21.04.2020, 08:42
WTI Oil Price Returns to Positive
Source: OREANDA-NEWS
OREANDA-NEWS. The cost of futures for WTI American crude oil for delivery in May returned to a positive value, according to trading data. As of 7:10 Moscow time on the NYMEX exchange, it has grown to $ 1.40. June WTI futures rose to $ 21.33.
June futures for the North Sea Brent mixture on the ICE in London are trading at $ 25.39 per barrel (May contracts expired). On April 20, the value of the April WTI futures collapsed to zero, and then for the first time in history reached negative values: quotes closed the trading session at minus $ 37.63 per barrel.
Following the introduction of restrictions to combat the spread of coronavirus, global oil demand has fallen. “If we don't see a recovery in demand in the near future, it is likely that the June contract will face the same fate”, Bloomberg quotes Warren Patterson, an analyst with ING Bank NV, a Dutch financial conglomerate. At the same time, he expressed the opinion that after April, prices will begin to gradually recover.
June futures for the North Sea Brent mixture on the ICE in London are trading at $ 25.39 per barrel (May contracts expired). On April 20, the value of the April WTI futures collapsed to zero, and then for the first time in history reached negative values: quotes closed the trading session at minus $ 37.63 per barrel.
Following the introduction of restrictions to combat the spread of coronavirus, global oil demand has fallen. “If we don't see a recovery in demand in the near future, it is likely that the June contract will face the same fate”, Bloomberg quotes Warren Patterson, an analyst with ING Bank NV, a Dutch financial conglomerate. At the same time, he expressed the opinion that after April, prices will begin to gradually recover.
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