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Will Oil become Valueless
Social media Idiots 👇 went crazy the moment the news about Alberta oil going into negative hit the headlines. While this is one of the rare events when a theoretical concept has come true.
#OilPrice
#Petrol
#OilCrash
Will Oil become Valueless
Social media Idiots 👇 went crazy the moment the news about Alberta oil going into negative hit the headlines. While this is one of the rare events when a theoretical concept has come true.
#OilPrice
#Petrol
#OilCrash
All crude oils are not same — there is West Texas Intermediate (WTI), Brent, Dubai CrudCrude at the end of the day is a physical commodity that is traded on exchanges or Over-The-Counter (OTC) but delivered at a physical location (Cushing in Oaklahoma is where WTI is delivered.
While Brent is delivered globally at various ports). Let us discuss the top 2 types of crude and what the recent market moves tell us about it. WTI — West Texas Intermediate is the crude that went negative on 20th April. In fact, it went below -$30 at a point today. 
1. Most popular grades of oil quality are West Texas Intermediary (WTI) & Brent North Sea Crude (Brent) (sourced from US from Permian basin)
It’s a benchmark for North America
It’s a benchmark for North America
2. Brent is a blend from of 15 oil fields n other in the North Sea. It's 2/3rds of world production. Benchmark for Africa, Europe + Middle East
#WTI #CrudeOil futures for May,expiring tomorrow,tanked 57%,to $7.98 per barrel
June contract,expiring on 19thMay, traded@ $26.62/barrel
July futures,traded@ $28/barrel
And all this,despite #OPEC's decision to cut supply by 9.7 million barrels a day,wef 1st May2020
#OilCrash
June contract,expiring on 19thMay, traded@ $26.62/barrel
July futures,traded@ $28/barrel
And all this,despite #OPEC's decision to cut supply by 9.7 million barrels a day,wef 1st May2020
#OilCrash
