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The Crude oil price (West Texas Intermediate)...

Has turned NEGATIVE....

MINUS $10 for a barrel of WTI oil... as they can’t find places to store it...

via @Refinitiv
Just touched -$40 [MINUS FORTY DOLLARS] a barrel of
WTI crude oil - what madness is this - NB this is the States - Brent still +ve
This is a thread explaining the specific dynamics of the US oil contract today, if you buy, you have to take delivery tomorrow...
I see some are referring to this as a 300% fall from +20 to -40... my brain is starting to frazzle here. If it goes up from -40 to 10, the percentage rise is....

Over to the Fields Medal winner @wtgowers
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Faisal Islam
@faisalislam
Extraordinary, record breaking French (-5.8%) and Spanish (-5.2%) GDP fall in Q1 - will be broken again in Q2 though. Sign of the tremendous economic hit, but also earlier and more adhered to lockdowns...
ECB President @lagarde warns eurozone economy could contract 5-12% this year depending on length of pandemic & shutdowns...
Now 30 million initial claims for unemployment insurance in the US, after this week’s data came in at 3.8 million...
Read 3 tweets
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Faisal Islam
@faisalislam
Interesting outside perspective: The top German virologist behind its testing success, last week deployed example of ONS English excess death stats to persuade Germans: “We were spared this primarily thru early and widespread diagnostics”... urged Germany not to lose advantage...
Having discovered SARS, and invented a test for Covid in January, clearly knows what he’s talking about...

V interesting Guardian interview:

- Says UK testing implemented “a little bit too late”
- but UK was in position to test “very early on - we worked with them to make test”
- but he then, rather interestingly rollout of test in Germany was fast because of market forces - ie not centrally directed as in our health system...
- but then (last week) UK gaining momentum, and might now be better coordinated than German tests... theguardian.com/world/2020/apr…
Read 6 tweets
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Faisal Islam
@faisalislam
#NeverForgotten

Coronavirus: Remembering 100 NHS and healthcare workers who have died bbc.co.uk/news/health-52…
bbc.co.uk/news/health-52…
/2 read their stories here: bbc.co.uk/news/health-52…
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