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Jim Wyckoff

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Nymex crude: you can’t make this stuff up!

April 21, 2020 by Jim Wyckoff

The world marketplace is still buzzing and even shaken after Monday’s astonishing and historic trading action in Nymex crude oil futures, in which the expiring May contract fell deep into negative territory by the close—meaning the up-to-then-profitable shorts were forced to take delivery of physical crude oil with no place to store it, and then they had to pay up to get rid of the oil—thus the May futures price trading at -$40 at one point. (More on this important matter in my bi-weekly newsletter that will be out Tuesday.) That price action in crude has buyers in many commodity markets even more leery early this week, which is also spilling over into selling pressure in global stock markets.–Stay tuned! Jim

Filed Under: Blog News, Jim's Morning Report, Uncategorized

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