This below image will give you a clear perspective that why May 2020 crude contracts turned negative with traders ready to pay you for lifting
the delivery.
One can gauge the state of affairs due to nonconsumption of oil with the following facts from the shipping industry:
The growing surplus of oil on world markets has traders racing to find supertankers to use for storage, pushing rates for the mammoth vessels sharply higher even as prices for crude continue to dive. “We’ve reached a point where there must be some kind of halt in production to suck up the glut,” said a tanker broker in Singapore. “It’s the first time ever that we get more calls to book ships to store oil than to move it.”
So, it is the demand which is giving these oil-rich nations requisite wealth to flaunt around else if no consumption means they are holding a liability. Thus post this fiasco oil-rich countries must make sure that the rate of oil is kept at a minimum level so that nobody gets an idea to throw away all oil-consuming vehicles.
Do not forget to get best trade calls from the top stock market advisory in India and make money like professional traders.
One can gauge the state of affairs due to nonconsumption of oil with the following facts from the shipping industry:
The growing surplus of oil on world markets has traders racing to find supertankers to use for storage, pushing rates for the mammoth vessels sharply higher even as prices for crude continue to dive. “We’ve reached a point where there must be some kind of halt in production to suck up the glut,” said a tanker broker in Singapore. “It’s the first time ever that we get more calls to book ships to store oil than to move it.”
So, it is the demand which is giving these oil-rich nations requisite wealth to flaunt around else if no consumption means they are holding a liability. Thus post this fiasco oil-rich countries must make sure that the rate of oil is kept at a minimum level so that nobody gets an idea to throw away all oil-consuming vehicles.
Do not forget to get best trade calls from the top stock market advisory in India and make money like professional traders.
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