{"id":11736,"date":"2020-04-20T15:58:55","date_gmt":"2020-04-20T19:58:55","guid":{"rendered":"https:\/\/www.ctrmcenter.com\/?p=26824"},"modified":"2020-04-20T15:58:55","modified_gmt":"2020-04-20T19:58:55","slug":"taking-out-the-trashoil-at-negative-40-plus-per-bbl","status":"publish","type":"post","link":"https:\/\/www.comtechadvisory.com\/blog\/taking-out-the-trashoil-at-negative-40-plus-per-bbl\/","title":{"rendered":"Taking out the trash\u2026oil at negative $40 plus per bbl."},"content":{"rendered":"

Traders caught holding NYMEX May contracts are seeing their nightmares come to life – with no place to store oil, the contract has cratered, and at the time of this writing, is priced at minus $40\/bbl and potentially heading lower – https:\/\/www.reuters.com\/article\/us-global-oil-contracts\/traders-hightail-it-out-of-u-s-oil-contract-as-prices-reach-negative-40-idUSKBN2221TS. With a bunch of oil about to be taken to physical delivery, this could be opportunity of the century for fracking companies.\u00a0 With fracking coming to a dead stop and thousands of 500 bbl frac tanks just laying around industrial yards across Oklahoma and Texas, there is an opportunity to put them to good and profitable use.\u00a0 With physical delivery of contact at Cushing, in the middle of Oklahoma, it would be a pretty easy haul from there to anywhere within the state or in Texas….just hire some tank trucks, pick-up the oil and start dumping it in those frac tanks.\u00a0 Buying a single 1000 bbl NYMEX contract would pay you $40,000 or more and all you have to do is haul the oil away. Heck, even if you don’t own a frac tank right now but you’ve got a bit of extra room around your backyard and a blind homeowners association, you can buy frac tanks for… continue reading<\/a>
\nContinue reading Taking out the trash…oil at negative $40 plus per bbl.<\/a>. This article appeared first on CTRM Center<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Traders caught holding NYMEX May contracts are seeing their nightmares come to life – with no place to store oil, the contract has cratered, and at the time of this writing, is priced at minus $40\/bbl and potentially heading lower – https:\/…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"yoast_head":"\nTaking out the trash\u2026oil at negative $40 plus per bbl. | Commodity Technology Advisory<\/title>\n<meta name=\"description\" content=\"Traders caught holding NYMEX May contracts are seeing their nightmares come to life – with no place to store oil, the contract has cratered, and at the time of this writing, is priced at minus $40\/bbl and potentially heading lower – https:\/...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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