It was the first time since 1983, when such data began to be tracked. As notes “Interfax”, at the end of last trading session “producers have to pay the buyers for those that took their oil”. The Agency adds that traders are in doubt that may will be able to find free capacity for filling with oil.
according to CNBC, the only active buyers now – businesses that resource needs for the current work. In particular, refiners or airlines.
“WTI is a regional history”, – commented on the situation on the markets to RIA Novosti managing Director at Berkeley Research Group and former member of the Federal Commission of the USA on energoremservice Branko Terzic, Recalling that we are talking about the so-called American oil.
the price Drop, he explained by several reasons.
“first, since there are limitations in logistics is the oil on the land. It should be delivered to the pipeline. Second, the store is likely crowded. And, thirdly, the country does not work. There is simply no market for oil. Refineries don’t need it”, – he stressed and added that the price will rise once the economy starts to grow and the US uses all the oil that accumulated in the vaults.
Russian analysts is called the collapse on the market of a technical nature.
“Today’s collapse on the nearest WTI contract is essentially of a technical nature, [but] in General, this situation may discredit the entire oil industry in the eyes of investors, identifying the greater the volatility of the oil market to such events, albeit associated with a force majeure on a world scale”, – analysts of “BCS Express”.
“Although overstock because of the collapse in demand could cause prices on the physical market [for North sea and Russian oil] Dated Brent and Urals – will fall below $ 10, they are unlikely to follow the may quotes and to go into the minus” – says a senior Director of the group on natural resources and commodities, Fitch Dmitry marinchenko.
