What Negative Oil Prices Mean and How the Impact Could Last [The New York Times]
Exxon Mobil Corporation (XOM)
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Source: The New York Times
A main benchmark for the price of oil fell negative for the first time ever this week. The decline —What does it mean for oil prices to be negative?A benchmark price for a barrel of oil to be delivered next month fell to -$37.63 on Monday, which means that a seller would have to pay someone that much to take it off their hands.But that historic plunge was exacerbated by a quirk in how the oil markets work.concerned contracts for delivery of barrels in Maypeople trade on contracts ending in June, July and so onDemand for oil has collapsed in recent weeks as the coronavirus pandemic has devastated practically all corners of the economy, eliminating much of the need for fuel to ship goods, ride on airplanes or commute to work. Without a use for it, the world’s biggest producers — the United States is high on that list — is running out of places to store all the oil that companies have continued to pump out of the ground.As a result, traders this week were willing to pay to get rid of oil
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