{"id":52668,"date":"2020-04-20T09:32:17","date_gmt":"2020-04-20T14:32:17","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52668"},"modified":"2020-04-20T09:32:21","modified_gmt":"2020-04-20T14:32:21","slug":"historic-oil-crash-sends-canadian-oil-prices-negative","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52668","title":{"rendered":"Historic Oil Crash Sends Canadian Oil Prices Negative"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.zerohedge.com\/markets\/historic-oil-crash-sends-canadian-oil-prices-negative\">Historic Oil Crash Sends Canadian Oil Prices Negative<\/a><\/h3>\n\n\n\n<p>When Goldman&#8217;s crude oil analysts turned apocalyptic last month, writing that &#8220;<a href=\"https:\/\/www.zerohedge.com\/energy\/largest-economic-shock-our-lifetimes-goldman-sees-negative-prices-amid-oil-devastation\">This Is The Largest Economic Shock Of Our Lifetimes<\/a>&#8220;, they echoed something we said previously namely that the record surge in excess oil output amounting to a mindblowing 20 million barrels daily or roughly 20% of the daily market&#8230;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/crude%20demand%20crashing.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p>&#8230; the result of the historic crash in oil demand (estimated by Trafigura at&nbsp;<strong>36mmb\/d<\/strong>) which is so massive it steamrolled over last week&#8217;s OPEC+ 9.7mmb\/d production cut, could send the price of landlocked crude oil negative: &#8220;<strong>this shock is extremely negative for oil prices and is sending landlocked crude prices into negative territory.&#8221;<\/strong><\/p>\n\n\n\n<p>We didn&#8217;t have long to wait, because while oil prices for virtually all grades have now collapsed\u00a0<strong>below\u00a0<\/strong>cash costs&#8230;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/oil%20prices%20cash%20costs.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p>&#8230;&nbsp;<strong>today&#8217;s historic plunge in WTI &#8211; the biggest on record &#8211; which sent the price of the front-month future freefalling 40% to just $10\/barrel&#8230;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/wti%204.20_0.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p>&#8230; has resulted in selected Canadian crude oil prices now officially turning negative with Canada&#8217;s Edmonton C5 Condensate deep in the red&#8230;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/canada%20negative%20oil%20prices.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p>&#8230; while the Edmonton Mixed Sweet Blend dipped briefly negative for the first time ever before fractionally rebounding in the green.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Historic Oil Crash Sends Canadian Oil Prices Negative When Goldman&#8217;s crude oil analysts turned apocalyptic last month, writing that &#8220;This Is The Largest Economic Shock Of Our Lifetimes&#8220;, they echoed something we said previously namely that the record surge in excess oil output amounting to a mindblowing 20 million barrels daily or roughly 20% of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[12727,592,1775,4318],"class_list":["post-52668","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-canadian-oil","tag-oil-price","tag-oil-price-collapse","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52668"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52668\/revisions"}],"predecessor-version":[{"id":52669,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52668\/revisions\/52669"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}