • kevhed72
    kevhed72 Posts: 5,046
    BlueFox wrote: »
    Air is a lot cleaner now.
    More good news!
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  • xschop
    xschop Posts: 5,000
    Time to fill up the autos. Wonder what the HOA would have to say if I put a couple 350 gal totes in the driveway lol.
    Don't take experimental gene therapies from known eugenicists.
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  • xschop
    xschop Posts: 5,000
    kevhed72 wrote: »
    BlueFox wrote: »
    Air is a lot cleaner now.
    More good news!

    Gas will still be $3.50 in CAntafordya.
    Don't take experimental gene therapies from known eugenicists.
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  • afterburnt
    afterburnt Posts: 7,892
    When the oil industry completely collapses the air will be super clean, more good news!
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  • sucks2beme
    sucks2beme Posts: 5,601
    Trouble with modern gas is you can't store it for very long before going bad.
    So everywhere they are storing the raw crude. And tanks are pretty much full.
    Given how little I'm driving, I might have to pour some stay-bil in the car
    gas tanks.

    "The legitimate powers of government extend to such acts only as are injurious to others. But it does me no injury for my neighbour to say there are twenty gods, or no god. It neither picks my pocket nor breaks my leg." --Thomas Jefferson
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  • nooshinjohn
    nooshinjohn Posts: 25,383
    xschop wrote: »
    kevhed72 wrote: »
    BlueFox wrote: »
    Air is a lot cleaner now.
    More good news!

    Gas will still be $3.50 in CAntafordya.

    It is still over 3 dollars here where I am at, ant when oil starts going back up, they will still raise gas prices. When the rest of the country gets back to 3 dollars, ours will be 7 bucks...
    The Gear... Carver "Statement" Mono-blocks, Mcintosh C2300 Arcam AVR20, Oppo UDP-203 4K Blu-ray player, Sony XBR70x850B 4k, Polk Audio Legend L800 with height modules, L400 Center Channel Polk audio AB800 "in-wall" surrounds. Marantz MM7025 stereo amp. Simaudio Moon 680d DSD

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  • audioluvr
    audioluvr Posts: 5,574
    sucks2beme wrote: »
    Given how little I'm driving, I might have to pour some stay-bil in the car gas tanks.

    I use Startron Fuel Treatment. Works a lot better especially with ethanol fuels.
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  • motorhead43026
    motorhead43026 Posts: 3,897
    $5.20 a barrel now. I did see a print of $4.69 a few minutes ago.

    WOW.
    The best way to predict the future is to invent it.

    It is imperative that we recognize that an opinion is not a fact.
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  • kevhed72
    kevhed72 Posts: 5,046
    motorhead43026 wrote: »
    $5.20 a barrel now. I did see a print of $4.69 a few minutes ago.

    WOW.

    So both the Saudis and Russians are losing money for every barrel pumped? I saw somewhere the break even points for each country but cant recall what they were.
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  • Kex
    Kex Posts: 5,161
    Yup... $4.04 was the low at this point. These are the May contracts. Expiration is tomorrow.
    Alea jacta est!
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  • xschop
    xschop Posts: 5,000
    edited April 2020
    sucks2beme wrote: »
    Trouble with modern gas is you can't store it for very long before going bad.
    So everywhere they are storing the raw crude. And tanks are pretty much full.
    Given how little I'm driving, I might have to pour some stay-bil in the car
    gas tanks.

    That's it you don't know the chemistry.
    1/640 ratio of acetone/Petro is the stoichiometric "sweet spot" to keep the organic acids from forming.
    Post edited by xschop on
    Don't take experimental gene therapies from known eugenicists.
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  • Kex
    Kex Posts: 5,161
    nooshinjohn wrote: »
    It is still over 3 dollars here where I am at, ant when oil starts going back up, they will still raise gas prices. When the rest of the country gets back to 3 dollars, ours will be 7 bucks...
    It’s already well under $3 for regular grade at reputable stations (Shell, 76 etc.), and as low $2.39 at Arco, but since you’re rich, you only use Premium grade in the new Benz and the Jag 😜 ... but even that is well under $3 today (although not in my neighborhood).

    With these crude prices, it should continue to drop, though.
    Alea jacta est!
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  • daddyjt
    daddyjt Posts: 2,465
    I thought all the oil was supposed to be gone by now...? What happened?
    "Conservative Libertarians love the country, progressive leftists love the government." - Andrew Wilkow


    “Human beings are born with different capacities. If they are free, they are not equal. And if they are equal, they are not free.”
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  • xschop
    xschop Posts: 5,000
    daddyjt wrote: »
    I thought all the oil was supposed to be gone by now...? What happened?

    You believed the rhetoric from the 70s.
    Don't take experimental gene therapies from known eugenicists.
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  • Viking64
    Viking64 Posts: 7,032
    daddyjt wrote: »
    I thought all the oil was supposed to be gone by now...? What happened?

    Fonzie, Lenny, and Squiggy wrung out their toupees.

    hhtp1gyw14wb.png

    wga9rngijxzs.jpg
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  • Kex
    Kex Posts: 5,161
    Yikes!

    79yg7sb51owi.jpeg
    Alea jacta est!
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  • motorhead43026
    motorhead43026 Posts: 3,897
    Contracts for May lowest since 1946!
    The best way to predict the future is to invent it.

    It is imperative that we recognize that an opinion is not a fact.
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  • Kex
    Kex Posts: 5,161
    Yup! It actually turned negative, down to -$40 at one point.

    They are paying people to take oil away so that they don’t have to shut down wells that would be more costly to reopen.

    This is only for the May contracts that expire tomorrow. The June contracts are still about $20 (positive 😂).
    Alea jacta est!
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  • pitdogg2
    pitdogg2 Posts: 25,381
    kevhed72 wrote: »
    Demand is off bigly....coupled with a price war. When do they run out of storage for all this oil??
    From what I understand they are very close to that, and maybe another reason Price's are dropping like a rock.
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  • polrbehr
    polrbehr Posts: 2,830
    Costco, Berkeley & Jensen, Mobil, Shell all sitting at $1.59 for regular. It’s gotten to the point that at Shell E85 is the same as regular, never thought that would happen.
    So, are you willing to put forth a little effort or are you happy sitting in your skeptical poo pile?


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  • vmaxer
    vmaxer Posts: 5,117
    It has hit .97 here. Currently about 1.12
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  • Toolfan66
    Toolfan66 Posts: 17,211
    Filled the wife’s car on Friday, used our King Soopers points..

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