COP - Beyond the Negative Headlines: Oil Prices Aren't What They Seem
Oil prices grabbed headlines this week as front-month oil futures contracts (i.e., those expiring next) for two key pricing benchmarks crashed and burned on Monday. The May futures contract for West Texas Intermediate (WTI), which is the main U.S. oil price benchmark, cratered to a jaw-dropping negative $38.52 a barrel. Canada's main oil benchmark, Western Canadian Select (WCS), also went negative.
However, beyond those headlines, the oil market told a different story. Here's a look at why those contracts gushed red while others held up relatively well.
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