A negative price on crude oil futures prices.
I remember reading texts how in the past oil can get to very low prices but I have never experienced this in my lifetime.
Well, this period I get to see some historical stuff. Allow me to indulge in some photo-taking.
Crude oil futures expiring on 21st May dipping negativeWithin a day, the price of the crude oil futures dip to negative $40 a barrel. And then after that it “shot back up” to $0.49 a barrel.
Many of us would think that the petrol station will be paying us to pump petrol at their petrol kiosk but price have not changed.
We need to understand that this prices we are talking about are futures contracts. These futures contracts are derivatives that allow us to take delivery/secure/buy or sell certain commodities and other stuff at certain prices.
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