What ticker are you seeing this at?
The WTI oilfields are in western texas and new mexico. You'd have to transport millions of barrels per day and have the appropriate infrastructure + tankers on shore.Even when the spread goes as wide as this? That sounds mental.
Your car doesn't run on crude oil. And then there's taxes on top of that.Wait it's $4 a barrel?!? So why is that only still 2 gallons at the pump??
I heard there are currently tankers on the way to the US with 20 million barrels of oil from saudi arabia as part of the deal trump madeUS refineries have been buying an average of 600,000 barrels a day from Saudi Arabia in the last month. Free Market!
Imagine this but with oil barrels."Hey, babe? Do you want cheese on your...shit. oh my god!!"
"Aiiieeeeeeeee!! It burns!"
"Hey, babe? Do you want cheese on your...shit. oh my god!!"
"Aiiieeeeeeeee!! It burns!"
The value of the barrel alone has got to be more than the barrel+oil now
Yo this is all I'm thinking about! How much does a barrel cost to make.
Can someone explain why it plunged so hard specifically today?
Probably true, but they aren't literally selling it in barrels, it's just a measurement.
Contract for may is up tomorrow so this is probably the closes we're getting to the actual physical prices paid in texas right now. Which makes sense because there are multiple reports that traders buy it at $2.Can someone explain why it plunged so hard specifically today?
May prices are the closest prices we have to the actual physical prices while futures for june/july are forecasts that'll likely drop the closer we get to actual delivery dates.guys thats for May contract, they expire tomorrow thats why everyone just selling at whatever price. Look price for June/July contracts for better sense.
Can someone explain why it plunged so hard specifically today?
guys thats for May contract, they expire tomorrow thats why everyone just selling at whatever price. Look price for June/July contracts for better sense.