As I write this WTI crude oil is tanking 20/04/2020 and has just traded in the negative. Currently the may contract is $ -6.7 per barrel....incredible.
perhaps someone come and explain to me how this is possible.
Would I be right in saying that the refiners are paying people to take it away because demand has tanked, storage has run out and from what I am reading it is cheaper to pay someone to take it away then shut down the well.....
update....market just closed at $ -37.63 per barrel.
representing an almost 300% decline. A flash crash at the end of trading which even CNBC are struggling to explain..... “A broken market” is their only explanation so far.