Oil plunges below zero for first time with May contract ending

Re:Oil plunges below zero for first time with May contract e... by refurb on Monday April 20, 2020 @02:27PM (#22926781)

Just a guess, but maybe the consensus is that June is going to be the same (or worse) as May and they are going to have trouble unloading those contracts?

It may come to the point that you're paying some to take the contract.

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Re:Oil plunges below zero for first time with May contract e... by greenshackle2 on Monday April 20, 2020 @03:02PM (#22927152)

You're selling the June contract right now. There will be nothing to unload. Whoever is holding your June contract when it expires will be the one left holding the bag (well, the barrels). That's the whole point of futures.

The problem is that you have to store the oil for a month which is pretty expensive right now.

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Re:Oil plunges below zero for first time with May contract e... by lalaithion on Monday April 20, 2020 @02:35PM (#22926856)

But then the price in June should also be down.

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Re:Oil plunges below zero for first time with May contract e... by smileysteve on Monday April 20, 2020 @04:12PM (#22927983)

It is down, it's just not down to $0.

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Re:Oil plunges below zero for first time with May contract e... by macawfish on Monday April 20, 2020 @04:19PM (#22928058)

Not yet it's not

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