New York/Hong Kong US oil prices crashed Monday to a record low as the market continues to be roiled by an epic collapse in demand caused by the coronavirus pandemic. Global stocks are mixed as investors brace for more companies to reveal how much the crisis is costing them.
US oil futures were down below $0 a barrel, their worst level since NYMEX opened oil futures trading in 1983. Monday's plunge comes after prices hit an 18-year low last week as markets realized that record output cuts agreed by OPEC, Russia and other producers aren't nearly enough to offset the loss in demand.
Where in particular? Just needs fuel and I wouldn't charge to take, they can keep their dollar.
This is only for oil futures. The current price will most likely stabilize until demand surpasses current supply.
paulakahumbu Ma3Route did you hear this?
Father: My crude oil futures were trading at -$37.63, now they are trading at -$20.00. What is my profit? Son: Sit down old man. You are still losing money!
May God Help My Beloved Nigeria.
Sharp decline OilCrash OilPrice
That road side puff puff has bullied Oil oo
I’m not an economics expert, but if you are having to pay customers to take your product you may want to reduce production.
And here in Zambia it's the opposite.we pay more than when oil was above zero value
You also can thank Donald Trump for single-handedly destroying the gasoline market , Trumps agenda has always been ethanol made promises to farmers for agricultural welfare a.k.a. ethanol buys votes , there is no room to store ethanol crap , it’s about time we go back to real gas
Хорошая новость
History moment 👏
Sweet Poisson for the Lock down in prevention action.
2020 hmmm p_sharghi
It's the END of CAPITALISM! Welcome Socialism!!
my Bois after this news 🤣
The world that we knew is 🙃
Anti-American Hack Media!
BTrovato Ah, I can be paid in toilet paper to fill my tank.
CNN forgot the mandate to report news. We have no need for your opinions.
Hahaha
Where do i find this free gas
OilPrice COVID19 AAA
ebruenig Liz, this is not true. It's short term oil futures, which is not the same as the price of oil
OIL is Orz
freebeergregg
Good, it’s about time we invested that money in solar, windmill, etc energy instead of oil
Karma
So why are we still paying almost $3 a gallon for gas ? ⛽️
Welcome to the coronavirus effect.
hahahaha
Simple economics, as you need to be able to put it somewhere! And that storage costs more like $50 a barrel based on the storage period. If there were no US shale fields overproducing at high unit costs, the US price would be higher.
Then why is my gas still almost $3 a gallon?
Thirty years of war all for nothing. Wow!
What a time to be alive
Hmmm. Trumps buddy Putin and the Saudi’s lined up giving it to him. Stocks be dropping. See how Trump responds once he recovers from the intrusion.
Unless we see gas prices fall below .50 cents I call bullshit on this claim and they are only doing this to cash in on are tax dollars (bailout money).
OPEC should take the wheel so oil price doesn't fall
Cash will be next, that'll be worthless along with gold and property.
You can’t be serious
84cents a litre for fuel here in Australia. It’s great 👍
Those are future prices idiots. Nobody will give it away. Tomorrow new Futures prices will be open at $20. Know your facts. Geez
SATISFAYER!!!
What producers? I'll happily take oil of their hands for some cash
Yikes!
This is factually incorrect. Check your facts and understanding of oil futures before you make a misleading pronouncement.
End of solar, wind, and whatever else was going on.
😂
Call me when the gas station is ready to pay me to fill up my car.
Trump I don't know what hell he was thinking,he never thought this day will never come
Stop pumping till demand comes up?
Hope it stays this way
I wish this was Uganda.
So I guess the $2.89 a gallon we pay in Miami Beach is the lowest it will ever go
So they will pay me to fill up my gas tank ? 😜😜😜
What Trump's accomplishments are proud of: the collapse of oil, the collapse of the economy, the outbreak of the Coronavirus, which kills tens of thousands of Americans because of its neglect
T3Baron CNN = fake manipulative news
God is good
IVANKS will be right there!
از شرکتهای نفتی برای کمک به تامین مالی مردم تشکر میکنم. همواره در طول سالها سود کردید و اکنون با یک فصل کسادی طوری نخواهد شد میزان تاب آوری بالایی دارید.😑
I guess it is time to fill up
Normally it would get dumped off on us, but since we’re energy independent now...
اووف اوووف
Yet in Zim we are buying it for USD$1.30 per litre. fortunechasi can you explain please!!!
How do I get on the list of customers getting paid to take oil from producers?
Trump will make it sound he bargained for lower oil prices and want a pat on the back, when in fact, we have lost so many lives to the virus he could have stopped had he paid attention to in the first place. But he won't admit that!
For paper oil, not physical oil.
So, if anyone needs toilet paper, I can send them my oil stock certificates.
Still we are pumping it out of the ground like there is no tomorrow
TRUMP SAID ' WE ARE THE NUMBER 1 IN OIL EXPORT WE DON'T NEED THEIR OIL ' ! THEY DON'T NEED OUR OIL ! TRUMP CAN'T BE WRONG ' AGAIN ' !!!! HOW MANY VOTES WILL TRUMP GET OUT OF THIS MOVE
Fuel usage is very low due to lockdown. Cars are parked! There is shap increase in electricity and gas usage !
Lol
Told you all in 2015 Trump will crash the US economy. I take no pleasure being right.
Buy low sell high. But it's already in the news.
The way it should be
Wah ini gila bgt sih
Yet it will remain firmly above $2.50 a gallon here in Kalifornia.
On 20 April 2010, an explosion occurred on the DeepwaterHorizonOilRig, operated by BP. Then CEO of BP TonyHayward called it “very very modest' and calling the spill 'relatively tiny' in comparison with the size of the ocean. Oil is edging closer to $0,00 per burrel🙆🏿🙆🏿🙆🏿
What does it mean for US economy?
I hope we are stockpiling that right now
It'll go back up once Corona die.
I'll take a few barrels -- no need to pay me!
F$&*%! Thanks china
Now the price of oil better corresponds with Dipstick Don’s IQ. Both negative number.
Is this real...or just fake news...
Good
Great again or unprecedented greatness
Wasn't this the good end for Vigilante 8?
Send oil to Cuba, please.
The US economy is a time bomb and the most dangerous thing is to have a arrogant in the presidency!
So much MAGA, i remember trump saying we will get tired of winning we going to win so much.
Actually false news, the price of oil is 19 cents a barrel.
It will now make less sense for some to continue lockdown with gas now virtually free. Why sit at home when you can drive around without any cost. Makes no sense right? Trump will now be forced to open up the country so people use up all that free gas 😃 COVID19 CoronaCrisis
How long until we see impact at the pump?
Producers should dump the excess oil in the ocean, everything is already dead anyway 👍
Wasn't Donald Trump just bragging about how he had saved the US Oil industry?
First time since Trump was elected, cnn publishes non fake news !
Thats for all the time they took advantage of the world on crazy gas prices payback is a bitch!
Oil prices: US oil prices crash below $0 a barrel. Global stocks are mixed
Didn't Trump help with the Cartel prices? theartofthedeal 😂
😂🤣😆😂🤣😆😂🤣😆😂🤣😆😂🤣😆😂🤣😆😂
Bye Bye Saudi Arabia, Iran, Iraq, Kuwait, Russia, Brunei, Venezuela, Nigeria, etc...
Government should just take all the oil as reserve
It’s still over $3.00 a gallon in California. Total fraud by the state government.
We stand here at a historic moment
Oh
Ill take some
Where do I sign up?
Art of the Deal
Toilet paper 🧻 is worth more than oil. I cant believe I just typed that
So much for the stable geniuses oil negotiations. Trump is shit at everything he gets involved in. It just turns to shit.
So really, they didn’t have to gouge us at the pumps before this started. Interesting.
Should I be asking for the gas station to pay me when I go get gas now?
I’m also selling oil, my face accumulates it by the bucket load. Disgusting, I know, this is a cry for help in stopping it accumulating.
Funny part is nobody is selling oil for 3 month already but they news continue to write prices it's not even oil, but paper future price listing nobody sells real oil below 40$, if you don't agree try making a contract now at 0$, no company will do it. Fake news
Yet I'm still paying $2.01 a gallon at the cheapest place in town👎👎
Wish i could reserve enough barrels..
I feel so terrible for those billionaires. Now they might become millionaires.
If only the Federal Government suspended gas taxes.
Dows this mean when i fill up the gastation will pay me!!
🚨🚨🚨 TrumpVirus TrumpVirusCatastrophe TrumpVirusCoverupCostLives trumptestingfailure TrumpLiesPeopleDie TrumpLiedPeopleDied TrumpOwnsEveryDeath TrumpIsTheWORSTPresidentEVER TrumpGenocide WhereAreTheTests TrumpIsAnIdiot DonaldTrumpIsALiar RemoveTrumpNow 🚨🚨🚨
Let’s hope your disgusting capitalist country come crashing down to its knees. USA
I’m no economist but this sounds bad.
No ones giving me shit. Where’s the free gas?
Welp the pro-pollution folks of the south must be pissed lol
Whatever happened to the 'great deal between Putin and MBS' realDonaldTrump brokered?
They're still charging $1.69 in my neighborhood. Where I work it's like $1.19.
Good riddance! OilPrice
Incredible