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

Does it mean people get free oil plus 40K per contract in cash?

 

My GUESS is that some retail longs were autoliquidated by brokers. Commercials who were short and planning on making delivery offset some at ridiculous price levels. Just a guess but I think it's a good one.

 

1000 barrels would be hard to store and thats 1 contract.

 

We'll have $20 Oil tomorrow with the June contract.

 

With no airlines, no cruise ships, no vehicles (other than UPS and FedEx trucks delivering Amazon products) consuming, current price is all about storage.

 

Test run for free energy bomb

 

Its happening again. The june contract is tanking. Said that the average contract for 2020 and half of 2021 is approximately $30 a barrel but say its way too high. So it looks like a gigantic readjustment in prices is going to occur. And just to think the fools who thought the world was in a peak oil situation. Remember oil at 150 a barrel........What a game they played to create fear in a market.

 

16.06-4.37.

June contract tanking


Round 2

 

Fuck that

Trump directs Mnuchin, Energy secretary to create plan to support oil, gas industries as selloff deepens
PUBLISHED TUE, APR 21 20209:49 AM EDT