Oil plunges below zero for first time with May contract ending

Re:Oil plunges below zero for first time with May contract e... by Natsu on Monday April 20, 2020 @04:08PM (#22927943)

I heard it wasn't funded, but can't the US strategic reserve take these contracts at a negative price and fill up on cheap oil?

It would seem like a prudent thing to do because it can then be used to restart the economy later and make a decent profit to pay off things like all these Covid checks.

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Re:Oil plunges below zero for first time with May contract e... by stevenwoo on Monday April 20, 2020 @06:29PM (#22929499)

They had plans to make a purchase to fill the reserve last month before the price went negative today, and they only had about 10 percent of the reserve free at that time: https://www.fool.com/investing/2020/03/13/trump-announces-ma...

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Re:Oil plunges below zero for first time with May contract e... by Natsu on Monday April 20, 2020 @06:35PM (#22929565)

I heard that was announced, but funding for that never materialized, so I'm not sure they got a chance to actually do that.

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