Rolling live coverage of business, economics and financial markets as British economic prospects slumpUS oil prices plunge to 21-year low as storage fills Italian bonds under pressure amid eurozone risk focus Coronavirus – latest updatesSee all our coronavirus coverage 2.59pm BST We’ve caveated the plunging West Texas Intermediate price a few times: the futures contract for May delivery expires tomorrow, so a lot of traders are looking at the June contract.But this is not normal. It is the biggest one-day drop since the WTI futures contract, the US benchmark, was introduced in March 1983.Wild chart from @ChrisBennettCFA in today’s “Daily Dashboard”.This is like the “El Cap” of contango. pic.twitter.com/tSLVrxurWu The contango in WTI prices is extraordinary. August WTI is more than twice as expensive as May. The chart shows the front contract divided by the 4th. Too much oil, with nowhere to put it. […] This will put more pressure to reduce supply and the pressure may be felt most, under the circumstances, in North America. 2.32pm BST US stock market indices fell heavily at the start of trading on Monday, as oil prices slumped with traders concerned that storage facilities are rapidly running out.The S&P 500 fell by 1.6%, the Dow Jones industrial average lost 2%, and the Nasdaq lost 1.1%. Continue reading…
Via: UK household finances weakest since 2011 amid Covid-19 lockdown – business live
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