Oil Trader Trafigura Says June WTI Could Also Turn Negative (video)
Top trading house Trafigura Group says the key U.S. oil benchmark could again turn negative with storage tanks across the world nearing capacity. Prices for West Texas Intermediate crude for delivery in June could go below zero, just as the May contract did Monday in an unprecedented crash, according to Ben Luckock, the co-head of oil trading at Trafigura. “I didn’t think I would ever see this,” Luckock said from Geneva in an interview with Bloomberg Television. “It has only been the last few weeks that we started talking about how negative prices may, in fact, work. We found out yesterday.”
This article was originally published by Bloomberg on the 21 April 2020.
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