Who was panic selling oil today? Goldman answers

ZEROHEDGE | In the annals of market history, April 20, 2020 will be forever remembered the day when, for the first time ever, the deliverable WTI future contract plunged 50%, 60% - the drop accelerating - then 70%, 80%, 90%, 99%, ... and then the unthinkable happened: after the May WTI contract dropped to $0.00, meaning it was free to get delivery of oil, it proceeded to slide into negative territory - a never before seen event in market history - as oil producers were paying their customers to take delivery of physical oil in a world in which oil storage has essentially run out.  And so the price of oil tumbled, dropping further into negative territory, before finally stopping at -$40.32, the lowest price ever recorded for a barrel of WTI.

To read the full article, click here.

  • LinkedIn
  • Twitter

© 2020 Energen. This website represents a proof of concept of the future platform