Damian J. Troise
Damian J. Troise
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New collapse in oil prices sends some US futures below $0 a barrel for the first time ever

New collapse in oil prices sends some US futures below $0 a barrel for the first time ever

NEW YORK — Oil futures plunged below zero on Monday, the latest never-before-seen number to come out of the economic coma caused by the coronavirus pandemic. Stocks and Treasury yields also dropped on Wall Street, with the S&P 500 down 1.8%, but the market's most dramatic action by far was in oil, where the cost to have a barrel of U.S. crude delivered in May plummeted to negative $37.63. It was at roughly $60 at the start of the year. Traders are still paying $20.43 for a barrel of U.S. oil to be delivered in June, which analysts consider to be closer to the "true" price of oil. Crude...

April 20, 2020
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