Lord Omlette's !LiveJournal (lordomlette) wrote,
Lord Omlette's !LiveJournal
lordomlette

Day 38: Monday 20 April 2020 by Lord Omlette

http://www.omlettesoft.com/newjournal.php3?who=Lord+Omlette&id=1590184242

Derp in the Time of Coronavirus

Got up on time but you sure af couldn't describe what I went through as "sleep".

Lunch = Dunkin. ♥

Breezed through standup. Didn't take a single new ticket. Too worked up over the phone call I had with the secret antivirus company about a product I knew nothing about.

Dinner = pizza from Napoli's.

Restarted my KARL FRANZ campaign since I got to the Chaos invasion and everything was falling into place... but this campaign is looking way too easy, I might have to restart again.

Stayed up late working on the presentation that's supposed to happen on Wednesday.


--


Crude futures went negative! When has this ever happened before? What does it mean?

The price of a barrel of benchmark U.S. oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity. The contract for West Texas intermediate crude, or WTI, is the benchmark for U.S. crude oil prices.

… The price of a barrel of crude varies based on factors such as supply, demand and quality. Supply of fuel has been far above demand since the coronavirus forced billions of people to stop traveling. Because of oversupply, storage tanks for WTI are becoming so full it is difficult to find space. The U.S. Energy Information Administration said last week that storage at Cushing, Oklahoma, the heart of the U.S. pipeline network, was about 72% full as of April 10. "There's no available storage anymore so the price of the commodity is effectively worthless," said Bob Yawger, director of futures at Mizuho in New York. "So when it's minus a dollar, they'll pay you a dollar to get it out of there."

The price plunge was partly due to the way oil is traded. A futures contract is for 1,000 barrels of crude, delivered into Cushing, where energy companies own storage tanks with roughly 76 million barrels of capacity. Each contract trades for a month, with the May contract due to expire on Tuesday. Investors holding May contracts didn't want to take delivery of the oil and incur storage costs, and in the end had to pay people to take it off their hands. The June contract, with delivery a month away, is still trading at above $20 a barrel, but the price crash indicates that most storage space has been gobbled up.

Laila Kearney
Fucking amazing! Can't wait to see what next month brings! wide eyed

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