Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing [The New York Times]
IHS Markit Ltd. Common Shares (INFO)
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Source: The New York Times
Something bizarre happened in the oil markets on Monday: Prices fell so much that some traders paid buyers to take oil off their hands.The price of the main U.S. oil benchmark fell more than $50 a barrel to end the day about $30 below zero. This is the first time oil prices have turned negative, and while nobody expects them to stay so low, it says a lot about the disarray in the oil industry as the coronavirus pandemic decimates the world economy.At the start of the year,oil sold for over $60 a barrelDemand for oil is collapsing, and despite a deal by Saudi Arabia, Russia and other nations to cut production, the world is running out of places to put all the oil the industry keeps pumping out.Prices went negative — meaning that anyone trying to sell a barrel would have to pay a buyer $30 — in part because of the way oil is traded. Futures contracts that require buyers to take possession of oil in May are expiring on Tuesday, and nobody wanted the oil because there was no place to stor
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