Join Keesa Schreane and Jim Mitchell, Head of Americas Oil Analysts at Refinitiv, as they unpack the unprecedented negative pricing developments of oil. What does this mean for the future market? Will the book have to be re-written?
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Oil prices sunk to their lowest level in history on April 20th, dropping into negative pricing as oil supplies overwhelmed the globe’s storage capacity. This is an unprecedented event brought on by the global impact of the Covid-19 pandemic. Refinitiv LIVE guest, Jim Mitchell, Head of Americas Oil Analysts at Refinitiv, analyses the unprecedented drop and answers these pressing questions and more.
- Will we see the negative prices trend for longer or will they get back to June contracts values?
- Will the agreement between Saudi Arabia and Russia, with some intervention from the U.S., help to stabilise the prices in coming months?
- Why are the price movements in the markets not directly reflected for consumers as such?