Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

The coronavirus pandemic has meant countries have effectively had to shut down, with many governments imposing draconian measures on the daily lives of billions of people. Read the article here. It has created an unprecedented demand shock in energy markets, with storage space – both onshore and offshore – quickly running out. Analysts at Goldman Sachs have warned the coronavirus shock is “extremely negative for oil prices and is sending landlocked crude prices into negative territory.”



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