Oil Prices Plunge To A $1.00 A Barrel - Is The EV Sector Sunk With Oil This Cheap?

Oil Prices Plunge To A $1.00 A Barrel - Is The EV Sector Sunk With Oil This Cheap?
Energy traders bailed out of the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract to a record of almost $1 a barrel, as few buyers are willing to take delivery of actual physical barrels of oil because there is no place to put the crude. <br /><br />May U.S. crude futures hit a low of $1.02 and were lately down $16.47 to $1.80 a barrel, a 90% drop.
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ricks0mericks0me - 4/20/2020 2:59:32 PM
+1 Boost
I am not a backer of EV's but... they do have their place. $1.00 per barrel will not last. Low gas prices will affect EV sales.


malba2367malba2367 - 4/20/2020 3:07:22 PM
+2 Boost
Will not last...this is a temporary situation caused by speculators and traders who now have nowhere to store all the oil from the contracts they bought at low prices.


skytopskytop - 4/20/2020 3:30:26 PM
0 Boost
Zero demand for future oil contracts that this time.


SanJoseDriverSanJoseDriver - 4/20/2020 4:04:37 PM
+1 Boost
I read it could go negative where oil company would actually pay people to take the supply off their hands. Crazy times.

Until you can find a single place that gives you free gas, EVs still have the upper hand. At this rate, that might actually happen :/


MDarringerMDarringer - 4/20/2020 4:26:13 PM
+1 Boost
If oil remained this low, then yes EVs would be doomed, but we all know that will not be the case on-going.


CANADIANCOMMENTSCANADIANCOMMENTS - 4/20/2020 4:27:03 PM
+2 Boost
This is really about us US oil and not Brent Crude. The futures contract for Brent is still holding up. There are more places to store it apparently. Less so in the short term for US oil. Funnier gas prices in Canada still have not moved despite the collapse of the pricing. Retailers expected it to go up due to the 10M barrel/day cut and it has not.


qwertyfla1qwertyfla1 - 4/20/2020 4:38:29 PM
-1 Boost
Where is OPEC when you really need them?


MDarringerMDarringer - 4/20/2020 4:50:08 PM
-1 Boost
Probably planning new terrorist attacks.


jeffgalljeffgall - 4/20/2020 5:19:20 PM
+1 Boost
Old new. Trading ended at negative $37/barrel


SanJoseDriverSanJoseDriver - 4/20/2020 10:23:02 PM
+3 Boost
WOW. I guess the futures traders really did not want to take delivery of thousands of barrels of oil.


jeffgalljeffgall - 4/20/2020 5:20:21 PM
+1 Boost
The Middle East continues to pump oil to flood the world with supply. This will put the smaller guys out of business. Once this happens, and demand returns, the Middle East will shorten supply to drive the price up past where it was Pre-COVID.


MDarringerMDarringer - 4/20/2020 5:28:22 PM
-3 Boost
Time to bomb, wipe, and take the oil.


ricks0mericks0me - 4/20/2020 6:18:37 PM
+1 Boost
Matt said: Time to bomb, wipe, and take the oil.
Richard Nixon said: I am not a crook
Bill Clinton said: I did not have sex with that girl
Matt = Politician


MDarringerMDarringer - 4/20/2020 6:44:11 PM
-3 Boost
Nah. I'd liquefy a few nations.


runninglogan1runninglogan1 - 4/20/2020 11:43:33 PM
+6 Boost
Sounds like @darringer is drunk again from drinking too much of Jim Bakker's magical coronavirus cure.


runninglogan1runninglogan1 - 4/20/2020 11:47:04 PM
+4 Boost
Most people don't buy EVs to save money on gas.

They buy them for the driving experience, the convenience of charging at home and the relatively low maintenance.


jeffgalljeffgall - 4/21/2020 7:52:10 AM
-1 Boost
They buy them to be arrogant and show off.


trmckintrmckin - 4/21/2020 9:46:02 AM
+2 Boost
Yes... crude is trading negative but CMA for the May 2020 contract is not negative. May expires today so things should start to look more normal after the market closes today. June contract still above $20 (for now). Something to be mindful of is what this does to Canadian and US domestic oil producers over the next two quarters. These prices are forcing well shut-ins so enjoy cheap prices while they last. Production/supply long term will be very constrained once inventories are drawn down and the drilling/production side of the oil business plays catch-up.


mini22mini22 - 4/21/2020 5:56:01 PM
+2 Boost
It depends on who is president after November. If Trump holds on EV sales will not dry up but will certainly be stalled from growing. If Biden gets in EV's will dramatically expand in sales.


ctsangctsang - 4/23/2020 11:16:30 AM
+1 Boost
supply and demand
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