
Oil price crashes into negative territory for the first time in history amid pandemic
NEW YORK (Reuters) – U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil. Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide. While U.S. oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers, who typically see lower oil prices translate into cheaper gasoline at the pump. As billions of people around the globe stay home to slow the spread of the novel coronavirus, physical demand for crude has dried up, creating a global supply glut. Traders fled from the expiring May U.S. oil futures contract in a frenzy on Monday with no place to put the crude, but the June WTI contract CLc2 settled at a much higher level of $20.43 a barrel. “Normally this would be stimulative to the economy around the world,” said John Kilduff, partner at hedge fund Again Capital LLC in New York. “It normally would be good for an extra 2% on the GDP. You’re not seeing the savings because no one is spending on the fuels.” The May U.S. WTI contract CLc1 fell $55.90, or 306%, to settle at a discount of $37.63 a barrel after touching an all-time low of -$40.32 a barrel. Brent LCOc1 was down $2.51, or 9%, to settle at $25.57 a barrel. “It’s like trying to explain something that is unprecedented and seemingly unreal,” said Louise Dickson, oil markets analyst at Rystad Energy. “Pricey shut-ins or even bankruptcies could now be cheaper for some operators, instead of paying tens of dollars to get rid of what they produce.” Refiners are processing much less crude than normal, so hundreds of millions of barrels have gushed into storage facilities worldwide. Traders have hired vessels just to anchor them and fill them with the excess oil. A record 160 million barrels is sitting in tankers around the world. U.S. crude stockpiles at Cushing rose 9% in the week to April 17, totaling around 61 million barrels, market analysts said, citing a Monday report from Genscape. A 3D-printed oil pump jack is seen in front of a displayed stock graph and “$0 Barrel” words in this illustration picture, April 20, 2020. REUTERS/Dado Ruvic/Illustration The spread between May and June at one point widened to $60.76, the widest in history for the two nearest monthly contracts. Investors bailed out of the May contract ahead of expiry later on Monday because of lack of demand for the actual oil. When a futures contract expires, traders must decide whether to take delivery of the oil or roll their positions into another futures contract for a later month. Usually this process is relatively uncomplicated, but this time there are very few counterparties that will buy from investors and take delivery of the oil. Storage is filling quickly at Cushing in Oklahoma, which is where the crude is delivered. [EIA/S] “The storage is too full for speculators to buy this contract, and the refiners are running at low levels because we haven’t lifted stay-at-home orders in most states,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “There’s not a lot of hope that things are going to change in 24 hours.” Prices have been pressured for weeks with the coronavirus outbreak hammering demand while Saudi Arabia and Russia fought a price war and pumped more. The two sides agreed more than a week ago to cut supply by 9.7 million barrels per day (bpd), but that will not quickly reduce the global glut. Saudi Arabia is considering applying oil cuts as soon as possible, rather than starting from May, a Wall Street Journal reporter said on Twitter, citing sources. Brent oil prices have collapsed around 60% since the start of the year, while U.S. crude futures have fallen around 130% to levels well below break-even costs necessary for many shale drillers. This has led to drilling halts and drastic spending cuts. Weak global economic data also pressured prices. The German economy is in severe recession and recovery is unlikely to be quick as coronavirus-related restrictions could stay in place for an extended period, the Bundesbank said. Japanese exports declined the most in nearly four years in March as U.S.-bound shipments, including cars, fell at their fastest rate since 2011. U.S. oilfield services giant Halliburton Co (HAL.N) on Monday reported a $1 billion first-quarter loss on charges and outlined the largest budget cut yet among top energy companies. Nick Note: This is nothing to do with oil. This is all about ETF stupid shits getting caught on the wrong side of delivery.
US crude down 25% on oversupply fears
West Texas Intermediate futures continued to slide on Monday, falling over 25% as fears of a supply glut took hold of investors. The global coronavirus pandemic devastated demand, while prices suffered additional losses amid the Saudi-Russia month-long price war. The OPEC+ agreement to cut production by a record 10 million barrels per day, equivalent to about 10% of global supply, failed to calm markets. WTI for May settlement crashed 26.11% to $13.50 per barrel at 6:15 am ET. Nick Note: This is a delivery squeeze. Terminals and storage tanks are full so their is nowhere to go with the oil for today’s delivery day. Oil for June is $10 a barrel higher. And oil For July Delivery is trading at $27.57 a full $15 a barrel higher. So this is simply a squeeze. Our analysis is as the captives are set free they will suck oil out of the economy along with their Corona Beer, eating out and a spending orgy the likes have been never sen before. Although the Spot May contract is trading at record lows. All the other contracts are not even at the April 1 lows.
Coronavirus began months earlier and not in Wuhan, bombshell UK report claims
https://youtu.be/xYfzyh0HwMU
Everything we thought we knew about the beginnings of the coronavirus pandemic could be wrong. A bombshell report by scientists from the University of Cambridge has cast doubt on previous beliefs about when and where Covid-19 first broke out. While coronavirus was previously believed to have originated in a wet market in Wuhan at the end of last year, new research suggests it may have actually came from further south – and began spreading among humans as early as September 2019. The team of researchers has published its extraordinary findings – which have yet to be peer-reviewed – in the journal Proceedings of the National Academy of Sciences, outlining a “network” of infections that has thrown existing knowledge into doubt. “The virus may have mutated into its final ‘human-efficient’ form months ago, but stayed inside a bat or other animal or even human for several months without infecting other individuals,” University of Cambridge geneticist Peter Forster said on Thursday.”Then, it started infecting and spreading among humans between September 13 and December 7, generating the network we present in [the journal] Proceedings of the National Academy of Sciences [PNAS].” “What we reconstruct in the network is the first significant spread among humans,” Mr Forster said. He and colleagues from several institutes analysed more than 1,000 full genome sequences of the virus. By counting the various mutations of the virus, they were able to get closer to figuring out when the first human was infected by a strain closest to a virus spread among bats. Researchers analysed strains of the virus using a phylogenetic network – an algorithm that can map the global movement of organisms through the mutation of their genes. They found hundreds of mutations, indicating that the virus may have been spreading quietly in host animals for years before finally infecting humans. A coronavirus typically acquires one mutation a month. There have been unverified reports that the virus originated in a Wuhan lab where researchers were doing work into diseases in bats, but the new study doesn’t support that. “If I am pressed for an answer, I would say the original spread started more likely in southern China than in Wuhan,” Mr Forster said. “But proof can only come from analysing more bats, possibly other potential host animals, and preserved tissue samples in Chinese hospitals stored between September and December. “This kind of research project would help us understand how the transmission happened, and help us prevent similar instances in the future.” Phylogenetic networks are generally considered reliable means of tracking genetic mutations, but the method is limited by its sample size and having to assume a mutation speed that may not be accurate. A virus can undergo transformations in unpredictable patterns during an unprecedented outbreak such as this one. Nick Note: Do not get caught up in the conspiracy theories. But hear me well. If you recall i told you back in October i expected something big was about to happen. You might rememberl we bought back 30% of our zeroes. November we got should we say chatter. We started batting down the hatches. Network, satellite projects, solar upgrade and the new fiber system were given priority. You remember when we decided to go dark and sent out the BlackCryptokey. In December staff members in England started getting lung infections. Moose was in a BAD way. I dispatched Dennis to England on the trust legal work and to courier Keys. Mosh was sent to NY city to pick up a envelope from a should we say contact. Dennis came down with a sever lung infection and the girls got more then the usual flue. On his way back home Dennis flew in to update me and he was very very sick. Standard operating procedures here was since he was sick masks gloves and the like were donned. Despite precautions i got a light case and immediately went on Tamiflue and Hydroxychoroquine and suffered mild case of the “flue”. We now new their was a major epidemic in China. Underground sources in China were scared. I still held my water. I was about to declare a pandemic when the bird flue reared its ugly head ten years ago and it faded fast. As i was contemplating weather to go public and to recall family to base i had my dream. The most vivid dream ever i call it a vision (its ok if you laugh) forced me into action. As you know we got their first and the rest is history. I want to be clear here our assessment is round 1 is peeking and will fade away. DO NOT let your guard down. Prematurely governments the word over are lifting the lock downs and as i like to say setting the captives free. While the masses go on a spending orgy and when they least expect it round II will start.
Pressure Enormous on Politicians to Reopen the Economy
US President Donald Trump gave governors a road map on Thursday for recovering from the economic pain of the coronavirus pandemic, laying out “a phased and deliberate approach” to restoring normal activity in places that have strong testing and are seeing a decrease in COVID-19 cases.
“We’re starting our life again,” Trump said during his daily press briefing. “We’re starting rejuvenation of our economy again.”
He added, “This is a gradual process.” The new guidelines are aimed at clearing the way for an easing of restrictions in areas with low transmission of the coronavirus, while keeping them in place in harder-hit locations. Places with declining infections and strong testing would begin a three-phased gradual reopening of businesses and schools, with each phase lasting at least 14 days, meant to ensure that the virus outbreak does not accelerate again. The recommendations make clear that the return to normalcy will be a far longer process than Trump initially envisioned, with federal officials warning that some social distancing measures may need to remain in place through the end of the year to prevent a new outbreak. At the earliest, the guidelines suggest that some parts of the country could see a resumption in normal commerce and social gatherings after a month of evaluating whether the easing of restrictions leads to a resurgence in virus cases. In other parts of the country, or if virus cases resume an uptick, it could be substantially longer. Trump briefed the country’s governors on the plan on Thursday afternoon, saying they were going to be responsible for deciding when it is safe to lift restrictions in their states. That was different from the tone he set earlier this week, when he said he had “total” authority on when and how the country reopened. “You’re going to call your own shots,” Trump told governors, according to an audio recording obtained by The Associated Press news agency. “We’re going to be standing alongside of you.” Meanwhile, under the federal guidelines, those most susceptible to the respiratory disease would be advised to remain sheltered in place until their area enters the final phase – and even then, they are advised to take precautions to avoid close contact with other people. The federal guidelines come after seven governors in the Midwest announced on Thursday that they would coordinate on reopening the economy, after similar pacts were announced earlier this week in the west and northeast. Trump held conference calls earlier on Thursday with legislators he named to a new congressional advisory task force. The economic costs were clear in new federal data showing that at least 22 million Americans have been thrown out of work in the last month. But the legislators repeatedly urged the president not to sacrifice public health in an effort to reopen the economy. “My highest priority on this task force will be to ensure the federal government’s efforts to reopen our economy are bipartisan, data-driven and based on the expertise of public health professionals,” said Democratic Senator Mark Warner of Virginia. Business leaders, too, raised concerns to the president in a round of calls on Wednesday, warning that a dramatic increase in testing and wider availability of protective equipment would be necessary before they could safely revive operations. Nick Note: The last time the stupids killed the cats. Now they want to fill up the sports stadiums and restaurants. For us this is great as long as we hide in our caves. For the stupid money this will end badly!
Dow soars 800 points premarket as coronavirus fears ease
United States stocks extended gains in premarket trading on Friday with the Dow Jones soaring over 800 points as coronavirus fears eased. US President Donald Trump claimed the peak of the outbreak in the country has passed and issued guidelines for gradually reopening the economy. Meanwhile, reports said Gilead’s Remdesivir drug showed effectiveness in treating severe coronavirus cases during clinical trials. The Dow Jones futures surged 3.44% at 7:07 am ET. The Nasdaq 100 rose 2.18% and the S&P 500 jumped 2.96% at 6:59 am ET. Nick Note: as you know we declared the bottom at the bottom and declared it a V bottom. We are now 6 for 6 on predicting market bottoms after a wipeout. They will not lose the system and they can will it to thrive. Our greatest trade ever. Shit i even gave you a spread sheet allocating our pyramid stagey. The rest is on you. Push the FUCKING RESET BUTTON! By May the economy will be roaring back… The masse will have the biggest spending party you have ever seen. The Stupids cannot help themselves!
U.S. Weighs Paying Drillers to Leave Oil in Ground Amid Glut
(Bloomberg) — The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some drillers into bankruptcy. The Energy Department has drafted a plan to compensate companies for sitting on as much as 365 million barrels worth of oil reserves by effectively making that untapped crude part of the U.S. government’s emergency stockpile, said senior administration officials, who asked not to be identified describing deliberations prior to a decision and announcement. Federal law already gives the Energy Department authority to set aside as much as 1 billion barrels of oil for emergencies — without dictating where they should go. That creates a legal opening for storing crude outside the government’s existing reserve and even blocking its extraction in the first place. In this case, the government would essentially buy the oil locked underground but ask producers to hold off on extracting or delivering it. The keep-it-in-the-ground plan would require billions of dollars in appropriations from Congress — and the administration just recently lost a bid in Congress to spend $3 billion buying oil for the government’s strategic reserve. A deal like this could be unprecedented and reflects a Trump administration push to help domestic drillers battered by a surge of oil production and a collapse of demand tied to the coronavirus. Analysts, including experts at Wood Mackenzie and IHS Markit, expect storage tanks to fill by summer, if not sooner. Whenever that happens, oil producers with no place to put their crude would be forced to halt production and lay off workers. Some are already idling drilling rigs and stowing excess supplies in rail cars, while pipeline operators are reversing flows to transport crude to underused storage sites. President Donald Trump on April 3 asked his energy secretary to “check out other areas where you can store oil,” and look for places “bigger than what we have now.” The Energy Department is discussing other ideas, including stashing oil in floating tankers, unused refinery storage tanks and underground salt caverns, the officials said. But those approaches might take too long to help as U.S. crude inventories build toward a crisis point. The quicker solution would be to effectively reward drillers for taking a timeout. Under the approach being developed by the Energy Department, the agency would contract with companies to buy proven oil reserves but delay production of them for several years, if not indefinitely. When that crude is finally extracted and sold, the proceeds would go to the Treasury. Companies would be selected through an auction, with the government picking the lowest-price bidders. Energy Department officials developed the plan after affirming they had legal authority for the move and studying alternatives. Senior administration officials said the effort would benefit independent oil companies across the U.S., and it would be focused on sites that are either producing today or those with infrastructure in place so they could quickly yield oil. The Energy Department already moved to sop up some excess crude by renting out space in the U.S. Strategic Petroleum Reserve for private storage. The agency said Tuesday it is in negotiations with nine companies to store some 23 million barrels of crude in the underground salt caverns that make up the emergency stockpile. And it expects to offer more space in the reserve in coming weeks. An earlier administration bid to spend $3 billion buying U.S. oil for the strategic reserve was blocked in Congress, as Democrats sought to offset the purchase with investments on clean energy. Similar opposition could derail the Trump administration’s new plan too. Democratic leaders have said they oppose anything that smacks of a “big oil bailout.” And though environmentalists have favored a “keep-it-in-the-ground” approach to phasing out fossil fuel production, Trump’s venture is aimed at sustaining the industry — not ending it. With some 635 million barrels already socked away inside underground salt caverns in Texas and Louisiana, the government has authority to snap up 365 million more as long as Congress doles out money for the transaction. At current prices it could cost at least $7 billion. Nick Note: well Comrade Babushka it looks like the oil industry lobbyists and bought politicians are about to pay of big time. FOR SURE BIG OIL WILL GET A BIG BAILOUTS!
Russia’s COVID-19 infections jump by 3,448
Global Covid-19 cases over 2 million as Putin warns Russia faces ‘extraordinary’ crisis
Russian president suggests army could be drafted in as China also sounds alarm at cross-border cases. Putin Warned
“We have a lot of problems, we don’t have anything especially to brag about and we definitely mustn’t relax,” he added. He told officials they needed to “consider all scenarios for how the situation will develop, even the most complex and extraordinary”. Nick Bit: Translation the bad old days are back! His warning came as the number of global infections rose to more than 2 million, according to Johns Hopkins University. At least 119,678 people around the world have died, with the highest death tolls in the US and Italy. About 450,000 people have recovered. The true number of infections is likely to be higher, with suspected underreporting or limited testing in some countries. President Alexander Lukashenko in Belarus has made the claim of zero infections or danger from the virus. In the video conference, Putin called for measures to end shortages of protective equipment for medics and added that Russia would also bring in the defence ministry to help if necessary. China has also voiced concern about spread of the virus in Russia. While China’s daily reported infection rate remains far below its peak during the pandemic, the majority of new cases have been in regions bordering its northern neighbour. The area has become the new focus of containment measures, with some lockdown measures brought in for the cities of Hubin and Suifenhe. Nick Note: The world has changed forever and definitional not for the better. And people and economies will adjust to the new reality. Its electronic money… Think credit cards. You can forget cash and gold and silver will be a sick joke. I defy you to buy groceries with your gold coin stash!
Verizon Dare I mention down again!

Wells Fargo Clients Screwed Again
