Trump's brilliant oil deal sure worked out well

You may recall the purportedly glorious agreement that Trump allegedly created between Russia, Saudi Arabia, and others, that would prop up oil prices and indeed the world economy as a whole. I would go so far to rate what has subsequently happened as Trump’s second biggest personal humiliation so far, behind only the way he got played by Kim Jong Un. (Incidentally, there are reports today that Kim may be dying.)

May contracts for West Texas Intermediate (WTI) crude oil went as low as -$37.63 on Monday. So report Jillian Ambrose and Martin Farrer at The Guardian. The price, well below zero, was a first for the US oil market, and showed the conviction of traders that the economy would not in fact start back up in May. Millions of gallons of oil are being stored on giant supertankers around the world, which costs money, and the below-zero price for a barrel reflected that storage cost.

There was a bit more confidence about the June situation, with prices skyrocketing to all of $1.10 a barrel in Tuesday morning trading in East Asian markets, according to Reuters. That is about the price of water. - Informed Comment