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Are crude futures coming in the negative territory again ?
around mar- april 2020 , during the covid 19 crisis , the price of crude future touched a negative 40 dollars per barrel … wow .. means people will pay you money to take away crude oil as they were running out of storage space to store the crude oil that was being extracted ..
warren buffet , the owner of several railroad companies like burlington north santa fe ( bnsf ) was asked if the crude could be stored in the containers of the railroad .. he refused , citing safety reasons …
looking at the monthly chart of crude oil , looks like we have fallen from a high of 65 dollars per barrel in jan 2020 to a low of around 6 in april 2020 , then rising to around 44 and now it looks like the downfall has resumed..
on the monthly chart , it has engulfed the last two monthly candles and is falling again
we think , we should be touching the previous low or even make a new low by Jan or Feb 2021 …
so , if your country imports a large part of your needs of crude oil , it is time to start negotiating with the oil producing nations ( opec , russia , norway , african oil producing nations , etc ) , store them in floating containers on sea , if you don’t have space to store all of them
and it would be a good time to start expanding your strategic oil reserve … or building one , if you don’t have one
natural gas in the future is likely to replace crude as the fuel of the future , along with electric , solar , wind and batteries …