by Mike ‘Mish’ Shedlock
The price of crude for current month delivery fell to $14.87. That is the lowest price since 1999.
Crude futures fell $3.40 in a day. From the previous price that’s an amazing 18.6% decline in just one day.
Crude in a massive state of contango. That means spot prices are way lower that prices expected in the future.
Contango is often the case due to increasing demand and central bank sponsored inflation. But futures more than doubling in three month is extremely unusual.