Monday, April 20, 2020 3:55:45 PM
US crude futures contracts for May collapsed below zero for the first time in the history of the commodity markets as sellers were paying buyers to take the oil as they have nowhere to store it.
May Contract expire today!
According to data compiled by Bloomberg, West Texas Intermediate futures for May slumped by 245% to negative $26.58 as a recent production cut agreement failed to turn out to be deep enough to prevent supplies from overwhelming storage facilities.
Data compiled by IG Index show the June WTI futures were down by 14% to $21.22, and its international counterpart, Brent, was also lower by 6.6% to $26.22.
USO at 3.71
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May Contract expire today!
According to data compiled by Bloomberg, West Texas Intermediate futures for May slumped by 245% to negative $26.58 as a recent production cut agreement failed to turn out to be deep enough to prevent supplies from overwhelming storage facilities.
Data compiled by IG Index show the June WTI futures were down by 14% to $21.22, and its international counterpart, Brent, was also lower by 6.6% to $26.22.
USO at 3.71
My post is for Your Eyes only and my entertainment
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