In case you did not know or forgot, just to remind that we experienced negative price of crude oil in the market in 2020.
Surprisingly, crude oil price plummet sharply below zero or in the negative trading zone.
The price reached negative value (- US$ 37.63) for the first time at least in American history. The trading of future contract price was for West Texas Intermediate or WTI crude oil.
Negative price means that if we are consumers, then the producers will pay us to take their oil from their hands.
We might ask the question, Why Oil Price Goes Negative? The multiple possible answers could be:
- oil supply more than market demand.
- oil stores are overflow or no spaces to store over supply of oil
In term of stock market, oil was traded in New York Mercantile Exchange (NYMEX) since 1983.
# To be continued to Part 2
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ReplyDeleteGasoline prices are unbelievably high in Turkey, even the smallest situations in the world have begun to affect the us.
ReplyDeleteIt's a pretty sad situation. I guess there are a lot of things causing this problem. I dunno if we are treating it right or not. But there is only so much you can do about it. And well, we can't just stay home..or some can't.
ReplyDeleteIt certainly is a hot topic!
ReplyDelete...years ago Paul Harvey said, economics are easy to understand. "The price of wheat goes up the price of bread goes up, the price of wheat goes down the price of bread goes up!"
ReplyDeleteInteresting on oil prices
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ReplyDeleteYou wouldn't know that in our area!!
ReplyDeleteThanks to visit my blog-
DeleteWhy does Oil Price Go Negative in the Market? - Part 1
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In case you did not know or forgot, just to remind that we experienced negative price of crude oil in the market in 2020.
So much volatility this whole year!
ReplyDeletePetrol here keeps going up anyway regardless of crude oil price
ReplyDeleteThanks to visit my blog-
DeleteWhy does Oil Price Go Negative in the Market? - Part 1
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In case you did not know or forgot, just to remind that we experienced negative price of crude oil in the market in 2020.
Super post
ReplyDeletePetrol here is expensive and so is oil. There prices never go down very much to make a difference.
ReplyDeleteI see....
DeleteThanks to visit my blog-
Why does Oil Price Go Negative in the Market? - Part 1
-
In case you did not know or forgot, just to remind that we experienced negative price of crude oil in the market in 2020.
So interesting post
ReplyDeleteThanks for sharing
Kisses ♥
Oh very informative post darling
ReplyDeleteThanks to visit my blog-
DeleteWhy does Oil Price Go Negative in the Market? - Part 1
-
In case you did not know or forgot, just to remind that we experienced negative price of crude oil in the market in 2020.