New York oil prices rarely fall into negative values, falling more than 300%

Affected by factors such as severe oversupply in the U.S. oil market, the contract is about to expire, and Texas will decide whether to cut production, New York oil prices opened lower on the 20th in early trading, continued to fall intraday, and accelerated to decline in late trading. It rarely fell into negative values at the close. Over 300%.

At the end of the day, the price of light crude oil futures for May delivery on the New York Mercantile Exchange, which will expire on the 21st, rarely fell to a negative value. The price of light crude oil futures delivered by the New York Mercantile Exchange in June also fell sharply by 18.37% to close at $ 20.43 per barrel.

As of the close of the day, the price of light crude oil futures for May delivery on the New York Mercantile Exchange fell by $ 55.90 to close at -37.63 per barrel, a decrease of 305.97%. The price of London Brent crude oil futures delivered in June fell by 2.51 US dollars to close at 25.57 US dollars per barrel, a decrease of 8.94%.

Biostar Tonghai Yugen, senior vice president and head of the oil market at Resta Energy, said that the problem of imbalances in global oil supply and demand began to really emerge through prices. As crude oil production continues to be in a relatively unaffected state, oil reserve facilities are gradually being filled.

Stephen Innes, chief market strategist of Axie Australia, said that due to the premium concentrated on forward crude oil futures contracts, there has been a sharp discount in the recent contract trading price. Big squeeze.

Most market analysts believe that the output reduction agreements reached recently between the Organization of Petroleum Exporting Countries (OPEC) and several non-OPEC oil-producing countries will not help alleviate the oversupply of crude oil in April. , So that the market can restore the balance between supply and demand.