April 21, 2020 – CNBC
Oil traders have never seen an ‘insane’ market like this, fear more declines to negative prices
By Pippa Stevens
The oil market is facing uncharted territory as the drop-off in demand, caused by the coronavirus pandemic, combined with rapidly filling storage, sent prices plunging into negative territory for the first time in history.
And with only guesswork as to when stay-at-home orders might be lifted and when crude demand might pick up, traders warn that oil could continue to trade at extremely depressed levels.
“If we have not recovered from Covid in July so that enough driving has come back and storage is full, then the price of crude oil is going to be zero,” RBN Energy’s Rusty Braziel told CNBC. He called Monday’s trading activity “insane,” and said that in his more than 40 years of trading he had “never seen anything like this.”
Read the full article here: https://www.cnbc.com/2020/04/21/oil-traders-have-never-seen-insane-market-like-this-before-fear-more-declines-to-negative-prices.html
