Posted by PresidentRotiCanai > 2020-04-21 00:43 | Report Abuse

Oil futures contract expiring Tuesday dives 50% to below $8, lowest in three decades

Posted by apolloang > 2020-04-21 00:46 | Report Abuse

special offer oil for the US consumers only.here still RM 1.20 per litre....tipu

Posted by Targeted > 2020-04-21 01:10 | Report Abuse

My worry is the same fate could befall brent, just at a slower pace. Same storage problem seems inevitable.
Just a caution to those not in for the long haul.

Posted by cbpenbrush > 2020-04-21 01:12 | Report Abuse

While talking abt WTI and Brent, may be many still don’t understand the difference between WTI and Brent. Here is the video for you guys to understand further.
https://youtu.be/Yp4wFZeY0fk

Posted by air01557 > 2020-04-21 01:14 | Report Abuse

Mabel going to drown soon with her so called battleships - MEOW

Posted by Targeted > 2020-04-21 01:16 | Report Abuse

Its about insufficient storage to mop up the excess.

Posted by PresidentRotiCanai > 2020-04-21 01:16 | Report Abuse

Copy n paste
明天是witi原油五月份期货交割时间，由于美国大部分石油仓库都已填满，如果这些实物合约交货，买家就必须自己额外花钱购买储存仓库，或者干脆租用油轮在海上飘着，所以很多人都到贴运输费以便请人把原油拉走，这是今天原油暴跌的核心根源，但是这仅限于今天，因为明天6月份合约原油又涨到22美元

Posted by Targeted > 2020-04-21 01:26 | Report Abuse

On the bright side, thats another 12milbpd of the market.

Posted by truly > 2020-04-21 01:29 | Report Abuse

run while you can.... dayang going to delisted soon..... tp 0.005

Posted by truly > 2020-04-21 01:32 | Report Abuse

WTI Crude 3.04

Posted by JediMaster > 2020-04-21 01:57 | Report Abuse

What price will open tomorrow?

Posted by funkyway > 2020-04-21 02:07 | Report Abuse

sell or hold dayang?

Posted by gohkimhock > 2020-04-21 02:09 | Report Abuse

lol oil futures contract down to less than usd1 now.

Posted by hisyam > 2020-04-21 02:13 | Report Abuse

0.01−18.43 (−99.95%) WTI limit down

Posted by JediMaster > 2020-04-21 02:14 | Report Abuse

Nice

Posted by bone > 2020-04-21 02:14 | Report Abuse

Tat is not limit down, is become worthless overnight, free also ppl donwan

Posted by gohkimhock > 2020-04-21 02:17 | Report Abuse

No storage to store the physical barrels of oil.

Posted by hisyam > 2020-04-21 02:19 | Report Abuse

Stocks fall as U.S. oil prices go negative
Energy supply and demand concerns amid the coronavirus pandemic escalated further, sending crude oil prices tumbling to a fresh multi-decade low.

Posted by 04TSH > 2020-04-21 02:28 | Report Abuse

Now USD0.60 !!!

Posted by Targeted > 2020-04-21 02:32 | Report Abuse

Negative

Posted by gohkimhock > 2020-04-21 02:36 | Report Abuse

This negative is a one day event only. The next day it will go back to USD 18~23.

Posted by Targeted > 2020-04-21 02:36 | Report Abuse

Deep in the negative. Long covering due inability to pick up and secure storage.

Posted by gohkimhock > 2020-04-21 02:37 | Report Abuse

Anyway, still scary looking at this kind of movement. First time I have seen it.

Posted by Targeted > 2020-04-21 02:39 | Report Abuse

-37.6usd

Posted by 04TSH > 2020-04-21 02:40 | Report Abuse

WTI Crude Oil now at USD0.19 per barrel !!!

Posted by mf > 2020-04-21 03:04 | Report Abuse

U.S. Crude Turns Negative for First Time in History

Posted by Talib > 2020-04-21 03:09 | Report Abuse

oil stocks limit down tomorrow.

Posted by RedEagle > 2020-04-21 03:10 | Report Abuse

(Reuters) - Energy traders fled from the expiring May US oil futures contract in a frenzy on Monday, sending the contract into negative territory for the first time in history, as barely any buyers are willing to take delivery of oil barrels because there is no place to put the crude.

May US crude futures careened into negative territory about 20 minutes before the end of trading, falling to minus US$8 a barrel, down 146%.

With demand down 30% worldwide due to the coronavirus pandemic, and the main US storage hub in Cushing, Oklahoma expected to fill up in a matter of weeks, very few want to be stuck with oil barrels that they have to take delivery on at some point during May.

"The people who are long are desperate to get out," said Phil Verleger, a veteran oil economist and independent consultant.

Posted by digi_three > 2020-04-21 03:11 | Report Abuse

Hey hey hey Brent is still at $26 wokey .. dont get panic too soon ;-)

Posted by rr88 > 2020-04-21 03:24 |

Post removed.Why?

Posted by rr88 > 2020-04-21 03:24 |

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Posted by rr88 > 2020-04-21 03:25 |

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Posted by rr88 > 2020-04-21 03:25 |

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Posted by rr88 > 2020-04-21 03:25 |

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Posted by mf > 2020-04-21 03:26 | Report Abuse

Stocks drop to session lows in final hour of trading, Dow now down 600 points

Posted by nashvz > 2020-04-21 06:02 | Report Abuse

dropping back sub 1cent soon??

Posted by Hush77 > 2020-04-21 06:03 | Report Abuse

An oil futures contract expiring Tuesday went negative in bizarre move showing a demand collapse

Posted by BaconGuest > 2020-04-21 06:17 | Report Abuse

Us & oils futures stabilized. Insyah allah start buy dayang and serbak for recovery soon...kakakkaaaaka

Posted by lancefire > 2020-04-21 06:28 | Report Abuse

Perhaps there is opportunity to buy more over the next few days with panic selling

Posted by mf > 2020-04-21 06:42 | Report Abuse

Dow drops more than 500 points to start the week after historic oil plunge

Posted by goodstk88 > 2020-04-21 06:54 | Report Abuse

Posted by Mabel > Apr 20, 2020 11:35 PM | Report Abuse

@monetary invest, trade, punt whatever is fine. just don't spit poisonous words. make yourself more like human but not a poisonouse snake. All curses will follow u till ur last moment. When u breath in ur last breath u want to recall all the beautiful things but not all the harsh words u said.
20/04/2020 8:11 PM

Touche monetary...

British poet George Herbert said, "Good words are worth much, and cost little." One such word is grace. Grace is a sense of fitness and propriety. It is also a disposition to be generous and helpful. It's a word we don't hear too often in forum like this, except perhaps when someone has fallen out of grace, or behaved disgracefully. Grace is a golden link that binds us to others, and it applies to all our relationships, whether it's dealing with our employees, colleagues, clients, family or friends. It's also the link of civility that connects us to strangers. Grace costs nothing but it buys us a lot of goodwill.

Bottom line is Give without grudge, or don't give at all..

Meow..


so delightful to find culture n arts in a Malaysian stk market forum, refined music & poem ,an unexpected treat,
Grace is like the beautiful multi colours Tulips of spring, bring out Joy, Hope, & Gratefulness, to the Divine Creator & Giver of everything nice, we stand in awe at the tulips beauty, it is nature's gift to us to enjoy, not a burden to be reciprocated, all from the Grace of our Creator,...hahaha

Posted by goodstk88 > 2020-04-21 07:01 | Report Abuse

Posted by air01557 > Apr 21, 2020 1:14 AM | Report Abuse

Mabel going to drown soon with her so called battleships - MEOW


U never know how good is the ship/submarine until it is fully tested in the hurricanes & storms at sea, not in the safety of your cosy hse in MCO...

Posted by Sansing > 2020-04-21 07:17 | Report Abuse

Uncle left aldy boleh bungkus

Posted by Alan Punpipi > 2020-04-21 07:27 | Report Abuse

Petronas will needs bailout soon ...the Q is from who ?

Posted by BaconGuest > 2020-04-21 07:39 | Report Abuse

no worry this is only ZERO oil price. next week RON95 will be FREE!!

Oil prices crash below US$0 for first time amid devastating glut
https://www.channelnewsasia.com/news/business/oil-prices-crash-below-us-0-for-first-time-amid-devastating-glut-12660688

Posted by Keyman188 > 2020-04-21 07:56 | Report Abuse

Negative Prices for Oil? Here’s What That Means

(April 21, 2020, 5:58 AM GMT+8)

Stores never pay shoppers to take their goods away, but in extreme circumstances some businesses do, though generally in a very limited way. What’s happened in the oil market, however, was a massive and unprecedented negative swing, as the price on some futures contracts for West Texas crude fell to minus $37.63 a barrel. A collapse in petroleum demand from pandemic-driven lockdowns, a price war among the world’s largest producers that flooded the market, storage facilities nearing their capacities and the monthly rhythms of the futures market all played a role in the jaw-dropping development.

1. Why would a seller pay a buyer to take their oil?

For some producers, it may be cheaper in the long run than shutting down production or finding a place to store the supply bubbling out of the ground. Many worry that shutting their wells might damage them permanently, rendering them uneconomical in the future. There are also traders who buy oil futures contracts as a way of betting on price movements who have no intention of taking delivery of barrels. They can get caught by sharp price drops and face the choice of finding storage or selling at a loss. And the escalating glut of oil has made storage space scarce, and increasingly expensive.

2. Where did the glut come from?

Either the pandemic or the price war by itself would have rocked the energy markets. Together they have turned them upside down. As the virus began to spread around the globe, it began eating away at oil demand in stages. But just as countries like Italy showed what kind of damage a national lockdown could do economically, Saudia Arabia and Russia, the world’s biggest oil producers, butted heads. A pact that had restrained production collapsed and both countries opened their taps to the fullest, releasing record volumes of crude into the market.

4. What did futures contracts have to do with that?

The lowest prices came in trades in futures -- contracts in which a buyer locks in a purchase at a stated price at a stated time. Futures are a tool for users of oil to hedge against price swings, but also a means of speculation. The contracts run for a set period, and traders who don’t want to unwind their position or take delivery generally roll over their contracts shortly before expiration. Contracts for May delivery were due to expire on April 21, putting maximum pressure the day before on traders whose contracts were coming due. For them, selling at a steeply negative price was better than filling bathtubs with oil, though the market rout was such that the physical domestic crude market did see trades on an outright basis for grades like WTI in Midland, Mars Blend, Light and Heavy Louisiana Sweet crudes at negative levels.

6. What happened to storage?

Since the glut began to build and prices began to fall, storage facilities have been moving toward capacity. Crude stockpiles at Cushing in Oklahoma-- America’s key storage hub and delivery point of the West Texas Intermediate contract -- have jumped 48% to almost 55 million barrels since the end of February. The hub had working storage capacity of 76 million as of Sept. 30, according to the Energy Information Administration. The industry has been accumulating supply aboard ships, while contemplating other creative options such as storing oil aboard rail tankers. The Trump Administration, which is concerned about the possible ripple effect from oil bankruptcies, is eyeing a proposal, which is still in its infancy, to pay oil drillers to keep their oil in the ground temporarily. The idea would be to keep it off the market until prices recovered, giving the Treasury a healthy profit while protecting producers from immediate losses.


##https://www.bloomberg.com/news/articles/2020-04-20/negative-prices-for-oil-here-s-what-that-means-quicktake

Posted by JediMaster > 2020-04-21 08:12 | Report Abuse

Should i buy shares of Dayang?

Posted by Benthen106 > 2020-04-21 08:17 | Report Abuse

After drop today... can all in and for short term. Heheee