Oil price: Brent crude follows WTI down amid supply glut, storage woes - Business Insider

Prices went negative on WTI as the futures contract for May expired, meaning that anyone holding a contract was obliged to take delivery of the oil. With storage limited, traders resorted to paying others to take the contracts off their hands.

Wilson warned: "That said, if global storage is running out – and that is what the Brent trade is starting to suggest – then there will be no bid and prices could hit zero" "The spread between the US Crude and Brent has started to narrow, nonetheless, the chances of Brent falling to zero, or below zero, are minimum. Having said this, the sell-off in oil is brutal, and it is highly likely that we are close enough to find a bottom," he said.

What the hell does zero mean? We don’t pay for fuel?

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Oil price crash: Record amounts of oil stored in tankers amid pandemic - Business Insider60% more oil is being stored at sea in oil tankers than the previous record high during the 2009 financial crisis. Wow What could go wrong? Brilliant moves because buying on the spot Market is going to mean huge profits in the future... The Futures Market
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »

Crude oil is back above $1 after the oil market's worst day on recordThe global coronavirus pandemic has brought countries around the world to a standstill. Here's the latest updates on worldwide Covid-19 cases, deaths, government responses, and more. You’re reporting this but have no context into what it means. Sad. it's currently at -4.51 alternative energy is going to have a hard time competing.
La source: CNN - 🏆 4. / 95 Lire la suite »