A 150-year chart of oil prices shows just how spectacular this week's plunge is
The formerly unthinkable drop in oil prices below $0 a barrel on Monday is still reverberating through financial markets, as supply overwhelms demand destroyed by the coronavirus pandemic, forcing some energy companies into possible bankruptcy as storage reaches maximum capacity.
That jaunt into negative territory had never happened before that period and although the oil market was seeing some traction higher on Wednesday, with the current front month and most-active West Texas Intermediate crude for June delivery CLM20, +21.26% up $2.76, or 23.9%, at $14.33 a barrel, still about the lowest level since the late 1990s, researchers at Deutsche Bank thought it would be interesting to look at oil prices over the past 150 years.
“ In nominal terms, it’s not a surprise to see that, over the 150 years for which we have data, there’s never been a negative price print before,” wrote Reid and Burns.
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