what you talking about , futures trading means someone wins someone losses
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exactly if you read my first post it was in relation to futures as the referenced cnbc stories on the futures contracts. then you would have understood the reference to oil. the fact it was futures means someone was in trouble and didnt want to get caught holding the futures so they were trying to get rid of them at any price
Oil more reflective of what’s really going on in the world than stocks
June WTI contract is + US$20 (yes, + not -) . Eh, he says - can't be right because I read that oil price has tanked!
Brent oil price is down only 6.4%.
Have a good read if you really want to understand what's happening with oil and why the May WTI contract price crashed into negative territory today.
https://nz.finance.yahoo.com/news/oi...085554998.html
The effect will be limited by the hefty taxes levied on fuels.
Incidentally, the reason that oil futures have gone negative is because no-one has the available storage if they are required to take physical delivery. If this doesn't make producers see sense and limit production, nothing will!
Yup - we do not see the real drop in oil price on fuel price in NZ.
Friend who lives in Oz in our chat group said that their 91 octane was A87.9c yesterday.
Another friend working in in Thailand countered that theirs was NZ90c yesterday!
We really get screwed in NZ something terrible by the government & local authorities.