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.
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.
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