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U.S. Oil Costs Less Than Zero After a Sharp Monday Selloff, Many traders are betting that the coronavirus pandemic will run its course and demand for oil will jump later this year
Many traders are betting that the coronavirus pandemic will run its course and demand for oil will jump later this year
U.S. oil futures plunged below zero for the first time Monday, a chaotic demonstration of the dwindling capacity to store all the crude that the world’s stalled economy would otherwise be using.
The price of a barrel of West Texas Intermediate crude to be delivered in May, which closed at $18.27 a barrel on Friday, ended Monday at negative $37.63. That effectively means that sellers must pay buyers to take barrels off their hands.