April 15, 2020 – Wall Street Journal
Glutted Oil Markets’ Next Worry: Subzero Prices
By Sarah Toy
The coronavirus pandemic is turning oil markets upside down.
While U.S. crude futures have shed more than half of their value this year, prices for actual barrels of oil in some places have fallen even further. Storage around the globe is rapidly filling and, in areas where crude is hard to transport, producers could soon be forced to pay consumers to take it off their hands—effectively pushing prices below zero.…
Read the full article here: https://www.wsj.com/articles/glutted-oil-markets-next-worry-subzero-prices-11586943001
… Some analysts see a glimmer of hope coming from China, where there are some signals of life returning to normal. Chinese consumers have cautiously begun to travel again after hunkering down at home for two months.
Others aren’t as optimistic, noting that global oil demand is still falling by tens-of-millions of barrels a day.
“We really don’t know when demand will come back online,” said Rusty Braziel, chief executive of RBN Energy.
