Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing
One oil price went negative on Monday, signaling that there is no place to store all the crude the world is producing but not using.
The New York Times
Something bizarre happened in the oil markets on Monday: Prices fell so much that some traders paid buyers to take oil off their hands
Cheap oil was once part of the dream of energy independence; now it is a sign of economic disarray
story has a good lay-down of the storage problems. US can fill 500k b/d in the strategic reserve. We can max it out but still a disaster for domestic industry. Middle East producers less effected. Russia happy to see shale collapse. Not good.
Not everyday that a commodity hits negative prices... Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing
Oil importers: it’s time to buy as much oil as you can store. It won’t get cheaper than NEGATIVE $30 a barrel.