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2020 Oil Price Crash

Added 4 years ago / Updated 12 days ago
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Part of a series on COVID-19 Pandemic. [View Related Entries]

Oil is dirt cheap in USA right now LIVE BREAKING NEWS AMERICA INVADES AMERICA
PLEASE I WILL PAY YOU BUT TAKE ME WITH YOU! ACCEL ART
Basically, tankers are stranded because they don't want to dock until the price is better (and also covid).
usama sheikh @usamasheikh02 2020 in one sentence: A roll of toilet paper is worth more than a barrel of oil. #OilCrash #OilPrice #CrudeOil Oil 6:42 PM · 20 Apr 20 · Twitter for iPhone
The Onion @TheOnion Theoretical Commodities Trader Explodes Into Flash Of Pure Energy While Attempting To Buy Negative-Priced Oil bit.ly/2XV9gv6 AEM AG BAITH Wednesday Harch 1, 2020 INDU LIM46 NDP 19 2 ARE ASC NYSE -708.60 NYA HYT URL M SPH 300.0 LR SPK 2. DKY 2.0 13459 147 wn THK BAC THG TYH ADELTA CAPL CRO CBZ CCU DRG FISE SOS-214.52 G 2:46 PM · Apr 21, 2020 · Sprout Social 1.6K Retweets 7.6K Likes
($37.63) $5,000 1 @litquidity Supreme
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Overview

2020 Oil Price Crash refers to a significant drop in oil prices to below zero dollars for the first time in history. The crash was in part due to the global COVID-19 pandemic and despite US President Donald Trump announcing he had helped out with a deal that would mend the oil trade war between Russia and OPEC.

Background

On April 20th, 2020, oil prices saw a 306% decrease to a price of around $-30 dollars, down from approximately 20 dollars last month in March. This marks the first time ever in history that oil prices have dropped this low.[5] That day CNBC shared a chart illustrating the drop to Twitter[1] (shown below).

CNBC Now ( CNBC @CNBCnow BREAKING: Crude oil falls 300% to nearly negative $40 per barrel cnb.cx/3cDZj9v WTI CRUDE (MAY) -37.06 -55.33 [-302.85%] . 24-HOUR 40 18.27 CLOSE -20 -40 4/19/20 4/20/20 1A 3A 5A 7A 9A 6P 8P 10P 12P 2P 2:30 PM - Apr 20, 2020 · Twitter Web App

Developments

On April 20th, 2020, many Twitter users compared the price of a barrel of crude oil to other things. Twitter user @imchained2katy[3] tweeted, "Netflix subscription is nearly 26 times more expensive than a barrel of oil #OilPrice" (shown below, left). The tweet gained over 1,700 likes and 770 retweets in a day. That same day, Redditor SocietysJoker posted a scene from Joker referencing negative oil prices to r/moviescirclejerk[2] (shown below, right). The post received 1,700 points (100% upvoted) in a day.

jack @imchained2katy A Netflix subscription is nearly 26 times more expensive than a barrel of oil #OilPrice Traducir Tweet $12.99 $ 0.50 NE OIL עחד 2:38 p. m. · 20 abr. 2020 · Twitter for iPhone %24
Let me get this straight, you think negative oil prices are funny? I do, and I'm tired of pretending they're not.

The next day, Twitter users continued to discuss the price of oil and considered buying oil as an investment. Twitter user @Atheist_Krishna[4] tweeted, "Ordered crude oil worth Rs 100 as future investment. #OilCrash" and accumulated over 5,400 likes and 500 retweets in a day.

Krishna @Atheist_Krishna Ordered crude oil worth Rs 100 as future investment. #OilCrash 12:55 AM · Apr 21, 2020 - TweetDeck

Various Examples

Ostap Yarysh @OstapYarysh Things you can now buy for a dollar. #oilprice Traducir Tweet GOYA Chick Peas Garbanzos, IME PREMIU 1:08 p. m. · 20 abr. 2020 · Twitter Web App
This literally took me less than a minute to make.
The Bird @WordWithBird When you have no idea what's going on, but the numbers fit your budget. #OilPrice Traducir Tweet GGERT Ishould buy a few barrels of oil. 2:13 p. m. - 20 abr. 2020 · Twitter Web App
$42 Dollar $3 Menu m. $1 Sausage Burrito McChicken Barrell of Crude Oil $2 Bacon McDouble Sausage McGriddles 2 Pc. Buttermilk Crispy Tenders
When you die and your bones take millions of years to be fossils, only to become - 35$ petrol :

Search Interest

External References

[1] Twitter – CNBCNOW

[2] Reddit – r/moviescirclejerk

[3] Twitter – imchained2katy

[4] Twitter – Atheist_krishna

[5] CNN – Oil Price Crash Bankruptcy

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graph showing the drop in oil price Below Zero WTI traded in negative territory for the first time OIL] 20:00 04:00 n:oo 12:00 16:00

2020 Oil Price Crash

Part of a series on COVID-19 Pandemic. [View Related Entries]

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Overview

2020 Oil Price Crash refers to a significant drop in oil prices to below zero dollars for the first time in history. The crash was in part due to the global COVID-19 pandemic and despite US President Donald Trump announcing he had helped out with a deal that would mend the oil trade war between Russia and OPEC.

Background

On April 20th, 2020, oil prices saw a 306% decrease to a price of around $-30 dollars, down from approximately 20 dollars last month in March. This marks the first time ever in history that oil prices have dropped this low.[5] That day CNBC shared a chart illustrating the drop to Twitter[1] (shown below).


CNBC Now ( CNBC @CNBCnow BREAKING: Crude oil falls 300% to nearly negative $40 per barrel cnb.cx/3cDZj9v WTI CRUDE (MAY) -37.06 -55.33 [-302.85%] . 24-HOUR 40 18.27 CLOSE -20 -40 4/19/20 4/20/20 1A 3A 5A 7A 9A 6P 8P 10P 12P 2P 2:30 PM - Apr 20, 2020 · Twitter Web App

Developments

On April 20th, 2020, many Twitter users compared the price of a barrel of crude oil to other things. Twitter user @imchained2katy[3] tweeted, "Netflix subscription is nearly 26 times more expensive than a barrel of oil #OilPrice" (shown below, left). The tweet gained over 1,700 likes and 770 retweets in a day. That same day, Redditor SocietysJoker posted a scene from Joker referencing negative oil prices to r/moviescirclejerk[2] (shown below, right). The post received 1,700 points (100% upvoted) in a day.


jack @imchained2katy A Netflix subscription is nearly 26 times more expensive than a barrel of oil #OilPrice Traducir Tweet $12.99 $ 0.50 NE OIL עחד 2:38 p. m. · 20 abr. 2020 · Twitter for iPhone %24 Let me get this straight, you think negative oil prices are funny? I do, and I'm tired of pretending they're not.


The next day, Twitter users continued to discuss the price of oil and considered buying oil as an investment. Twitter user @Atheist_Krishna[4] tweeted, "Ordered crude oil worth Rs 100 as future investment. #OilCrash" and accumulated over 5,400 likes and 500 retweets in a day.


Krishna @Atheist_Krishna Ordered crude oil worth Rs 100 as future investment. #OilCrash 12:55 AM · Apr 21, 2020 - TweetDeck

Various Examples


Ostap Yarysh @OstapYarysh Things you can now buy for a dollar. #oilprice Traducir Tweet GOYA Chick Peas Garbanzos, IME PREMIU 1:08 p. m. · 20 abr. 2020 · Twitter Web App This literally took me less than a minute to make. The Bird @WordWithBird When you have no idea what's going on, but the numbers fit your budget. #OilPrice Traducir Tweet GGERT Ishould buy a few barrels of oil. 2:13 p. m. - 20 abr. 2020 · Twitter Web App $42 Dollar $3 Menu m. $1 Sausage Burrito McChicken Barrell of Crude Oil $2 Bacon McDouble Sausage McGriddles 2 Pc. Buttermilk Crispy Tenders When you die and your bones take millions of years to be fossils, only to become - 35$ petrol :

Search Interest

External References

[1] Twitter – CNBCNOW

[2] Reddit – r/moviescirclejerk

[3] Twitter – imchained2katy

[4] Twitter – Atheist_krishna

[5] CNN – Oil Price Crash Bankruptcy

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pinkiespy - goat spy
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pinkiespy - goat spy

Short description of what happened: People buy and sell contracts that say "by this time and date you can trade this contract in for x amount of oil". Now, because the economy slowed down there's all these contracts for oil ready to collect and… nobody wants it. The people holding the contract have to collect by expiration… but nobody with the capability to collect the oil has anywhere to put it. So they're forced to pay people to fuck off with the oil, hence the negative price.

TL;DR: who wants to hijack a tanker there's money to be made

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