April - 2020
U.S. Oil Futures - The Only Way Is Up
Traders desperate to avoid owning oil, fled the markets yesterday, sending crude futures into negative territory for the first time ever. With the unprecedented drop in global oil demand due to the coronavirus pandemic, there is not enough storage for the massive glut of oil present on U.S. soil.
Investors sold the May futures contract, due to expire today, in a series of waves. At one point the contract hit -$40 a barrel. When the trading stopped, crude oil ended the day at a -$37.63 a barrel, a decline of a massive 305%, or $55.90 a barrel.