Oil prices plunge into negative territory on fears of supply glut, sinking demand [Toronto Globe and Mail (Ontario, Canada)]
Crescent Point Energy Corporation Ordinary Shares (Canada) (CPG)
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Source: Toronto Globe and Mail
Oil prices plunge into negative territory on fears of supply glut, sinking demand The spot price for West Texas Intermediate plunged deep into negative pricing Monday, closing at minus US$37.63 over fears of rapidly filling storage and sinking demand. Global demand destruction due to the COVID-19 pandemic and a supply glut that has crude lapping the top of storage tanks means futures traders are finding very few buyers for their soon-to-expire May contracts, throwing into doubt who will take actual delivery of barrels. “I’ve never seen anything like it,” Jackie Forrest, the senior director of research at Calgary-based ARC Energy Research Institute, told The Globe and Mail. When a futures contract expires, traders must decide whether to take delivery or roll their positions into an upcoming contract. Usually the process is relatively uncomplicated, but the May contract’s decline reflects worries that too much supply could hit the markets, with shipments out of OPEC nations like Saudi A
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