US Crude Oil Futures Below $0, First Time In History that means a negative oil price means the cost of refining and storing oil is now higher than oil itself. Oil has accumulated as people have stopped buying it due to coronavirus lockdowns around the world.
I saw history today and I never believe we can ever have a day like this, it will surely bounce back but I saw the day Crude Oil traded at Negative $1 per barrel where a bottle of Beer and Coke is more expensive than a barrel of Crude Oil.
US Crude Oil Futures Below $0, First Time In History
The oil price drop - it's now at negative $40 a barrel - is historic and astonishing. It is also shredding the budgets of dozens of countries across the world + will have huge ramifacitaions everywhere from Baghdad to Abuja, Riyadh to Moscow and beyond. Oil is now trading at almost MINUS $40 a barrel. There's no storage space for it due to low demand. If you want to buy in late June, you'll pay $20. But now, for the first time in history, it's cheaper than zero; they can't give it away.
Oil is now trading at almost MINUS $40 a barrel. There's no storage space for it due to low demand. If you want to buy in late June, you'll pay $20. But now, for the first time in history, it's cheaper than zero; they can't give it away.
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OilPrice has gone down to less than $ 0 per barrel. Does that mean that countries will be paid to buy oil? On a serious note, this is truly unprecedented and paints a frightening picture of economic future globally.
Barely four months into 2020 and we have seen the worst already. A potential World War, COVIDー19 pandemic and now the ultimate OilCrash. Are there any more surprises left?
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Today, WTI crashed from an open of $17.85/ barrel to a low of -$40.32/ barrel.
What is going on ?
Oil storage tanks are full to the brim.
Mark this day on your calendar. You will never see a day like it again.
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