People are furiously trying to find a way to store oil
If you're not trying to figure out a way to get paid to store barrels of oil right now, you're not even in the game.
These are absolutely bizarre times. It's tough to even comprehend what's happening here but this is some kind of watershed somehow and it's not good. I fully expect someone, somewhere to find a way to get paid $37 per barrel to take delivery of this oil but I don't see why the same thing shouldn't happen in a month.
This chart is ruined forever.
So many people are saying that it's really the June contract that matters but I categorically deny that argument. What ultimately matters is what someone will pay for oil on the ground and this implosion is revealing that no one wants it.
Obviously it's an overshoot but you have to wonder: Who is really expecting to have to pay $21 per barrel to buy it in a month.
There is definitely going to be some fallout from this somewhere. It fell 306% or $55.90 on the day. Oil futures contracts are leveraged and someone is holding those losses.
