Oil price crashes into negative territory for the first time in history

By Stephanie Kelly

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I turned on the TV this morning and saw the ticker showing something like "Oil -$37 (-$55)" and assumed that it was a typo / mistake, until I later saw the top economy news headline later during the show...

The cure for low (negative here) prices is of course low prices.

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A barrel of American oil is minus $40. The oil companies are paying the buyers to take the oil away because they have run out of storage space.

The Trump oil agreement failed.

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A barrel of American oil is minus $40. 

The May WTI contract for delivery at Cushing is.

Similar contracts further out aren't (yet) negative, but one imagines it won't be long before the June one is too.

Unfortunately this stuff can't be stored just anywhere, otherwise I'd be offering them to deliver to my car parking space :)

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Now's the time to 'buy' obviously!

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The gas pumps won't pay you to fill up up your car.

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Oil is Japan's largest energy import. Low prices are good and the government can fill up its reserve tanks.

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Interesting how with oil prices so massively low they have only dropped a little here in Japan.

In Australia now they are around half the cost of Japan. ( Normally they are close though varying with the exchange rate so recently lower but never as disparate as now) Someone is making a huge profit here in Japan and it is not the consumer! Would be nice to see the government do something about this or are they part of those profiting.

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WTI is what the petrodollar is based on. This level of crash has to be manipulated on purpose to destroy the dollar.

This is crazy news that can't possibly hold, because clearly the oil is worth more than a NEGATIVE $37 per barrel. This kind of crash is an idiotic stunt. Question: Who pulled this stunt and why? Let me guess: For all barrels of this oil people have in stock, they are going to get a "bail out" to the tune of $37.00 each. Or wherever they take this.

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Interesting how with oil prices so massively low they have only dropped a little here in Japan.

The glut is specifically for WTI in Cushing, which doesn't directly supply much if any of Japan's oil I suppose.

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Japan oil imports are mostly Middle East but at prices less than $20/barrel good for the country and filling up the oil reserves.

The minus $40/barrel is for May spot oil.

The steel price of a barrel which holds the oil is $40. Worth more than the oil.

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