the price of WTI crude, the immediate delivery rose on Tuesday to 1.5 per barrel after falling the day before to minus 40 dollars, at the same time Brent is trading above $ 25 per barrel.
on Monday, the first in the history of "settlement price" of oil has reached zero. This is a fundamentally new situation: from this moment on the oil futures as well as interest rates in some countries have gone into negative territory, which indicates the weakness of the economies of many countries, first and foremost, consumers of oil. The epidemic of coronavirus has reduced the demand for raw materials, storage tanks operate at maximum load. Oil suppliers have added to the problems and warm winter in many countries, which further reduced the demand for raw materials.
"Negative price in America - only a glitch in the matrix, technical failure, financial gamble. It's all the little touches of the real world. For a full tank at the gas station won't pay anyone," writes the BBC.
on Monday one of the points of bidding prices WTI reached minus 40.32 USD per barrel. Negative price due to the fact that before the execution of the contracts, the owners of the oil are forced to pay buyers to get rid of raw material in conditions of acute deficit of capacities for its storage.
"This has never happened," admits one of the traders. Somehow he reasoned that if the price of oil will be zero, then the oil will have to pay as the price formula involves discount, "But it was a metaphor, I didn't think that something will happen."
Conventional oil - black, viscous, odorous liquid - still in the price even if this price in a historical perspective and looks funny. The two main international varieties of oil, which is tied to the price of most others, are sold at the same level as few days ago. In America, the Texas oil WTI with delivery in June is $ 22, and a barrel of European Brent crude yield 26 dollars.
According to Bloomberg, the tanks in Cushing are full in the first week of may. Citi analysts warn that if the situation with the storage of oil will deteriorate more quickly in the world, the price of Brent will follow down for WTI.
the US President Donald trump said Monday that falling prices short-term phenomenon and the price of oil "in about a month will be at 25-28 dollars per barrel."
