Oil just did something that made even market veterans shake their heads
in wonder — the soon-to-expire May contract for West Texas Intermediate
crude on the New York Mercantile Exchange traded, and closed, in
negative territory.

“I’m not sure how to react to that other than say that nobody, whether
they’re 120 years old or whether they’re 20 months old, has ever seen an
oil price lower than this,� Tom Kloza, a 40-year market veteran and head
of global market analysis for Oil Price Information Service, told
Marke****ch just minutes before the market closed on Monday.

The negative finish means the holder of a long position would be
required to pay someone to take that contract off of their hands.
Negative oil prices would seem to be a foreboding sign about the outlook
for an economy kicked in the teeth by the COVID-19 pandemic.

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