Will oil prices tumble into negative territory? [Wealth Professional (Canada)]
INTL FCSTONE (INTL)
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Source: Wealth Professional
Data from the Energy Information Administration show U.S. crude inventories spike by 15.2 million barrels during the week ended April 3, and gasoline stockpiles leaped by 10.5 million barrels. Refining activity, meanwhile, has sunk to its lowest level since September 2008.Some areas are able to partly address the supply glut problem because they can turn to tanker ships as a storage option. But according to Jeffrey Currie, head of commodities research at Goldman Sachs, other areas might have to deal with the excess by going to extremes, such as paying to have it taken off their hands.Physical traders are watching the market with bated breath as some regional crude prices test critical levels. S&P Global Platts assessed that the spot price of Western Canadian Select at Hardisty descended to just north of US$8 per barrel on April 1, while the spot price of West Texas Intermediate at Midland fell to just above US$10 a barrel on March 30. Wyoming Asphalt Sour crude recently fetched a bid
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