Negative Oil Prices: When The Tail Wags The Dog [Forbes]
Intercontinental Exchange Inc. (ICE)
Last intercontinental exchange inc. earnings: 4/30 07:30 am
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Source: Forbes
Record Oil Prices as Crude fell to -$37.63 per barrel (pre-virus pic) (Photo by Mario Tama/Getty... [+]Images)Getty ImagesThe price of oil went negative! Let’s put this in perspective. Natural gas trades in negative prices at the Waha hub in the Permian. Electricity trades at negative prices almost daily in Texas and in other markets around the nation.The entirety of U.S. crude oil production is just 13% of a pre-virus 100 million barrels per day in the global market. The WTI oil futures market is even more thinly traded. The open interest in futures contracts across NYMEX and the Intercontinental Exchange, ICE, amounts to less than six months of the global pre-virus market and it is spread across 13 years of available contracts. So when investors or consumers want to hedge their future consumption or producers want to hedge future production, disproportionate moves in prices occur because of a lack of liquidity.Negative prices were the result of market forces: constrained takeaway c
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ICE
Earnings
- 2/5/26 - Miss
ICE
Sec Filings
- 3/3/26 - Form 4
- 3/2/26 - Form 4
- 2/27/26 - Form 144
- ICE's page on the SEC website