If refineries ultimately don't want oil, it has little to no value. If you have oil and nowhere to put it, it can have negative value.
Absent a sharp demand return, production will need to be reduced more rapidly than what's happening now.Red ReddingApologies for altering one of Morgan Freeman's most famous lines in movies, but it had to be done to fit the oil drama that's playing out with a Hollywood script.. If you missed it the first time, don't worry it could happen again.
Oil tankers sit anchored off the coast of Long Beach, California, U.S., on Wednesday, April 22, 2020. Almost three dozen ships — scattered in waters from Long Beach to the San Francisco Bay — are mostly acting as floating storage for oil that's going unused as the coronavirus pandemic shutters businesses and takes drivers off the road.
Depending on whom you ask, it's anywhere from two weeks to maybe two months, best case. Oil industry infrastructure is large and labyrinthine, and full of smart, creative people who may be able to extend current capacity through human ingenuity, thus postponing what no one previously could even dream of: nowhere to go, and negative prices. The industry is under pressure like never before.
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