An oil futures contract expiring Tuesday went negative in bizarre move showing a demand collapse
A reasonably quick update on the oil futures market truth. He told remember yesterday. The May contract closed at negative thirty seven dollars and sixty three cents. That is had you been left holding that contract at its expiration this afternoon. With as we've been reporting excess global storage capacity vanishingly rare. You'd have had to pay somebody thirty seven dollars and sixty three cents to take that barrel of crude oil off your hands. There was much speculation yesterday that that trade was all technicalities that it was just because the May contract was expiring is why the market got all sideways May Be may contract. Did settle today in positive territory. People would've had to pay you nine bucks for your stupidly cheap but still a working market let me however and if I might direct your attention to what is now the operative contract the front month contract. It's called oil for June delivery down as much as forty five percent today touching on eight dollars a barrel.