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OILX - Negative Oil: Let's Double The Strategic Petroleum Reserve
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
When times are good, oil is referred to as black gold. Right now, many energy companies would likely refer to it as black poison. The coronavirus has sapped demand and the recent production cut agreement failed to support prices. With the May WTI contract plunging considerably into negative territory on Monday, perhaps it's time for the US to again consider increasing the size of the Strategic Petroleum Reserve ("SPR").
(Source: cnbc.com)
It's amazing to see WTI fall as much as it has in just over four months, as it started the year above $60