Oil meltdown spreads as world runs out of storage space [MSN Money]
KONINKLIJKE VOPAK UNS/ADR (VOPKY)
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Source: MSN Money
The oil meltdown accelerated, with huge loss sweeping through markets as the world runs out of plac to store unwanted crude and grappl with negative pricing.Wt Texas Intermediate plunged below zero on Monday for the first time in history with the contract for May nearing expiration, leaving traders in a panic as they tried to avoid taking delivery of physical barrels. On Tuday, the loss spread to the next month -- highlighting that a massive glut in the market is exacerbating the rout rather than any technical quirk.© BloombergThe collapse of later contracts underscored the severity of the crisis. Storage tanks, pipelin and tankers are rapidly being overwhelmed by a vast oversupply caused by slumping fuel demand as countri are locked down to fight the coronavirus.Load ErrorIn the market for global bchmark Brt crude in London, the immediate contract was at its biggt discount, or contango, to the following one in data since 008. U.S. marker WTI’s June contract was halted three tim early
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