What Happens If Oil Prices Go Negative? [Yahoo! Finance News]
Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG)
US:NYSE Investor Relations:
mizuho-fg.com/investors/index.html
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Source: Yahoo! Finance News
Various reports hit the news feeds today quoting a deliberately headline-grabbing statement by Paul Sankey, managing director at Mizuho Securities, in which he is reported as saying, “Oil prices can go negative.” That is, they could as a combination of Saudi Arabia and Russia) flooding the market with increased oil and the market running headlong into COVID-19-induced curtailment of activity that is suppressing consumption, which combined will create the perfect storm of excess supply. In reality, inventory levels are already rising. CNN quotes Sankey, who said global oil demand However, the economic fallout from the coronavirus pandemic could crash demand by up to 20 percent. This would create a 20 million barrel-per-day surplus of oil in the market that would rapidly exceed storage capacity, forcing oil producers to pay customers to buy the commodity – hence, in effect, negative oil prices. The American government plans to purchase a total of 77 million barrels of oil starting withi
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MFG
Sec Filings
- 2/26/24 - Form 6-K
- 2/22/24 - Form 6-K
- 2/22/24 - Form 6-K
- MFG's page on the SEC website