In any case, Trump said during yesterday's White House press conference that he was either going to buy those oil or rent the Strategic Oil Reserve storage out and there are 76 million barrels of storage space available (that means USG has been loading up on cheap oil since March 6). The US Government could make some money on this and help US oil producers.
Interactive Brokers Issues Statement on Crude Oil Contracts and Margin Loss April 21, 2020 04:01 PM Eastern Daylight Time GREENWICH, Conn.--(BUSINESS WIRE)--Interactive Brokers Group, Inc. (Nasdaq: IBKR) today noted that, as has been widely reported, the energy markets yesterday exhibited extraordinary price activity in the New York Mercantile Exchange (NYMEX) West Texas Intermediate Crude Oil contract. The price of the May 2020 contract dropped to an unprecedented negative price of $37.63. This price was the basis for determining the settlement price for cash-settled contracts traded on the CME Globex and also on a separate, expiring cash-settled futures contract listed on the Intercontinental Exchange Europe (“ICE Europe”). Several Interactive Brokers LLC (“IBLLC”) customers held long positions in these CME and ICE Europe contracts, and as a result they incurred losses in excess of the equity in their accounts. IBLLC has fulfilled the firm’s required variation margin settlements with the respective clearinghouses on behalf of its customers. As a result, the Company has recognized an aggregate provisionary loss of approximately $88 million. The Company does not believe that any anticipated losses will have a material effect on its financial condition.
If there are proven salt domes around that we could quickly convert to oil storage we should do it and fill them up. Times like these are made for great leadership to step forth and shine. Sadly, the U.S. leadership in place is the worst imaginable.
More like get yourself booked on Fox and Friends or some other "newsworthy" show lol to get his attention and hope he took his adderal that day.