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Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
As the Coronavirus was spreading around the globe like wildfire economic activity ground to a halt. On February 20, the US stock market reached an all-time high. On the same day, the price of crude oil traded to $54.82 per barrel. Few market participants could have imagined that a little over one month later, the price of the energy commodity would trade at under the $20 per barrel level for the first time since 2002.
Marc Rich, the founder of Glencore and one of the world’s leading oil traders in the 1970s and 1980s, once