[ExI] This is a Historic Day For World’s Oil Markets

[Dylan Distasio]

I don't believe so.  Because there is a cost to store oil (like all
commodities), and all storage appears to be full, there is the possibility
of negative prices.   I may be wrong, but I cannot recall another situation
where there was more oil than storage.

On Mon, Apr 20, 2020 at 4:07 PM William Flynn Wallace via extropy-chat <
extropy-chat at lists.extropy.org> wrote:

> Has oil ever been any cheaper, adjusting for inflation and all that?  bill
> w
>
> On Mon, Apr 20, 2020 at 2:43 PM John Clark via extropy-chat <
> extropy-chat at lists.extropy.org> wrote:
>
>> "*West Texas Crude oil priced at $0.01 at 14:20 eastern time. At 14:22
>> eastern time, it collapsed to -$1.43 and fifteen minutes later, fell to
>> -$20 for the May contract. For the first time in the history of the oil and
>> gas industry, oil became absolutely worthless today*."
>>
>> Historic Day For World’s Oil Markets As American Crude Becomes Worthless
>> <https://www.forbes.com/sites/kenrapoza/2020/04/20/historic-day-for-worlds-oil-markets-as-american-crude-becomes-worthless/#cd2638945dc9>
>>
>> John K Clark
>>
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