Bloomber Businessweek: The Essex Boys: How Nine Traders Hit a Gusher With Negative Oil
ILLUSTRATION: SOPHY HOLLINGTON FOR BLOOMBERG BUSINESSWEEK By Liam Vaughan, Kit Chellel, and Benjamin BainDecember 10, 2020, 12:01 AM EST SHARE THIS ARTICLE Among the many previously unthinkable moments of 2020, one of the strangest occurred on April 20, when the price of crude oil fell below zero. West Texas Intermediate futures, the most popular instrument used to trade the commodity, had started the day at $18 a barrel. That was already low, but prices kept tumbling until, at 2:08 p.m. New York time, they went negative. Amazingly, that meant anyone selling oil had to pay someone else to ...
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