Stay updated with breaking news from Oil cushing. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Road, maybe that is actually not the case. Rolling overs as well. Maybe that is oil. It could just be a sentiment feeling, as well as any sort of Political Risk because of kim jonguns health uncertainty. Lets get to todays market moving news from our team in new york, as well as washington. We want to begin with this meltdown in the oil market. Wti futures plunging below zero for the first time in history yesterday as many storage tanks reached capacity. Brent for delivery in june pushing to the lowest levels since 2002. Annmarie hordern has more. Annmarie what we are really watching today is the number of contracts for wti and brent. Yesterday, the big question was is this just a big technical anomaly. I think what you are seeing today is that this is more widespread. What is showing is what traders have been saying for quite some time. Thething i want to bring up point is the june contract, trading at 16. 69. That is a contract ....
Is time. A governor who doesnt want to see these businesses destroyed a person who has said, look, weve got the baseline we know what can go wrong. We have the ability to handle it medically. And initially when i saw this, carl, i said this man, this governor is a reckless fellow. The more i read his excellent speech yesterday, the more i realized the stakes are so high for so many people, im rooting for this man i think hes doing it in a way that makes me feel like if youre going to open it, open it this way i wanted to wait for the vaccines i wanted to wait for when we got s ser roll gist ologyists who coue antibodies it may seem illadvised, when you drill down to the speech he gave yesterday, i have to tell you, i was impressed i know everything has become politicized, but this is a man who is feeling for the Small Business people and recognizes theyre about to be done Scott G ....
Until the close, cnbc contributor stephanie link from tiaa a nuveen company. Welcome, stephanie thanks. Energy doesnt usually lead this market but is today on the oil bounce and questions about whether thats sustainable and given sort of the scale and increase in tensions whether the move is big enough to bring back the sector and commodity trade i dont know. I really dont because its been a tough industry for the whole year. For a whul of years now. So this is really more a supply issue concern. I think the Biggest Issue for oil are demand and the demand environment has been slowing and the revisions have been lower. So with that as a backdrop this might be just temporary. You would have thought oil would have been rallying much more than it did. I spoke as well about 20 minutes ago to one of the senior traders at one of the major investment banks and said was pleased to see the algos didnt disrupt the market when pompeo came out ....
The stories that set your agenda. 100 dollars a barrel march continues as the u. S. Oil benchmark its a oneyear height with stockpiles and hitting one year at levels and fears around and inflation uptick are growing. Especially in asia where stocks are under pressure. On the docket german and spanish inflation data, one more puzzle piece on what the ecbs move might be on when traders bet on a rate cut next july. Plus italy plans to bring its budget deficit below the limit set by the eu but only in 2020 six. The delay risks a confrontation with brussels. A lot of a cross currency air. A lot of different market pressures lets get a quick check on the market futures because like i said you are seeing a pullback in those asian equities. A lot of pain in the nikkei and the hang seng. We will get to that in a moment but futures indicating that that is not a global story just yet. The underperformer of the board will be euro stocks, 50 futures really unchanged. I would not call this a big mov ....