Amid a historic oil crash, some fund managers are making long-term bets on the energy sector [Toronto Globe and Mail (Ontario, Canada)]
Oasis Petroleum Inc. (OAS)
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Source: Toronto Globe and Mail
Amid a historic oil crash, some fund managers are making long-term bets on the energy sector The price of a barrel of benchmark U.S. oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity. But what do negative crude prices mean in the real world? Reuters Some U.S. fund managers are attempting what seems like an impossible task: making bets on the stocks and bonds of energy companies at a time when oil futures have sunk to historic lows and a swelling global glut shows no sign of letting up. On Monday, traders holding the expiring front-month May contract for U.S. crude had to pay nearly $40 per barrel to unload oil as they scrambled to avoid having to take delivery. With supply looking like it will far exceed demand for weeks, oil contracts for June on Tuesday were at two-decade lows, with global benchmark Brent down 24 per cent, to settle at
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