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28.04.2020 WTI Daily Analysis

WTI is trading at $10.20 (-20.19%) as finding storage places has become difficult and there are fears that fuel demand will not pick up

28.04.2020 WTI Daily Analysis
Yazar: Zack Smith

Yayınlanma: 29 Nisan 2020 02:10

Güncellenme: 16 Aralık 2025 06:19

28.04.2020 WTI Daily Analysis

WTI is trading at $10.20 (-20.19%) as finding storage places has become difficult and there are fears that fuel demand will not pick up quickly once countries lift lockdown restrictions. Another reason why the price of oil is declining in the United States Oil Fund LP (the largest oil-focused US exchange-traded product) selling out of the front-month June contract and buying into months later in the year.  Jeffrey Halley, senior market analyst at OANDA brokerage said,  "With the USO ETF due to continuing selling down its June WTI position for the rest of the week, nobody else who needs to, or wants to sell, is hanging around and waiting for them to do so."
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