Motoring Discussion > US oil prices turn negative Miscellaneous
Thread Author: henry k Replies: 19
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New Mon 20 Apr 20 20:43 
 US oil prices turn negative - henry k
fell as low as minus $37.63 a barrel.

www.bbc.co.uk/news/business-52350082
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New Mon 20 Apr 20 20:50 
 US oil prices turn negative - Robin O'Reliant
Bad economic news in general, but as someone still working and using the car to do grocery deliveries where I get paid per drop and petrol prices are plummeting I do well out of it - short term at least, but all this is going to have to be paid for when the dust settles and it isn't going to be pretty for any of us.
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New Mon 20 Apr 20 21:13 
 US oil prices turn negative - Lygonos
Poor old Russia, middle East, Venezuela, US of A.

More wind turbines please.
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New Mon 20 Apr 20 21:15 
 US oil prices turn negative - sooty123
Wow I didn't it would get that bad, I think I said on one of the cv19 threads it would never go negative, I guess I was totally wrong!
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New Mon 20 Apr 20 23:27 
 US oil prices turn negative - legacylad
I read somewhere about 3 weeks ago that this would probably happen. Just bought a few ( more) HUR & RDSB shares in my self select ISA portfolio...I’m in for the long haul and it’s not a recommendation!
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New Mon 20 Apr 20 23:57 
 US oil prices turn negative - smokie
Get a few RBD shares, they are sitting on the largest onshore UK oil find ever. And are very cheap atm.
Last edited by: smokie on Mon 20 Apr 20 at 23:58
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New Tue 21 Apr 20 00:36 
 US oil prices turn negative - legacylad
Quite. A lot cheaper than I bought them at. Ouch. You holding Union Jack Oil ?
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New Tue 21 Apr 20 08:18 
 US oil prices turn negative - Bromptonaut
According to detailed report on 5Live's Wake Up To Money this morning the minus price is an American thing with a particular type of Texas crude. Becuse of geography/history it is not connected to the worldwide distribution system. The negative price relates to contracts for imminent delivery.

Brent crude, the benchmark for the world market, is still positive albeit at a massive discount to where it was pre CV19.
Last edited by: Bromptonaut on Tue 21 Apr 20 at 08:19
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New Tue 21 Apr 20 09:26 
 US oil prices turn negative - smokie
Nope, no Union Jack - just RBD

There was a double whammy on oil prices/shares due to the spat between producers around the time it was realised how serious COVID was. The two if them are what knocked the market for 6.
Last edited by: smokie on Tue 21 Apr 20 at 09:29
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New Tue 21 Apr 20 12:29 
 US oil prices turn negative - legacylad
Don’t know whether my action today has been inspired, brave or plain stupid, but today I’ve averaged down on three oil holdings in my portfolio. Just nibbling away, nothing too dramatic, but I’m in for the long haul unless there is an unexpected bounce.

I read earlier about how many gallons of oil per day 400 cruise ships use, plus the US of A gas guzzling lockdown and other factors relating to oil consumption which some time this decade will change.
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New Tue 21 Apr 20 12:59 
 US oil prices turn negative - henry k
The price of a barrel of Brent Crude - the UK benchmark for oil - has slipped below $20, its lowest level since 2002.

Wti is now at $16+ per barrel after the dip yesterday.
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New Tue 21 Apr 20 14:45 
 US oil prices turn negative - CGNorwich
When I fill up the car this afternoon how much should I expect they give me?
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New Tue 21 Apr 20 15:25 
 US oil prices turn negative - tyrednemotional
....if it runs on crude, you might as well fill your boot(s)....
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New Tue 21 Apr 20 16:02 
 US oil prices turn negative - Zero
>> ....if it runs on crude, you might as well fill your boot(s)....

Its a VW, they need to cheat the software to get it to run on crude
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New Tue 21 Apr 20 20:28 
 US oil prices turn negative - CGNorwich
Just filled up. £1.027 per litre for unleaded at Morrison’s tonight.
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New Tue 21 Apr 20 20:57 
 US oil prices turn negative - Zero
Rugger

I filled up at 104.7 early in the lockdown, thinking it would go up afterwards. Its not as if I can use the stuff I have!
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New Wed 22 Apr 20 00:59 
 US oil prices turn negative - smokie
You'll use enough of it tugging your old shed around once it's all over though :-)
Last edited by: smokie on Wed 22 Apr 20 at 00:59
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New Tue 21 Apr 20 22:19 
 US oil prices turn negative - Duncan
99.7p in Edgware according to petrol prices site.
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New Wed 22 Apr 20 08:47 
 US oil prices turn negative - Rudedog
Still paying £1.22 for regular diesel and £1.31 for v-power around here at the local Shell!

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New Wed 22 Apr 20 08:58 
 US oil prices turn negative - Falkirk Bairn
I have 2 sons who are engineers within the oil industry, a consulting engineer and the other a reasonably senior manager.

5,000 miles apart but both are involved in cut backs - maybe 25% job losses in one company and probably more in the other and that assumes oil prices rise soon.

The US based son has seen his department capital expenditure (15% of the worldwide capital expenditure budget) cut from $3m / day to roughly $2m / day and that was 2 weeks ago - further cuts are bound to follow with prices in free fall. Major lay offs of contractors and company staff to follow soon.

Redundancy, early retirement will take some of the numbers but they cleared out many 55+ year olds a few years back so not so many left - so 50+ might be the next lot.

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