Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 


Mad Scientist
22404 posts

Uber Geek

Trusted
Lifetime subscriber

  #2472598 28-Apr-2020 10:07
Send private message quote this post

jpoc:

A lot of people have pointed out that this event is the first time that an oil price (of any description) has turned negative.


This has been spun as an indicator of how extreme the current situation is.


It is actually, an indication of the fact that environment protection legislation has some teeth.


There have been occasions in the past (great depression for one) when assorted oil prices have headed towards negative. In those times, the solution was simple. Just set the surplus oil on fire.


At least they did not do it this time.


 



Omg now that you mentioned it I actually recall that happening. It wasn't that long ago actually.




Involuntary autocorrect in operation on mobile device. Apologies in advance.


3767 posts

Uber Geek

Lifetime subscriber

  #2472704 28-Apr-2020 11:08
Send private message quote this post

Batman:

 

A lot of people have pointed out that this event is the first time that an oil price (of any description) has turned negative.

 

 

Did any oil actually get traded at negative prices? The one example I looked into, it was a negative offer from some oil purchasing company for a particularly sulfur-high oil. I don't know whether any oil actually got sold (is sold the right word?) under those terms. In which case, the actual oil price wasn't negative.

 

 


 
 
 
 




Mad Scientist
22404 posts

Uber Geek

Trusted
Lifetime subscriber

  #2472747 28-Apr-2020 12:23
Send private message quote this post

Good point. I know that countries were buying up but then I read that they had to pay for storage by a third party as not many people who bought the oil had storage.

Did China buy much? They are the one if anybody, who will need a lot of it.




Involuntary autocorrect in operation on mobile device. Apologies in advance.


2846 posts

Uber Geek

Subscriber

  #2472753 28-Apr-2020 12:27
Send private message quote this post

I'm still not seeing the reduction in cost I would expect based on the plummeting oil prices. 

 

Are we to believe that this is as low as it goes? Not that long ago (when oil prices were higher) that petrol was under $1 a litre. 





Handsome Dan Has Spoken.
Handsome Dan is currently WFH.
Handsome Dan is perplexed...and a little stir crazy.
Handsome Dan is transitioning back to normal life one day a week..
Handsome Dan is trying not to sweat the small stuff..and sometimes succeeds


892 posts

Ultimate Geek


  #2472773 28-Apr-2020 13:11
Send private message quote this post

frankv:

 

Did any oil actually get traded at negative prices?

 

 

Not a lot but there was some trading at those negative prices. Some people made money by moving oil onto otherwise unused rail wagons which are now parked in otherwise unused sidings.

 

At 30,000 us gallons per rail wagon you would be getting paid $15,000 US for every load. That should be enough to lease the wagon and parking for quite some time.


1 | 2 
View this topic in a long page with up to 500 replies per page Create new topic





Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Chorus completes the build and commissioning of two new core Ethernet switches
Posted 8-Jul-2020 09:48


National Institute for Health Innovation develops treatment app for gambling
Posted 6-Jul-2020 16:25


Nokia 2.3 to be available in New Zealand
Posted 6-Jul-2020 12:30


Menulog change colours as parent company merges with Dutch food delivery service
Posted 2-Jul-2020 07:53


Techweek2020 goes digital to make it easier for Kiwis to connect and learn
Posted 2-Jul-2020 07:48


Catalyst Cloud launches new Solutions Hub to support their kiwi Partners and Customers
Posted 2-Jul-2020 07:44


Microsoft to help New Zealand job seekers acquire new digital skills needed for the COVID-19 economy
Posted 2-Jul-2020 07:41


Hewlett Packard Enterprise introduces new HPE GreenLake cloud services
Posted 24-Jun-2020 08:07


New cloud data protection services from Hewlett Packard Enterprise
Posted 24-Jun-2020 07:58


Hewlett Packard Enterprise unveils HPE Ezmeral, new software portfolio and brand
Posted 24-Jun-2020 07:10


Apple reveals new developer technologies to foster the next generation of apps
Posted 23-Jun-2020 15:30


Poly introduces solutions for Microsoft Teams Rooms
Posted 23-Jun-2020 15:14


Lenovo launches new ThinkPad P Series mobile workstations
Posted 23-Jun-2020 09:17


Lenovo brings Linux certification to ThinkPad and ThinkStation Workstation portfolio
Posted 23-Jun-2020 08:56


Apple introduces new features for iPhone iOS14 and iPadOS 14
Posted 23-Jun-2020 08:28



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.