Can price reporting agencies aim at the futures market?
When WTI crude oil prices turned negative for the first time in history, it caused chaos in the industry. The problem occurred in Cushing, Oklahoma (and it will only happen here), which is the delivery point for WTI crude. When there were more sellers than buyers, the storage facility became full and because of lockdown measures there were no trucks to take the oil anywhere else to relieve the pressure. Still, the unprecedented event has attracted scrutiny and even raised questions about the viability of some international oil benchmarks.
Collection : Daily NEWS