This means, at least in theory, they'll pay you $25million to take a supertanker worth of WTI crude off their hands.
The sky has fallen because there's no place left to put the stuff. Brent crude is still above water for the simple reason that European storage capacity isn't maxed out yet.
That's one reason there's lots of big dogs rooting for the folks who are clamouring for the re-opening of the American economy. No doubt, behind the scenes, the big producers and traders are clamouring as well, but the optics are a lot better when it's Jane and Joe Lunchpail protesting the lock-down on the evening news, not billionaire oil traders.
Barring a prompt re-opening, the only other option is to begin shutting down production and refining capacity. That too costs a lot of money.
Some wise guys with a bit of financing behind them should get their hands on a few orphan wells. There's lots of them out there and if you play your cards right, you'll be paid to take them off the books of some bankruptcy trustee in Texas.
Pump the -$25/bbl crude into those old wells, wait out the current supply glut, and you'll be golden!
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