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Yeah, well, it is the price for delivery in May, that price went down to zero today.
It is because there are no more capacity in the terminals and storage units, so no more oil can be put away there in May/June. This means that if you sit on such a contract by closing hour today, you will need to find a place to store the oil. Since no storage units are available, it will have to be on oil tankers, which is increadibly expensive to use as storage.
Those contracts terminate today, in few hours. Right now they look to be a lost case and with storage costs and an uncertain future and possibility to sell this oil futher on, this is why those contracts are given away at the moment. It is all about closing positions now.
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The truth is not affected by the beliefs, or doubts, of the majority.
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