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Oil analyst predicts the biggest selloff in crude oil history



“This is going to be the biggest selloff in crude oil history,” PRICE Future Group Senior Strategist Phil Flynn said as oil crashed toward its lowest close since recordkeeping began in March 1983.

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41 comments

  1. Pump the oil back in Alaska dried oil wells.

  2. Glad I didn’t invest in oil. On the down side pretty sure ima be put a job soon

  3. Why do some people think it’s better to go into a world wide depression than loose some lives to a virus??? I don’t get it. Millions will be lost in a depression.

  4. So prices go down and it’s seen as bad. I hope people can see this is how programmed people are that corporations loose money and it’s viewed as bad for the working class. They made billions and never lowered their price let them burn sorry the truth

  5. Shut down your wells, it's not hard than being stubborn and keep producing at lost.
    If there's no storage capacity and the pandemic is battering world economies, why are you then keep pumping up the production?

  6. imagine going to a garage filling up and they pay you : }

  7. This means less jobs in governmental sector…

  8. OIL CRASH IN LATE 2007. OIL IS CRASHING NOW= THE TRUMP GREATER DEPRESSION OF 2020

  9. Just like planes will fly again, even so will vehicles drive again. The majority of human beings like to move, & most need to move, so there will be demand for fuel to get around.
    And after having to be locked up in houses for so long? People are already straining to get out & about.

  10. doesnt this mean that the us dollar is going to collapse ?

  11. Why the govt does not buy and store at this price?

  12. Ditch it!! Green new deal!
    Thanks Trump

  13. I have been buying gold and buying SPXU for years (in essence shorting stock index) how low will stocks go now?????? when to close position???

  14. This no surprise. The New Economy Trump is forming taking hold. Now I see what he meant by having a gold conversation with Mexico the other day.

  15. STILL MORE bigger selloffs coming???????

  16. So when our American dollar isn't backed by gold and people have been saying it's actually backed by our military and the price of oil ????? Something tells me this is bad , real bad .

  17. Why would an oil refinery not benefit with wti at a buck a barrel instead of 20 bucks a barrel? At 200,000 barrels of oil processed per day that's a savings of almost $4 million US Dollars PER DAY for just one single refinery! That works out to 8 MILLION gallons of refined product PER DAY with an all in cost of say $1.50 cents per barrel. So you're now selling propane wholesale in the USA for ten cents and still minting money. Diesel fuel would be at wholesale maybe one penny a gallon…still minting money. Gasoline is more complex because of shipping costs but maybe wholesale to the convenience store 2 pennies a gallon no problem. To a big farm operation they're picking up diesel fuel for 5 cents a gallon…including for their semis and pickup trucks on the farm. Just in time for Planting season in Minnesota! What are the odds! This EXCLUDES West Canada Select which still trades at a negative price to the USA…heading straight to the massive BP refinery in Whiting, Indiana. That's 400,,000 barrels A DAY! Forget oil storage…refined product would now be stored instead as is already the case with gasoline. You can move some big barges for next to nothing now all of a sudden. Same goes for moving goods by Railroad. Plus store the refined product right at the Rail head. At this price the Railroad could straight up just buy the Oil Company in point of fact…and the steel mill and Iron Ore mine as well. Pretty awesome deal!

  18. Can't they just make a law against pandemics and economic problems🙄

  19. Is this the real reason half of America shut down the OPEC deal? An not carona hmmmm

  20. So much oil that sellers are paying buyers.
    Very soon Trump's FED will be doing the same with freshly-minted, monopoly money 🤣

  21. This is how a industry that makes everything essential, ( IE oil is used in everything.) Has recorded profits for 40 plus years and will still beg for a bail out. Wonder why a bunch of dirty heathens out in the middle of know where own your "leaders "? Because you need to give oil CEOs more money that's why!

  22. Who knew that a month of concentrated effort could change such a powerful lobby.

  23. Too much oil.. where are those scientists telling the globe is running out of oil reserves.. electric car scams!!!

  24. HARD PHYSICAL QUALITY ASSETS BUYING is ALWAYS THE BEST.

  25. INDIA BUYS 500000+ TONS OF GOLD FROM OTHER COUNTRIES EVERY YEAR.

  26. India is BUYING OUT HUGE AMOUNTS OF CRUDE OIL and POLYMERS now at VERY VERY CHEAP PRICES.

  27. Different story when oil dealers had the working stiff over the barrel 🙏🇺🇸🤗

  28. Funny how companies raise their prices when fuel goes up but never bring them down when it drops.

  29. Anyone really believe Saudi Arabia and Russia had a “fight?” And that is why this happened?

  30. Let’s argue, comment something

  31. They are trying to get production cut, so when the V shaped recovery comes and demand rebounds we will be paying $200 a barrel.

  32. Yeah let me get my brick of gold. You got change?

  33. Babylon is fallen, is fallen!!!

  34. I can kinda understand why. Out in west Texas electric producing windmills are everywhere. Miles and miles of them.

  35. If people think this is good news, I feel sorry for their stupidity. This is not really good news at all

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