Mexico's oil export basket closed on Monday in negative territory for the first time ever, according to data published by state oil company Pemex, meaning the firm would have to pay buyers to offload its crude.
General view shows Mexican state oil firm Pemex's Cadereyta refinery, in Cadereyta, on the outskirts of Monterrey, Mexico April 20, 2020. REUTERS/Daniel Becerril
The average price for the company’s crude exports slid to a historic low of -$2.37 per barrel, down 116% since its closing price last Friday. WTI for Houston delivery hit a high of WTI plus $27.50 per barrel on Monday, which is about negative $9.50 per barrel. The crude grade had a low of WTI plus $5.50 per barrel during the day.
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