West Texas crude oil -37.63? The closing price of the US dollar, the imbalance between supply and demand, and the lack of oil storage equipment all prove this point.
West Texas crude oil -37.63? The closing price of US dollars means that people who buy oil on the same day not only don't have to pay, but also get a barrel from the seller? 37.63? Dollars. Because the COVID-19 epidemic has taken away the freedom of movement, industrial activities and even the derived energy demand of all countries in the world, people have reduced their driving, factories and enterprises have suspended their business, and the unemployment tide has made people lose their spending power, and so on. Finally, the imbalance between supply and demand and the shortage of oil storage equipment. At the beginning of this month, the price of crude oil has fallen sharply.
What kind of miracle does no one want with so much crude oil? It's like winning the first prize and giving you a container truck.
According to many energy industry analysts, the imbalance between global crude oil supply and demand has reached? 3,000? 1 10,000 barrels, but the output will only decrease without increasing? 1,000? Ten thousand barrels, what else can we do? 2,000? Ten thousand barrels were produced and nobody wanted them, because there was no place to put them. Therefore, in the futures market, because most traders are ordinary legal persons or retail investors without oil storage facilities and refining licenses, at this time? 5? Where will the June contract be? 4? Month? 2 1? The delivery and renewal of physical crude oil will be carried out on the maturity date. Generally speaking, the holders of futures contracts should sell the contracts to the oil industry with demand and oil business; However, due to the imbalance between supply and demand and the full storage tanks of global oil companies, those investors who hold contracts have to keep bargaining and even give money to buyers, asking them to bear the barrels of crude oil that will be delivered to their homes.
If we compare this "wonder" with life, it's like we go to a lottery. Under normal circumstances, if the first prize is Mercedes? Class c? Even if a car wins the prize, there will be IRS tax to pay, but because we can "use" or "sell", we will complete the acceptance procedures well and pay some money that should be paid. Today, however, the manufacturer said that your first prize was a container truck. At this time, you may think, "I can't drive ... I have no place to park." What do I need this car for ... "? OOXX？ And I don't know what to do. What's this feeling like? 4? Month? 20? Crude oil futures traders on the Chicago Board of Trade are generally.
There is too much crude oil, why can't it stop? Oilfield Service Company: Closing an oil well is like killing a golden rooster.
When there is too much crude oil, the general public thinks, "Why not temporarily close the exploitation and continue?" ? "But? CNN？ When the anchor visited an oilfield service company, the director replied that many operators are struggling at present. However, closing an oil well is like killing a golden pheasant. You have to put chemicals in and measure the pressure of the oil well, so it's not as simple as "shutting down", it's almost equivalent to directly shutting in the well. But is it possible for the industry to invest in the past? 500? Ten thousand, even ten million dollars, if you want to seal the well, you have to invest another sum of money. Once it is closed, it means that you have to pay for it, so the oil companies just bite the bullet and continue to produce. In the past, when crude oil was in a downturn, at most, it just stopped digging new wells and gradually exhausted the existing crude oil. Now it is not so simple.
In addition, US President Trump originally proposed that the US strategic oil reserve take over crude oil, on the one hand, it saves the federal oil purchase budget by buying on dips, and on the other hand, it is also to alleviate the urgent need for nowhere to store oil. However, the US Congress also rejected this proposal on the grounds that it was suspected of being a notorious profitable oil company. Although Trump is even trying to lend oil storage tanks, experts and scholars believe that according to the current epidemic, the intervention of the US government is only temporary, and how long it can last is completely unpredictable. It is not impossible for the oil industry to reduce wages, lay off employees or even close down, and oil-producing countries may no longer be rich countries.
The hidden economic crisis caused by the sharp drop in crude oil prices has warned that the automobile market is chaotic and the operation of car factories is difficult.
With the collapse of crude oil prices, although domestic people are still enjoying the happiness of cheap gasoline and diesel, foreign energy industry analysts have mentioned that the sharp drop in crude oil prices has hinted at a sharp decline in people's livelihood demand, including the most direct demand for automobiles. So in the case of the American auto industry, if the unemployment rate of people's livelihood breaks through? 20%, the United States currently estimates? 1,500~2,000? 10,000 cars that are still repaying loans are afraid that a considerable number of them will be thrown back to the bank for auction because they can't repay the loans.
Usually, banks will auction these vehicles. However, is the unemployment rate rushing? 20%, energy industry analysts said that on behalf of most people, there is no money and no demand at all, but the auction of vehicles seized by banks cannot be sold, and even the sales and warranty of automobile factories are affected. In this way, banks will face huge pressure of bad debts, the price of auction cars may avalanche like crude oil, which will inevitably affect the operation of many automobile factories, and the new or used car market will also undergo unpredictable changes, spreading around like a domino effect and impacting futures commodities. So even crude oil? 4? Month? 20? The closing price of the day is only temporary, but it is only the tip of the iceberg in the global economic crisis. There will be more unimaginable situations in the future, which will appear for the first time in history because of the impact of the epidemic.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.