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UNL - Natural Gas Is The Clear Winner From The Oil Blow-Up
United States 12 Month Natural Gas Fund
Welcome to the winner edition of Natural Gas Daily!
Oil prices are dropping like rocks today, but there's an important distinction we need to remind readers. May contracts settling at -$37/bbl has no real significance to the oil market. What we mean by that is that May contracts can trade to -$100/bbl, and it won't really impact physical oil trades. All this price implies is that no one wants to take delivery of the contract since May expires tomorrow.
For oil producers, the drop in May contracts today will impact the monthly settlement price, so