Who Was Panic Selling Oil Today? Goldman Answers

from Zero Hedge

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.

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