Oil just did something that made even market veterans shake their heads
in wonder — the soon-to-expire May contract for West Texas Intermediate
crude on the New York Mercantile Exchange traded, and closed, in
negative territory.

“I’m not sure how to react to that other than say that nobody, whether
they’re 120 years old or whether they’re 20 months old, has ever seen an
oil price lower than this,� Tom Kloza, a 40-year market veteran and head
of global market analysis for Oil Price Information Service, told
Marke****ch just minutes before the market closed on Monday.

The negative finish means the holder of a long position would be
required to pay someone to take that contract off of their hands.
Negative oil prices would seem to be a foreboding sign about the outlook
for an economy kicked in the teeth by the COVID-19 pandemic.

MORE MAGA...

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MAGA - Manipulating America's Gullible Assholes

Keyser Soze Wrote in message:
Oil just did something that made even market veterans shake their heads in wonder +IBQ the soon-to-expire May contract for West Texas Intermediate crude on the New York Mercantile Exchange traded, and closed, in negative territory.+IBw-I+IBk-m not sure how to react to that other than say that nobody, whether they+IBk-re 120 years old or whether they+IBk-re 20 months old, has ever seen an oil price lower than this,+IB0 Tom Kloza, a 40-year market veteran and head of global market analysis for Oil Price Information Service, told Marke****ch just minutes before the market closed on Monday.The negative finish means the holder of a long position would be required to pay someone to take that contract off of their hands. Negative oil prices would seem to be a foreboding sign about the outlook for an economy kicked in the teeth by the COVID-19 pandemic.MORE MAGA...-- MAGA - Manipulating America's Gullible Assholes

Surely you can afford several barrels today. Hurry up that price
won't last.
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On Mon, 20 Apr 2020 18:58:40 -0400, Keyser Soze
wrote:

Oil just did something that made even market veterans shake their heads
in wonder — the soon-to-expire May contract for West Texas Intermediate
crude on the New York Mercantile Exchange traded, and closed, in
negative territory.

“I’m not sure how to react to that other than say that nobody, whether
they’re 120 years old or whether they’re 20 months old, has ever seen an
oil price lower than this,� Tom Kloza, a 40-year market veteran and head
of global market analysis for Oil Price Information Service, told
Marke****ch just minutes before the market closed on Monday.

The negative finish means the holder of a long position would be
required to pay someone to take that contract off of their hands.
Negative oil prices would seem to be a foreboding sign about the outlook
for an economy kicked in the teeth by the COVID-19 pandemic.

MORE MAGA...

What is MAGA? Make Arabs Great Again?
That is what the oil thing is all about.
The journalist killer is going after the Russians, the Canadians and
the US Frackers with this. He just saw the opportunity to do it on the
cheap when demand was down.
We really don't have much to do with it at all. Our oil only makes
sense at $80 or more.
I suppose it is fortunate that this happened in the middle of the
Covid thing because those roughnecks and drillheads that are laid off
will get the enhanced unemployment.
T Boone and the boys might bust out a few LLCs but they will be OK.
When the Saudis decide they have had enough of this fun, oil prices
will come back up and we will start up right where we left off in the
oil fields.
Sorry AOC, this isn't the end of big oil.

As for the market...
People who play with commodities futures have to be ready to lose the
whole nut and still owe money so this isn't that big a shock.

When I mentioned this to my broker, he told me I don't know enough and
I am not rich enough to play in that game.

"How do you make a small fortune in Commodities"?
"Start with a large fortune".

OTOH it might be a good time to buy some XOM.

On Mon, 20 Apr 2020 22:17:28 -0400, wrote:

On Mon, 20 Apr 2020 18:58:40 -0400, Keyser Soze
wrote:

Oil just did something that made even market veterans shake their heads
in wonder — the soon-to-expire May contract for West Texas Intermediate
crude on the New York Mercantile Exchange traded, and closed, in
negative territory.

“I’m not sure how to react to that other than say that nobody, whether
they’re 120 years old or whether they’re 20 months old, has ever seen an
oil price lower than this,” Tom Kloza, a 40-year market veteran and head
of global market analysis for Oil Price Information Service, told
Marke****ch just minutes before the market closed on Monday.

The negative finish means the holder of a long position would be
required to pay someone to take that contract off of their hands.
Negative oil prices would seem to be a foreboding sign about the outlook
for an economy kicked in the teeth by the COVID-19 pandemic.

MORE MAGA...

What is MAGA? Make Arabs Great Again?
That is what the oil thing is all about.
The journalist killer is going after the Russians, the Canadians and
the US Frackers with this. He just saw the opportunity to do it on the
cheap when demand was down.
We really don't have much to do with it at all. Our oil only makes
sense at $80 or more.
I suppose it is fortunate that this happened in the middle of the
Covid thing because those roughnecks and drillheads that are laid off
will get the enhanced unemployment.
T Boone and the boys might bust out a few LLCs but they will be OK.
When the Saudis decide they have had enough of this fun, oil prices
will come back up and we will start up right where we left off in the
oil fields.
Sorry AOC, this isn't the end of big oil.

As for the market...
People who play with commodities futures have to be ready to lose the
whole nut and still owe money so this isn't that big a shock.

When I mentioned this to my broker, he told me I don't know enough and
I am not rich enough to play in that game.

"How do you make a small fortune in Commodities"?
"Start with a large fortune".

OTOH it might be a good time to buy some XOM.

===

CVX or COP are better bets right now. XOM is borrowing to cover their
dividend as I understand it.

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