Back in April 2020, the landlocked West Texas Intermediate crude oil price briefly crashed into negative territory - a stunning turn of events that cost traders massive losses - when the spot oil market found itself with an unprecedented glut as there was literally too much oil to be stored, and as such those traders who were assigned delivery would pay others just to take the physical oil off their hands. Well, in just a few weeks we may see the opposite scenario: no physical oil at all in the largest US commercial storage facility, leading to what may be a superspike in the price of oil.
Full story at OilPrice.com
  • Ap
  • Store
  • Media
  • Oil Prices
  • Landlocked
  • Intermediate
  • Negative
  • Territory
  • Stunning
  • Unprecedented
  • Literally
  • Assigned