Somewhere, Ellis Wyatt was smiling.

Yup. At least the ones that would not result in environmentalist screaming.

I thought the US was able to pump oil back into depleted oil wells as a strategic hedge against manupulation by OPEC etal. as happened in the past? Is that storage full also?

Nice call on Return of the Primitive!

Lets urge the people here to read or re-read Ayn Rand's
Return Of The Primitive
The Anti-Industrial Revolution

They are as pertinent and accurate today as they were 40+ years ago when she and Peter Schwartz wrote them.

With a cornered rattle snake on the cover...

The Deep State Empire Fights Back (an obvious play on The Empire Strikes Back).

Yes, they are doubling down on their plan inspite of a rebellion across the world against the Deep State.

Trump/Q's plan will try to cut them off at the knees but will it work?...dunno...

Yep...it's "Magick"...(ref. Alistar Crowley)

If that doesn't describe an Atlas Shrugged looter's opinion ..., particularly the use of the word "magically".

"The June contract is at $20, so oil will magically be at $20 Tuesday morning." It's Tuesday morning and the June contract at the moment is . . . $11.41

It sounds like a return to the Dark Ages. Calling them the Middle Ages instead of the Dark Ages is like calling the virus COVID-19 instead of the Wuhan coronavirus.

If we consider that that incredible economic prosperity in the 20th century in America was caused by a combination of a high degree of Individual Rights, limited government, and an inexpensive, unlimited amount oil, then what are the chances of a return to prosperity in the 21st century filled with limited Individual Rights, Unlimited government power, and oil that costs more to produce than it can be sold for?

Olduglycarl, now you are thinking what I was when I saw this happening. If I were George Soros trying to collapse capitalism and put the world's wealth into my pocket, making the oil market collapse would be an excellent way to do that.

Moreover, if the oil business collapses, it paves the way for an environmentalist "solution".

This looks like something a carbon credit trader would do.

And we know the cause of the excess supply...why would two competitors compete themselves into oblivion?

I am wondering about the market for storage, as you say, the environ[Mental]ist have made that difficult...surprised no one has come up with a solution.

Somewhere on this post, someone mentioned putting oil into played out wells. It's likely those wells will begin to refill if the notion that oil is actually created by bacteria deep in the earth and does not come from fossils, is true.

Would have been the perfect place if not for those to things. (the origin of oil and the environMENTAList.

Nice link

You can lose an unlimited amount, even more than being bankrupted. Why this concerns me is that someone big is on the losing side of that bet. If it is a bank, then this could seriously cause a great depression.

The futures market is extremely risky, but very rewarding to those who play it well. When I bet on unleaded gasoline futures going up in the spring and down in the fall because of seasonal demand, it was not a sure bet, but based on the history at the time, a relatively sure bet.

The reason it went below zero is that no one has a place to store the excess supply!

Well, we are having a TOUGH time wrapping our heads around this.

Black Gold... If that were true, people would not let it go NEGATIVE!
But the problem is one of storage. If you have no place to put it, you have to keep it on the ship, which means RENTING the ship!
Nobody can afford that right now.

These are absolutely crazy times... Imagine being Saudi Arabia, and having to ask "How many barrels do we have to sell for 1.00 to break even?"
I have asked friends in Russia how they think this will impact them. This would be different if it happened in the dead of winter...

This is the season of demand drop off, and the refineries shut down to "fix things" (to keep prices up, LOL)...

But IMAGINE being the person who said "Give me 10 futures at 1.00... How much can I lose?" And now they get the bill... And they are bankrupted.

Well done!

The following link may prove beneficial in understanding the futures process and its relationship to the underlying commodity.
https://www.thebalance.com/taking-del...

Isn't the "Futures" market a risky bet in the first place? It's like playing the lottery with a few statistics behind your bet.

One does so, knowing he may lose bigly.

So maybe the question should be...what force was behind making it go below 0 in the first place...maybe the same force that created the covin pandemic?..and probably the same force that will try to create a higher demand...like war?...and make a bundle in the process.
Same ole story isn't it?

Oily to bed,
Oily to rise,
Makes a man broke,
Despite anguished cries.

The key point is not why it turned negative. That part is pretty obvious, but who got killed by it?

At a steep environmental price because it is considered hazardous waste!