SPDR S&P 500 (SPY): How it was explained to me - they pay yo...

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Re: NewYorker567 post# 306508

Monday, 04/20/2020 7:06:56 PM

Monday, April 20, 2020 7:06:56 PM

How it was explained to me - they pay you to take the oil because they literally have no place to store it. Landlocked oil essentially goes negative pricing hoping someone with storage will take it.

Wells are extremely costly to shut down and restart afterwards so oil continues to pump. Without the ability to store crude oil, overflow can create huge environmental hazards which also costs a lot of money. It ends up being cheaper to pay someone to take the barrels of oil.

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