Crude Oil at $11 — WTF? (bankrupt, money, closing, government)

[riffle]

Originally Posted by Taggerung

Will the Federal Reserve be buying millions of barrels of oil? This is not a joke question, there's serious talk of them really doing that.

And do what with it? (Also not a joke question.)

[Willy702]

Tomorrow it will be back to $20-22. And then a month from now we might see this last day panic to close out futures positions again and all those posting here who know absolutely nothing about how the futures markets work will be posting again about the depression and the end of the world.

[mathjak107]

Plus they won’t understand why oil shows it doubled yet Uso went almost no where

[Jill_Schramm]

I just checked on CNBC and they are saying $-35.56/barrel. That’s a minus sign there. That means they are paying people to take oil off their hands!

[Lycanmaster]

Originally Posted by Taggerung

Will the Federal Reserve be buying millions of barrels of oil? This is not a joke question, there's serious talk of them really doing that.

They are already buying stocks and corporate junk bonds...

[Therblig]

Originally Posted by riffle

And do what with it? (Also not a joke question.)

When the cheese warehouses are full, they can dump it down the drains like milk.

[JL]

Originally Posted by Therblig

When the cheese warehouses are full, they can dump it down the drains like milk.

that was a sad sight to see.

[jm31828]

Wow, crazy it's this low but actual gas prices where I live (the northern suburbs of Seattle) have barely budged- only gone down about 30 cents in the last few weeks, to about $2.89.
I am hearing about other places in our state where it is below $2.00, but we sure aren't seeing the cheap prices in this area yet....

[RocketSci]

Originally Posted by Willy702

Tomorrow it will be back to $20-22. And then a month from now we might see this last day panic to close out futures positions again and all those posting here who know absolutely nothing about how the futures markets work will be posting again about the depression and the end of the world.

Are you saying that futures trading below $0 is not significant of anything? Has the spread between 2 months consecutive futures pricing ever been as large as seen today? Will the supply and demand for June deliveries change very much from May, and if not why should June prices hold to 20-22?

Please, educate us "know nothing" casual followers.

[Malloric]

Originally Posted by RocketSci

Are you saying that futures trading below $0 is not significant of anything? Has the spread between 2 months consecutive futures pricing ever been as large as seen today? Will the supply and demand for June deliveries change very much from May, and if not why should June prices hold to 20-22?

Please, educate us "know nothing" casual followers.

It's significant in that somewhere people in hedge funds that like to speculate on derivatives are freaking out going oh, god, I might need to take deliver of a bunch of oil and it won't fit anywhere in my Manhattan office.