The coronavirus pandemic has caused oil demand to drop so rapidly that the world is running out of room to store barrels. At the same time, Russia and Saudi Arabia flooded the world with excess supply. That double black swan has caused oil prices to collapse to levels that make it impossible for US shale oil companies to make money. US crude for May delivery turned negative on Monday -- something that has never happened since NYMEX oil futures began trading in 1983.
cuts failed to end the panicThe most stunning part of the record low in oil prices is that it comes after Russia and Saudi Arabia agreed to end their epic price war after President Donald Trump intervened. + agreed to cut oil production by a record amount. Trump said the + agreement would save countless jobs and much-needed stability to the oil patch. "This will save hundreds of thousands of energy jobs in the United States," Trump tweeted on April 12."I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia." Yet crude has kept crashing, in part because those production cuts don't kick in until May.
No one can go bankrupt..thing get better back to business
CNN this is the time he supposed to be telling American people to invest. I hate the way you report things
Yay!
Mr know all, where is your economic theory
Light at the end of the tunnel
It's funny, CNN doesn't understand futures contracts... after expiration tomorrow oil will be about $20 a barrel... I'm not going to try and explain how it works but it's obvious CNN has no clue...neither did any other journalist that covered looks fall today.
We the people control supply and demand, if we would all limit our spending and travel two weeks out of each month, after everything opens back up, prices on everything would stay low and possibly drop.
Too much oil because of the Coronavirus? There goes Russia’s entire economy, seeing as how Russia is just an oil company. So sorry, Putin.
I know a lot of guys who work in the oil fields. They made great money. And blew most of it on alcohol, meth and strippers. Bet they're wishing they'd of put a little bit of that money aside for a rainy day right about now.
I'm rooting for injuries!
Maybe we should stop pumping oil?
✌
Capitalist gon capitalist
When capitalism goes wrong
Destroying the US economy was a plot in a Jack Ryan movie
Oil valuation
THIS ISNT KIM DEATH ANNOUNCEMENT NIGGA
President Trump to sign executive order to temporarily suspend immigration. Fake news networks going to be busy tomorrow.