<div dir="ltr">If the negative prices had lasted long enough for effects to come down the supply chain all the way to your local gas station, that might indeed have happened eventually.<div><br></div><div>They didn't, and it was expected they wouldn't.</div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Mon, Apr 20, 2020 at 2:16 PM William Flynn Wallace via extropy-chat <<a href="mailto:extropy-chat@lists.extropy.org">extropy-chat@lists.extropy.org</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div class="gmail_default" style="font-family:"comic sans ms",sans-serif;font-size:small;color:rgb(0,0,0)">Wow. You mean I can go fill up and they pay me? bill w</div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Mon, Apr 20, 2020 at 3:51 PM Adrian Tymes via extropy-chat <<a href="mailto:extropy-chat@lists.extropy.org" target="_blank">extropy-chat@lists.extropy.org</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr">From what I'm hearing, you are correct. The negative price (which appears to have already recovered to over zero, though still quite low) was because of the cost of storage. Contracts which were up for physical delivery were running into a lack of storage space. (This isn't including that massive Saudi Arabian tanker fleet apparently due to arrive next month, which is already full of oil.) People with lots of spare storage, though not previously seen worth keeping oil there, have already stepped up - so if you're thinking of offering your back yard for a few months, sorry, it's already too late for you to make a buck that way.<div><br></div><div>Even adjusting for inflation, negative is negative; inflation is only a multiplier. If this is the first time it's gone negative, then this was the lowest price ever.</div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Mon, Apr 20, 2020 at 1:15 PM Dylan Distasio via extropy-chat <<a href="mailto:extropy-chat@lists.extropy.org" target="_blank">extropy-chat@lists.extropy.org</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr">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. </div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Mon, Apr 20, 2020 at 4:07 PM William Flynn Wallace via extropy-chat <<a href="mailto:extropy-chat@lists.extropy.org" target="_blank">extropy-chat@lists.extropy.org</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr"><div class="gmail_default" style="font-family:"comic sans ms",sans-serif;font-size:small;color:rgb(0,0,0)">Has oil ever been any cheaper, adjusting for inflation and all that? bill w</div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Mon, Apr 20, 2020 at 2:43 PM John Clark via extropy-chat <<a href="mailto:extropy-chat@lists.extropy.org" target="_blank">extropy-chat@lists.extropy.org</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr"><span class="gmail_default" style="font-family:arial,helvetica,sans-serif"><font size="4">"</font></span><font size="4"><i>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</i>.<span class="gmail_default" style="font-family:arial,helvetica,sans-serif">"</span></font><div><br></div><div><a href="https://www.forbes.com/sites/kenrapoza/2020/04/20/historic-day-for-worlds-oil-markets-as-american-crude-becomes-worthless/#cd2638945dc9" target="_blank">Historic Day For World’s Oil Markets As American Crude Becomes Worthless</a><br></div><div><br></div><div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif"><font size="4">John K Clark</font></div><br></div></div>
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