[BigV]

Originally Posted by BigV

Free-Falling: U.S. Oil Drops Below $3 Per Barrel As Demand Disappears


WOW.


Holy shit. When I found this headline, it said $3 a barrel, when I composed the post and clicked through to the story the headline had been updated to $2 a barrel. That's a LOT of CO2 staying in the ground. Less than $2 a barrel.

Here's the headline now, 2:06 pm PST:

Free Fall: Oil Prices Go Negative
April 20, 202011:21 AM ET

just fuckin wow.

The key U.S. oil benchmark, West Texas Intermediate, settled at negative $37.63.

Driven by a trading contract deadline, traders desperately looked for buyers for the barrels of oil they normally hold in their books. But buyers were hard to find — even when the oil was being given away for free.

So some traders, instead of paying to buy oil, were ready to pay as much as $37.63 to get someone to accept delivery of one barrel of oil.