Quote:
Originally Posted by MrBanksy
The actual negative rate in WTI crude futures for May (which close trading next Tuesday) is due to Contango (a specific futures contract phenomenom which I will not get into here).
The thing is that storages are all full and there is a demand shock, so no one was buying anymore to get oil delivered to their location.
It is indeed the first time this has ever happened, but actual WTI spot price today was around $18, not -$37
Stay toasty  |
yeah may prices/deliveries are fucked but the june price is still at around $22 and december is at around $33 so it is not as bad as it seems long term..... unless demand stays at an all time low which could fuck more months up pretty bad... I hope it keeps falling I want the gas pump to pay me to fill my vehicles up
