As of this moment, West Texas Intermediate Crude (the US benchmark for oil) is at $12.52.
Brent Crude, the main international benchmark, is at $19.75.
Exciting times for exporters like Russia.
cc: @ericgarland @ninaandtito @NatashaBertrand @TheRickWilson
bloomberg.com/energy
Brent Crude, the main international benchmark, is at $19.75.
Exciting times for exporters like Russia.
cc: @ericgarland @ninaandtito @NatashaBertrand @TheRickWilson
bloomberg.com/energy
Remember, we haven't hit the critical point when global storage has filled up while speculative-oil contracts are coming due for delivery (you have to take delivery of the physical oil, or have someone do it for you).
Everyone is starting to realize they have no buyers for what's being produced, vast quantities in storage, and when we run out of space, all kinds of participants will start selling for whatever non-negative price they can get.
