ST Alpha - "Help me out...why is oil dropping 70% today? " (Reading a Post)

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Help me out...why is oil dropping 70% today?

Posted by Will Hunting (aka JoeMetz) Apr 20 '20, 10:23

Like, did the world get worse from Friday to this degree?

Responses:

Global. Marshal. Law. -- nm - Spawn Apr 20, 10:25 2
- Global. Thermal. Marshall. Nuclear. War. -- nm - Jovian Apr 20, 10:32
- ruh oh -- nm - mud Apr 20, 10:27
Because economics is 78% people guessing? -- nm - Volnelk Apr 20, 10:24 4
- But on the other hand.... -- nm - Open Baron Apr 20, 10:28 3
  - Yes, there’s a chance that’s not true. -- nm - Volnelk Apr 20, 10:39 2
    - I mean, in an ideal world, barring contrary market forces. -- nm - Open Baron Apr 20, 10:45 1
      - I'm going to make millions selling spherical cows! -- nm - Reagen Apr 20, 10:46
Futures expire today -- nm - decline Apr 20, 10:23 12
- Okay, so random calendar quirk not truly based on anything substantive from the days prior. -- nm - Will Hunting Apr 20, 10:24 11
  - also thing I learned: the term contango meaning the fall contracts are worth more than the current ones -- nm - decline Apr 20, 10:27 1
    - I think that's a Ted Nugent song. -- nm - David Apr 20, 10:56
  - Basically. People don’t want actual delivery of oil next month because they’re running out of places to put it. - spamlet Apr 20, 10:27 6
    - The idea of using $1200 to buy $7 oil is tempting but I wouldn't have room to store 170+ barrels in my apartment. -- nm - Max Apr 20, 10:35 4
      - 169 barrels. You'll live in the last one. -- nm - Open Baron Apr 20, 10:38 2
        
        I could tie the barrels together as a houseboat and float out into international waters. This is brilliant. -- nm - Max Apr 20, 10:50 1
        
        (making me think of one of my favorite Weekend Update jokes: "...which makes it a pretty good deal on barrels!") -- nm - Max Apr 20, 10:52
      - Step 1: buy oil. Step 2: buy rooms on cruise ships. Step 3: profit -- nm - JaxSean Apr 20, 10:37
    - which is going to really, really expensive -- nm - decline Apr 20, 10:29
  - Yeah, CNBC stating its a quirk. No places to store oil in May. Hence price drop. "Could go negative". June still at $20 -- nm* - budice Apr 20, 10:25
  - Yeah, but the demand shock is coming due. -- nm - Reagen Apr 20, 10:25

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Help me out...why is oil dropping 70% today?

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