Oil Prices minus $37.63 a barrel First Time In History - Survivalist Forum
Survivalist Forum

Advertise Here

Go Back   Survivalist Forum > >
Articles Classifieds Donations Gallery Groups Links Store Survival Files


Notices

Financial Forum Economics and Precious Metals

Advertise Here
Reply
 
Thread Tools Display Modes
Old 04-20-2020, 06:45 PM
TXplowgirl's Avatar
TXplowgirl TXplowgirl is offline
Wannabe Mountain Hermit
 
Join Date: Aug 2011
Location: Southern Oklahoma
Age: 56
Posts: 13,277
Thanks: 32,552
Thanked 35,609 Times in 10,113 Posts
Default Oil Prices minus $37.63 a barrel First Time In History



Advertise Here

What the hell does this mean for our economy?

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel.

https://www.chronicle.ng/2020/04/us-...me-in-history/
__________________
Disabled Preppers Group
For those of us who are disabled, whether it be SSDI, SSI, Military, family members who are disabled and would like to discuss with others on how we might be able to get through today's times, SHTF or joining a MAG and what challenges may be faced with that.
Quick reply to this message
The Following User Says Thank You to TXplowgirl For This Useful Post:
Old 04-20-2020, 06:49 PM
ForgedInTheFlame ForgedInTheFlame is offline
I love this forum
 
Join Date: Feb 2018
Posts: 6,384
Thanks: 22,873
Thanked 10,084 Times in 4,308 Posts
Default

Time to buy!

And thank God for affordable gas at my local pump.

Sent from my Note 8 using Tapatalk
Quick reply to this message
Old 04-20-2020, 06:54 PM
Hound Dog's Avatar
Hound Dog Hound Dog is offline
Hunter
 
Join Date: Feb 2018
Posts: 1,676
Thanks: 3,157
Thanked 3,342 Times in 1,209 Posts
Default

I don't understand hoe they can say it is negative dollars a barrel. Are they really paying to come and take the oil away? Gas is still $2 a gallon here. Wonder what happened.
Quick reply to this message
The Following User Says Thank You to Hound Dog For This Useful Post:
Sponsored Links
Advertisement
 
Old 04-20-2020, 07:25 PM
rriley rriley is offline
Survivor
 
Join Date: Jul 2013
Posts: 2,280
Thanks: 0
Thanked 2,611 Times in 1,294 Posts
Default

Quote:
Originally Posted by TXplowgirl View Post
What the hell does this mean for our economy?

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel.
It doesn't mean anything unless you were trading the May futures contract.

That was the price for the May futures contract which is expiring on Tuesday. The price was low because people couldn't take delivery and store the oil because the storage facility at the designated delivery location in Oklahoma had no remaining capacity. Again, that was for the May futures contract, the June and other forward contracts were all around $21 or so.

By expiration on Tuesday the price will be positive and most or all of the open futures contracts will be closed out.
Quick reply to this message
The Following 3 Users Say Thank You to rriley For This Useful Post:
Old 04-20-2020, 08:02 PM
TXplowgirl's Avatar
TXplowgirl TXplowgirl is offline
Wannabe Mountain Hermit
 
Join Date: Aug 2011
Location: Southern Oklahoma
Age: 56
Posts: 13,277
Thanks: 32,552
Thanked 35,609 Times in 10,113 Posts
Default

Quote:
Originally Posted by rriley View Post
It doesn't mean anything unless you were trading the May futures contract.

That was the price for the May futures contract which is expiring on Tuesday. The price was low because people couldn't take delivery and store the oil because the storage facility at the designated delivery location in Oklahoma had no remaining capacity. Again, that was for the May futures contract, the June and other forward contracts were all around $21 or so.

By expiration on Tuesday the price will be positive and most or all of the open futures contracts will be closed out.
So, then this won't do anything to the economy. It's just a tiny hiccup that dosen't mean anything at all?
__________________
Disabled Preppers Group
For those of us who are disabled, whether it be SSDI, SSI, Military, family members who are disabled and would like to discuss with others on how we might be able to get through today's times, SHTF or joining a MAG and what challenges may be faced with that.
Quick reply to this message
The Following User Says Thank You to TXplowgirl For This Useful Post:
Old 04-20-2020, 08:20 PM
SeekingTruth SeekingTruth is offline
Living Simple
 
Join Date: Nov 2014
Posts: 992
Thanks: 1,479
Thanked 989 Times in 552 Posts
Default

Quote:
Originally Posted by TXplowgirl View Post
So, then this won't do anything to the economy. It's just a tiny hiccup that dosen't mean anything at all?
It means that the bailouts are sure to follow, which means even more money printed, which with further devalue the dollar.

We are already pumping trillions in the system, to prop up the economy, now this. You can't pump 10 trillion (estimated) into any fiat system in such a short time, and not have repercussions. This will be bad for multiple economies, not just ours.

I hope I'm wrong, but I don't see how.
Quick reply to this message
The Following 10 Users Say Thank You to SeekingTruth For This Useful Post:
Old 04-20-2020, 08:22 PM
blue123's Avatar
blue123 blue123 is offline
VIP Member
 
Join Date: Jul 2007
Location: Nevada
Posts: 11,540
Thanks: 7,286
Thanked 13,033 Times in 5,440 Posts
Awards Showcase
Outstanding Thread 
Total Awards: 1
Default

Quote:
Originally Posted by TXplowgirl View Post
What the hell does this mean for our economy?

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel.

https://www.chronicle.ng/2020/04/us-...me-in-history/


It means Bankruptcy's, hundreds of thousands of good paying jobs lost, mortgages in default, the collapse of the oil industry and possible depression scenario.....
__________________
''the court jester''
Quick reply to this message
The Following 8 Users Say Thank You to blue123 For This Useful Post:
Old 04-20-2020, 08:27 PM
ForgedInTheFlame ForgedInTheFlame is offline
I love this forum
 
Join Date: Feb 2018
Posts: 6,384
Thanks: 22,873
Thanked 10,084 Times in 4,308 Posts
Default

Quote:
Originally Posted by SeekingTruth View Post
It means that the bailouts are sure to follow, which means even more money printed, which with further devalue the dollar.



We are already pumping trillions in the system, to prop up the economy, now this. You can't pump 10 trillion (estimated) into any fiat system in such a short time, and not have repercussions. This will be bad for multiple economies, not just ours.



I hope I'm wrong, but I don't see how.
You're wrong because the dollar will only increase in value because of demand. Demand will outpace inflation / hyperinflation.

Sent from my Note 8 using Tapatalk
Quick reply to this message
Old 04-20-2020, 08:41 PM
SeekingTruth SeekingTruth is offline
Living Simple
 
Join Date: Nov 2014
Posts: 992
Thanks: 1,479
Thanked 989 Times in 552 Posts
Default

Quote:
Originally Posted by ForgedInTheFlame View Post
You're wrong because the dollar will only increase in value because of demand. Demand will outpace inflation / hyperinflation.

Sent from my Note 8 using Tapatalk
Sounds to me like you need a history lesson or two.
Quick reply to this message
The Following 2 Users Say Thank You to SeekingTruth For This Useful Post:
Old 04-20-2020, 08:42 PM
velacreations velacreations is offline
Hunter
 
Join Date: Dec 2010
Posts: 1,305
Thanks: 697
Thanked 871 Times in 456 Posts
Default

The oil bubble finally popped.
Quick reply to this message
The Following 3 Users Say Thank You to velacreations For This Useful Post:
Old 04-20-2020, 08:53 PM
ralfy's Avatar
ralfy ralfy is offline
Survivor
 
Join Date: Aug 2012
Posts: 4,590
Thanks: 94
Thanked 1,882 Times in 1,321 Posts
Default

Quote:
Originally Posted by TXplowgirl View Post
So, then this won't do anything to the economy. It's just a tiny hiccup that dosen't mean anything at all?
It means financial markets are weakening, together with mining, manufacturing, etc.

Capitalist systems need continuous growth, in turn dependent on increasing economic activity.
Quick reply to this message
The Following 3 Users Say Thank You to ralfy For This Useful Post:
Old 04-20-2020, 08:57 PM
SeekingTruth SeekingTruth is offline
Living Simple
 
Join Date: Nov 2014
Posts: 992
Thanks: 1,479
Thanked 989 Times in 552 Posts
Default

Here's a video for ya TXplowgirl. This gentleman gets it.

Quick reply to this message
The Following 5 Users Say Thank You to SeekingTruth For This Useful Post:
Old 04-20-2020, 09:05 PM
Gulcher Gulcher is offline
Homesteader
 
Join Date: Aug 2010
Posts: 2,468
Thanks: 1,373
Thanked 4,997 Times in 1,619 Posts
Default

Oil hit Negative -37.63 US. This is probably the end of the Petro Dollar and US Reserve Currency status. The Bottom will drop out now The Petro Dollar deal that the USA had with Saudi Arabia is dead, the deal was in place since the Mid 70's when Nixon went off the gold standard. Big Global Financial Problems. In 3-2-1
Quick reply to this message
The Following 3 Users Say Thank You to Gulcher For This Useful Post:
Old 04-20-2020, 09:33 PM
rriley rriley is offline
Survivor
 
Join Date: Jul 2013
Posts: 2,280
Thanks: 0
Thanked 2,611 Times in 1,294 Posts
Default

Quote:
Originally Posted by TXplowgirl View Post
So, then this won't do anything to the economy. It's just a tiny hiccup that dosen't mean anything at all?
Basically, yes.

It doesn't mean anything unless you were trading the May futures contract.

That was the price for the May futures contract which is expiring on Tuesday. The price was low because people couldn't take delivery and store the oil because the storage facility at the designated delivery location in Oklahoma had no remaining capacity. Again, that was for the May futures contract, the June and other forward contracts were all around $21 or so.

By expiration on Tuesday the price will be positive and most or all of the open futures contracts will be closed out.
Quick reply to this message
The Following User Says Thank You to rriley For This Useful Post:
Old 04-20-2020, 09:48 PM
ForgedInTheFlame ForgedInTheFlame is offline
I love this forum
 
Join Date: Feb 2018
Posts: 6,384
Thanks: 22,873
Thanked 10,084 Times in 4,308 Posts
Default

Quote:
Originally Posted by SeekingTruth View Post
Here's a video for ya TXplowgirl. This gentleman gets it.

Thanks for sharing. I learned something today.

He was also apparently right about oil "ol", as my ex mother in law would say, from easy texas...dropping below 10 greenbacks a barrel some years back.

Sent from my Note 8 using Tapatalk
Quick reply to this message
Old 04-20-2020, 10:07 PM
SeekingTruth SeekingTruth is offline
Living Simple
 
Join Date: Nov 2014
Posts: 992
Thanks: 1,479
Thanked 989 Times in 552 Posts
Default

Quote:
Originally Posted by ForgedInTheFlame View Post
Thanks for sharing. I learned something today.

He was also apparently right about oil "ol", as my ex mother in law would say, from easy texas...dropping below 10 greenbacks a barrel some years back.

Sent from my Note 8 using Tapatalk
I'm glad you liked it. He has his finger on the pulse for sure (in my opinion anyways).

I'm not into fear mongering at all, but there's just too much happening all at once, over the short time of this crisis, for it all to be shrugged off. Usually, if it's one thing at a time, they can manipulate things back to "normal" with "minimal" affect, but this is all escalating way too fast for things to just go back to "normal".

Oil prices going negative, in the situation we are already facing, is the equivalent of kicking a man while he's down.
Quick reply to this message
The Following 2 Users Say Thank You to SeekingTruth For This Useful Post:
Old 04-20-2020, 10:14 PM
TXplowgirl's Avatar
TXplowgirl TXplowgirl is offline
Wannabe Mountain Hermit
 
Join Date: Aug 2011
Location: Southern Oklahoma
Age: 56
Posts: 13,277
Thanks: 32,552
Thanked 35,609 Times in 10,113 Posts
Default

Just wondering if this might start a war with somebody?
__________________
Disabled Preppers Group
For those of us who are disabled, whether it be SSDI, SSI, Military, family members who are disabled and would like to discuss with others on how we might be able to get through today's times, SHTF or joining a MAG and what challenges may be faced with that.
Quick reply to this message
The Following 2 Users Say Thank You to TXplowgirl For This Useful Post:
Old 04-20-2020, 10:36 PM
Gulcher Gulcher is offline
Homesteader
 
Join Date: Aug 2010
Posts: 2,468
Thanks: 1,373
Thanked 4,997 Times in 1,619 Posts
Default

Quote:
Originally Posted by TXplowgirl View Post
Just wondering if this might start a war with somebody?
I think it will end in war. Look China has 1.4B mouths to feed. They have only 7% of the world's arable land and 6% of the potable water. They are in a desperate situation. Now add on the fact their economy is toast. I might add that the US and the EU and the whole global economy is toast China has a very narrow window to make their play. Their food riots will begin very soon, Hong Kong is toast. That is tantamount to us losing NYC and Wall Street. on top of all their other woes. Yes war is next. They also hold 1T in US currency which is rapidly being depreciated by US Fed money printing. I doubt we will get through the summer without a major clash or test.
Quick reply to this message
The Following 3 Users Say Thank You to Gulcher For This Useful Post:
Old 04-21-2020, 12:12 AM
txprep txprep is offline
Survivor
 
Join Date: Jul 2013
Posts: 7,533
Thanks: 3,275
Thanked 13,124 Times in 4,598 Posts
Default

Quote:
Originally Posted by Hound Dog View Post
I don't understand hoe they can say it is negative dollars a barrel. Are they really paying to come and take the oil away? Gas is still $2 a gallon here. Wonder what happened.
people had futures contracts coming up right now where they have to take delivery. Taking delivery is expensive, so they are paying people to take the oil. It is only for this month and the next round of contracts arent negative (yet)
Quick reply to this message
The Following 3 Users Say Thank You to txprep For This Useful Post:
Old 04-21-2020, 12:29 AM
Mogli's Avatar
Mogli Mogli is online now
Daughter OfThe Revolution
 
Join Date: May 2012
Location: Nor Ca. Land of the lost.
Posts: 31,484
Thanks: 110,498
Thanked 110,774 Times in 27,244 Posts
Default

Subbed. Thanks for starting the thread TXplowgirl. These questions are on my mind as well. I think we’re in deep trouble.
__________________
Quick reply to this message
The Following 6 Users Say Thank You to Mogli For This Useful Post:
Reply

Bookmarks



Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Survivalist Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:
Gender
Insurance
Please select your insurance company (Optional)

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 01:44 AM.


Powered by vBulletin®
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
Search Engine Optimisation provided by DragonByte SEO (Lite) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.
Copyright © Kevin Felts 2006 - 2015,
Green theme by http://www.themesbydesign.net