Crude prices plunge to lowest level in history — what Cramer and others are watching (via TradingNation)
crude oil for the month of May plunged more than 190% into negative territory on Monday, hitting its lowest levels in history and highlighting the plummeting demand for the commodity around the world.
"This is a really sort of interesting, unique story to the oil market. I mean, what has been hit the hardest by this pandemic has been vehicle traffic use. I mean, people are not flying. They are not driving. And so, this is a real story about storage filling up. ... We're expectingto reach tank tops by mid-May. I mean, there are other places that you can store this crude, potentially in, like, Louisiana, but until we get signs that U.S.
"Our report today was called 'A Dog's Breakfast.' That's a phrase for something that's extremely messy, which, obviously, the oil market is today as we reach 20-year lows. And the reason for the weakness is related to a couple of factors. First, expectations for oil demand and GDP are falling in an unprecedented way and by around 10 times that which we normally see in a recession.
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