The barrel of WTI is trading at nearly -9 dollars on the futures markets. Prices are suffering the full force of the collapse in demand and the saturation of storage capacities.
Never seen ! For the first in its history, American crude oil fell below the… 0 dollar mark. In the evening, the barrel of WTI is traded at nearly -9 dollars. Concretely, this means that producers pay $ 9 to give their barrel of oil. Never in the history of black gold has a barrel fallen into negative territory on the futures markets. This fall is mainly due to the expiration of contracts for delivery in May this Tuesday, but it highlights the headwinds that the oil market must face.
Black gold is suffering the brunt of the collapse in demand due to containment measures to stem the spread of the coronavirus. According to initial estimates, oil consumption worldwide has dropped by 20 million barrels per day (mb / d) and to more than 30 mb / d for the most pessimistic. Before the pandemic, the market was around 100 mb / d.
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