Oil price has just gone negative

[Chris F]

Oil is trading at minus figures right now as storage runs out.

 

[bobk]

Is it free ?

 

[Daddy Pig]

I'm guessing now is a good time to order diesel

 

[Chris123]

Madness, assume it’s not as simple for them to stop pumping it and leave it where it is till demand increases

 

[Chris F]

Is it free ?

It’s more than free! It’s trading in negative figures. Hopefully will lead to cheaper prices as 5ey want us to stock up.

Time to buy a new tank!

 

[Chris F]

Madness, assume it’s not as simple for them to stop pumping it and leave it where it is till demand increases

I was told by a friend out there that it’s more expensive to shut the pumps down than sell at a loss. I asked the same question. It’s been in the ground for 100 million years. Another 3 months shouldn’t hurt.

 

[bobk]

It’s more than free! It’s trading in negative figures. Hopefully will lead to cheaper prices as 5ey want us to stock up.

Time to buy a new tank!

Do you sell them? could do with a new one

 

[marcot]

Fantastic....free recreational cultivations

 

[Robt]

Fantastic....free recreational cultivations

People have banned on this site for lesser words!!!!!!!! Behave

 

[puntabrava]

It’s more than free! It’s trading in negative figures. Hopefully will lead to cheaper prices as 5ey want us to stock up.

Time to buy a new tank!

Please can you and Clive explore the futures market to forward buy, feel free to earn a few ppl and I would put payment up front, WEeeee as a collective will be missing a beat here unless something is put in place, by my thinking we have three weeks.

 

[Chris F]

Do you sell them? could do with a new one

I don’t think we do. Only fert and water. @Lucy @ Farm Marketplace would know for sure.

 

[Chris F]

Please can you and Clive explore the futures market to forward buy, feel free to earn a few ppl and I would put payment up front, WEeeee as a collective will be missing a beat here unless something is put in place, by my thinking we have three weeks.

It’s at $21 for June.

 

[Boohoo]

No surprise, demand has collapsed. I saw Tesco tanker drivers pulling curtainsiders today.

 

[Dave6170]

Why is the pump price not dropping like a stone then?

 

[JeepJeep]

The negatives were the end of the May contract I think. Junes are at around 21 Dollars ish

 

[anzani]

Time to fill the North Sea up ?

 

[puntabrava]

It’s at $21 for June.

Raw crude isn’t much use to us tho, all these terminals around and about, surely the end product is buyable forward?

 

[Chris123]

just emptied all the water buckets in the lambing shed, sheep dip is empty, just sucked out the septic tank. so who do I contact to take some of this oil and will they pay me in cash for taking it?

 

[Formatted]

Why is the pump price not dropping like a stone then?

60% is tax
30% is cost of sale (transport, the profit margin of the garage)
10% is the price of oil

 

[caveman]

Heard it hit minus 40 dollars a barrel for May delivery a little while ago.