I just looked up WTI. It says $20.40 ten minutes ago. I wonder when it hit $7. Did it bottom and then go up?
it is at 24.75. i think keith is talking about immediate delivery in the permian as in "i have to sell this now". shock value headline. but at 24.75 most of us will go out of business so it is just semantics anyway.
Wholesale Spot Petroleum Prices, 4/01/20 Close
spot bids Tuesday and Wednesday in So. TX @ $4.00 and Central OK @ $7.00 FOB at the wellhead/lease. Crude buyers are looking for whatever ways they can to reject barrels due to lack of market/storage options. IMO, some real negative price-gouging going on by those with storage options - tough situation especially for the smaller producer with limited market presence/stroke with crude buyers.
The "non scary" number today for WTI is 29 bucks. Posting the wholesale/spot is kinda like going to Carmax and saying "how much will you pay me for this as I have to sell it". But as I posted above, it is just semantics. The grim reaper is at the door of all O/G companies that have borrowed any money whatsover.