Tag Archives: oil’s Traders

“Scary,” “unbelievable,” “so dramatic,” “unprecedented,” “very visceral”: These are among the choice words Wall Street veterans used to describe what was, for the oil market, a week for the history books.
On Monday, for the first time on record, West Texas Intermediate (WTI), the U.S. oil benchmark, plunged below zero and into negative price territory.
Oil prices have tumbled as the coronavirus pandemic saps worldwide demand for crude, and storage is quickly filling. Monday’s drop was exacerbated by a futures contract that was expiring.
“It was a take-your-breath-away kind of scary moment,” said Rebecca Babin, managing director at CIBC Private Wealth Management.