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OILX - U.S. Oil Prices Go Negative But It Sounds More Exciting Than It Really Is
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Headlines abound around the fact that the U.S. oil prices have gone negative. However, it's important to understand that this is a very technical development that diversified financial investors don't have much exposure to.
Let's start with a bit of background. The coronavirus outbreak has led to significant destruction of oil demand in the short term, given that there are significantly less cars on the roads and far fewer airplanes in the skies. On the supply side, we saw a price war break out between Saudi Arabia and Russia last month. This war recently subsided,