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Sanju Verma
@Sanju_Verma_
#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
Normally,spread between #Spot &one month forward contract,is 40-50 cents

This time,spread is $10-12,implying weakness in #crudeoil,will continue

Global demand for #Oil in April 2020,was lower by 29 million barrels per day,Vs April 2019

#COVIDー19&global #lockdown, playing out
Indian #Crude basket is a derived basket of #crudeoil comprising #sourcrude(Dubai&Oman)&sweet crude(Brent)

Indian basket,aligned to #Brent crude,has fallen too,but not as much as #WTI crude

April 2020 #Brent@$20.92 per barrel March $32.01
Feb $55.70
Jan 2020@ $63.83

#OilCrash
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Related hashtags

#Oil #8BillionBarrels #BrentFutures #Oklahoma #lockdown #HessCorp #WTICrude #Shale #Brent #SaudiArabia #Okhalama #COVIDー19 #BrentOil #OilCrash #GuyanaOffshore #SPR #CNOOC #WTI #Russia #Exxon #coronavirus #OPEC #MarcFaber #Crude

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