Oil’s Plunge Below Zero Was $500 Million Jackpot for a Few London Traders – Bloomberg
Oil storage in Cushing, Okla.
Photographer: Johannes Eiele/AFP/ Getty Images
Photographer: Johannes Eiele/AFP/ Getty Images
On April 20 the price of a barrel of oil for delivery the following month plummeted $40 in an hour, settling at –$37. It was the first time crude had ever crossed into negative territory. Regulators, oil executives, and investors have struggled to understand how…