Why oil at negative $100 isn't a crazy bet anymore [MSN Money]
KONINKLIJKE VOPAK UNS/ADR (VOPKY)
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Source: MSN Money
Orbiting hundreds of mil above the Earth, the Stinel- satellit are the ey in the sky that showwhy U.S. oil pric dropped below zeroThe satellite bounc radar signals off the massive metal tanks that store oil and that data is used to calculate how much crude is inside. It’s coming back with an alarming msage: oil storage is running out.It’s something that’s never happed before, and the market is only beginning to gus at what it’ll mean. Experts say it could be a matter of weeks before there’s no more room to store crude, an evt called in industry parlance the “tank tops.” The rult would be oil pric near zero in many parts of the world, and in some cas they could go negative.“We are on a path to global tank tops in late May or early June,” said Florian Thaler at Oilx, a rearch firm which us the satellite data.© BloombergThe chaos in the American oil market on Monday could forhadow what happs globally, if other tanks start to fill up. It also shows the market will likely anticipate peak s
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