$10 a barrel

[Eirikur]

Light Sweet Crude Oil -28,00 -305,97% 19:35

[AtW]

So that's what it looks like - singularity

[BlasterBates]

The small print in a Nymex futures contract:

At buyer's option, delivery shall be made by any of the following methods: (1) by interfacility transfer ("pumpover") into a designated pipeline or storage facility with access to seller's incoming pipeline or storage facility; (2) by in-line (or in-system) transfer, or book-out of title to the buyer; or (3) if the seller agrees to such transfer and if the facility used by the seller allows for such transfer, without physical movement of product, by in-tank transfer of title to the buyer.

you just need a big enough tank.

[BlasterBates]

Speculation is now rife that "clever" hedge funds high on plush offices, coffee machines and Ferraris, but low on oil terminals, stevedores and tankers have been caught with their trousers down.

Lets see where the Futures price is at 2pm Eastern time.

Delivery begins at 2.30

[AtW]

Where the margin calls, who is going to cover contracts when hedge funds fold?

[NickFitz]

It seems somehow appropriate for the price of crude to plummet to below zero on the 10th anniversary of the Deepwater Horizon explosion

[BlasterBates]

Where the margin calls, who is going to cover contracts when hedge funds fold?

The hedge funds hedge with the banks.

The problem is that future prices aren't supposed drop below 0.

[scooterscot]

Tomorrow they will say that oil fell because of OPEC, Russia, Saudi Arabia. But this is not true..


The customer - Federal Reserve System
The Contractor - City Bank, Goldman Sachs, JPMorgan Chase


These are the three largest futures oil players in the market.


The customer has only two goals - that the dollar grows stronger and that the dollar remains the world's reserve currency. The second is the depreciation of national currencies of other countries. especially the currencies of those countries whose budgets are very dependent on the price of oil.

[CheeseSlice]

I fear for the Somali Pirates. Their livelihoods are ruined.

Next tanker they hijack, there will actually be a round of applause as its one less oil delivery problem to worry about.

[GhostofTarbera]

I fear for the Somali Pirates. Their livelihoods are ruined.

Next tanker they hijack, there will actually be a round of applause as its one less oil delivery problem to worry about.

Apparently they have some empty oil tankers - these are now the black gold for storage



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