Oil plunges below zero for first time with May contract ending

Re:Oil plunges below zero for first time with May contract e... by colinmhayes on Monday April 20, 2020 @04:21PM (#22928080)

7 million barrels * $30 a barrel = 210 million just to take the oil. Plus $20 a barrel when you sell it brings you to $350,000,000 in revenue on a 7 million barrel tank. What am I missing, other than not being able to build the tank fast enough?

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Re:Oil plunges below zero for first time with May contract e... by bmelton on Monday April 20, 2020 @04:49PM (#22928360)

I mean, if you have a spare $300 million lying around, that sounds like a fantastic arbitrage opportunity, and (napkin math time) if you're holding the barrels for more than 10 months, that'd be the way to do it.

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Re:Oil plunges below zero for first time with May contract e... by evandijk70 on Tuesday April 21, 2020 @08:38AM (#22934376)

You are probably right. And given that June futures went down since yesterday, and the May futures went up, someone is probably doing that right now.

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