(NEWS 1130) — The price for U.S. crude oil slipped below zero Monday amid the pandemic and traded in the negative for the first time ever.
The May contract expires Tuesday, meaning holders have to take physical delivery even as U.S. oil storage is almost full.
NEGATIVE OIL PRICE. US oil futures trade below zero for the first time. The May contract expires tomorrow, requiring physical receipt of crude even as storage is close to full. pic.twitter.com/x33Mlv6Wvw
— Richard Dettman (@rwdettman) April 20, 2020
Right now, it’s costing sellers more than $35 U.S. per barrel to dump their investment.
At the low, the price of oil dropped by 108 per cent compared to Friday’s close.
Oil started the day at $18.27 a barrel.
https://news.google.com/__i/rss/rd/articles/CBMiXGh0dHBzOi8vd3d3LmNpdHluZXdzMTEzMC5jb20vMjAyMC8wNC8yMC91LXMtb2lsLWZ1dHVyZXMtdHJhZGUtYmVsb3ctemVyby1mb3ItdGhlLWZpcnN0LXRpbWUv0gFgaHR0cHM6Ly93d3cuY2l0eW5ld3MxMTMwLmNvbS8yMDIwLzA0LzIwL3Utcy1vaWwtZnV0dXJlcy10cmFkZS1iZWxvdy16ZXJvLWZvci10aGUtZmlyc3QtdGltZS9hbXAv?oc=5
2020-04-20 18:47:30Z
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