Light Sweet Crude Oil -28,00 -305,97% 19:35
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$10 a barrel
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The small print in a Nymex futures contract:
At buyer's option, delivery shall be made by any of the following methods: (1) by interfacility transfer ("pumpover") into a designated pipeline or storage facility with access to seller's incoming pipeline or storage facility; (2) by in-line (or in-system) transfer, or book-out of title to the buyer; or (3) if the seller agrees to such transfer and if the facility used by the seller allows for such transfer, without physical movement of product, by in-tank transfer of title to the buyer.Last edited by BlasterBates; 20 April 2020, 18:57.I'm alright JackComment
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Speculation is now rife that "clever" hedge funds high on plush offices, coffee machines and Ferraris, but low on oil terminals, stevedores and tankers have been caught with their trousers down.
Lets see where the Futures price is at 2pm Eastern time.
Delivery begins at 2.30I'm alright JackComment
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It seems somehow appropriate for the price of crude to plummet to below zero on the 10th anniversary of the Deepwater Horizon explosionComment
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Originally posted by AtW View PostWhere the margin calls, who is going to cover contracts when hedge funds fold?
The problem is that future prices aren't supposed drop below 0.I'm alright JackComment
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Tomorrow they will say that oil fell because of OPEC, Russia, Saudi Arabia. But this is not true..
The customer - Federal Reserve System
The Contractor - City Bank, Goldman Sachs, JPMorgan Chase
These are the three largest futures oil players in the market.
The customer has only two goals - that the dollar grows stronger and that the dollar remains the world's reserve currency. The second is the depreciation of national currencies of other countries. especially the currencies of those countries whose budgets are very dependent on the price of oil."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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I fear for the Somali Pirates. Their livelihoods are ruined.
Next tanker they hijack, there will actually be a round of applause as its one less oil delivery problem to worry about.Comment
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Originally posted by CheeseSlice View PostI fear for the Somali Pirates. Their livelihoods are ruined.
Next tanker they hijack, there will actually be a round of applause as its one less oil delivery problem to worry about.
Sent from my iPhone using Contractor UK ForumComment
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