from WallStForMainSt
The front month May 2020 oil futures contract got to as low as MINUS $40 per barrel today! Front-month oil drops to negative territory https://seekingalpha.com/news/3562214…
This has obviously never happened before. The June 2020 oil futures contract was still positive and closer to normal oil prices…for now! But who knows if that will crash soon too?
Anytime any price crashes that much that quickly, HFT trading algorithms are involved with a flash crash. Also, the US Oil ETF (USO) is a mess with tracking errors and problems rolling over their futures contracts each and every month.
This also means that very few people wanted to stand for delivery of their oil futures contract for this front month.
Coronavirus: US oil price plunges to 22-year low https://uk.finance.yahoo.com/news/cor…
U.S. crude futures turn negative for first time on scant storage, weak demand https://finance.yahoo.com/news/crude-…
Supertankers drafted in to store glut of crude oil https://www.theguardian.com/business/…
Oil market in ‘super contango’ underlines storage fears as coronavirus destroys crude demand https://www.marketwatch.com/story/oil…
Oil Demand Won’t Bounce Back Anytime Soon https://oilprice.com/Energy/Energy-Ge…
Oil Stored At Sea Hits A Record 160 Million Barrels, Doubling In Two Weeks https://www.zerohedge.com/energy/oil-…
Singapore Oil Trading Giant Files For Bankruptcy After Hiding $800 Million In Losses, Secretly Selling Loan Collateral https://madhousenews.com/2020/04/sing…
What Crash?? Buy Tankers… https://adventuresincapitalism.com/20…
Unprecedented Demand Destruction Marks The Return Of The Super Contango https://finance.yahoo.com/news/unprec…
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