Oil plunges below zero for first time with May contract ending

Re:Oil plunges below zero for first time with May contract e... by greenshackle2 on Monday April 20, 2020 @03:24PM (#22927398)

WTI was at -36.25$ just now. I hope you didn't put your money where your mouth is.

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Re:Oil plunges below zero for first time with May contract e... by throwaway_USD on Monday April 20, 2020 @03:34PM (#22927524)

>Usually by the time you see commodities activity hitting the front page of HN the bets are in...

My bet was already in...however, I do think once we start seeing the news like this proliferate we will see an odd swing by Wednesday or Friday. Still my question was sincere, if we see a swing, I don't know what the markets rationale would be...that said where can it go from negative but up

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Re:Oil plunges below zero for first time with May contract e... by greenshackle2 on Monday April 20, 2020 @03:56PM (#22927805)

Well, I don't want to presume what your bet is, if it was literally buying this contract and hoping to re-sell it than sorry for your loss I guess.

But yeah it seems like a short-term storage problem and it should bounce back, if your bet was something else it may yet pay off.

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Re:Oil plunges below zero for first time with May contract e... by throwaway_USD on Tuesday April 21, 2020 @12:08PM (#22936218)

I had some puts on UCO. Last night there was a 25:1 reverse split...I just sold for >500% return (very small position).

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Re:Oil plunges below zero for first time with May contract e... by sand_castles on Monday April 20, 2020 @04:12PM (#22927981)

Commodity markets are not Elon Musk tweets.

Oil gult takes 3-4 years to clear.

Now is a good time to bet on consumption, not on commodities.

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