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The market of "flash avalanche" is staged again after the oil price is "negative" overnight.
Apr 22,2020 06:35CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM News: April 22 news, the collapse of the crude oil market continued to expand, a sharp decline spread to the abnormal impact of technical indicators of the contract, due to the global lack of space to store excess crude oil. The WTI crude contract for May delivery fell below zero on Monday for the first time in history, but the panic sell-off spread Tuesday to June delivery, which fell nearly 70 per cent at one point to an all-time low of $6.50.

With excess supply of crude oil, shrinking demand and insufficient inventory space, three mountains have put great pressure on oil prices. Following the collapse in oil prices, the market took active steps, with President Trump instructing Treasury Secretary Noochin and the Energy Secretary to work out plans to support crude oil, while divisions within the Railways Committee, Texas's top energy regulator, postponed a vote on production cuts. Iraq oil chief Jiaban: further measures taken by oil-producing countries will depend on the development of global markets and compliance with production reduction agreements by OPEC + and other non-OPEC producers. U. S. stocks were dragged down by an unprecedented collapse in crude oil, with the Dow tumbling for the second day in a row, tumbling more than 600 points in early trading.

(CME) will allow negative oil options to go public from April 22.

Chicago Mercantile Exchange: NYMEX crude oil futures margin increased by 13.3% to $8500 per hand contract.

(CME) raised its May 2020 RBOB gasoline futures contract margin by 14.1% to $8100 from $7100 per hand.

(CME) raised the margin for the NYMEX natural gas futures contract for May 2020 by 6.1 per cent to $1750 per hand from $1650 per hand.

In the week of April 17, API crude oil stocks in the United States were + 13.226 million barrels, up from + 13.143 million barrels. Us crude oil stocks in the Cushing region of API during the week of April 17 were + 4.91 million barrels, up from + 5.36 million barrels. In the week of April 17, API gasoline stocks in the United States were + 3.44 million barrels, up from + 2.23 million barrels.

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