The amount of oil is right on global supply vs global demand, like pretty much everything else.
Factories around the nations have shut down or reduced their engagement in any activity. The industry for transport has all but stopped and confined people no longer need to take their cars around as the spread of COVID-19 hits everywhere.
Oil stocks have thus not go down as fast as anticipated but pumping activity has continued so as the price for contracts in the future — when sellers and buyers agree on a price for delivery on a given time in the future — for the month of May have dropped to as much as -$37.
Will it continue?
Difficult to say but economies worldwide are slowly reviving as lockdown measures are progressively lifted. This should prompt the demand for oil to increase again and thus push the price higher.
Most traders had already go beyond the past month of May. “In my view, today’s move was more technical in nature and same to the futures contract expiration,” energy strategist at Rabobank,Ryan Fitzmaurice, said.
The amount of a barrel of oil for delivery in June is still good for instance and closed on Monday at above $20.
What are producing countries doing?
Oil producers have already taken procedures to maintain the price of oil with members of OPEC — the Organisation of the Petroleum Exporting Countries — agreeing earlier this month to an unsuccessful production cut of nearly 10 million barrels a day so as to not completely saturate the market.
What does it mean for you?
A sustained drop in the price of oil usually leads to cheaper petrol at the pump. But there’s not much point to it if people are confined.
Jim Burkhard, vice president at IHS Markit, said”prices rices are dropping today because hardly anyone driving, they’re driving a lot, lot less. So it’s hard for anyone to take advantage of these lower price of gasoline if they’re not driving. So there’s no winner in this condition today.”
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