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With demand down 30% worldwide due to the coronavirus pandemic, and the main U.S. storage hub in Cushing, Oklahoma expected to fill up in a matter of weeks, very few want to be stuck with oil barrels that they have to take delivery on at some point during May. "The people who are long are desperate to get out," said Phil Verleger, a veteran oil economist and independent consultant. Major oil-producing nations have agreed to cut output and global oil companies are trimming production, but those
Continue reading Traders flee U.S. oil as contract price plunges to negative $40 a barrel
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Traders flee U.S. oil as contract price plunges to negative $40 a barrel
