Photo: Frederic J. Brown Agence France-Presse
The oil field of Wilmington south of Los Angeles, California, on April 21, 2020
The barrel of oil is quoted at New York for may delivery is finally back above zero Tuesday, in the aftermath of an epic drop, but the barrel for delivery in June has taken a dive history of 43 %.
The price of a barrel of WTI, which expired Tuesday, fell on Monday for the first time in negative territory, investors are reduced to pay the buyers to sell their crude at the risk of ending up with barrels in their backyard. On Tuesday, after several hesitations, he came back into positive territory to finish 10,01 dollars per barrel.
But the barrel of WTI for delivery in June, which will become the benchmark from Wednesday, has plunged from 43 % to finish at 11,57 dollars, a never-before-seen since the inception of this contract in 1983.
Other details will follow.