Today was historic...The black gold (!) turned into red blood… The oil market is offering a warning of just how significant the economic damage will be historic. History in the making… It’s a crash of epic proportions… The Petrodollar Is Now Destroyed...
May West Texas Intermediate (WTI) just traded below zero for the first time ever (trading below NEGATIVE $40 per barrel)... There was a small bid right into the settlement at 1430ET leaving the May contract to settle at negative $37.63.
This is a colossal economic tragedy in the making right now.
How did you end up with negative oil prices today? This happens when a physical futures contract finds no buyers close to or at expiry.
I explained what that means...
The Financial Market Is Crashing... Everywhere...
US Macro-economic data crashed at a record pace back to the worst levels since the peak of the 2008 financial crisis...
World stocks continue to make a mockery of every rational investor...
Chinese markets were a shitshow overnight when the CSI-300 Healthcare Index crashed 17% for no good reason, hung around there for hours and then spiked back to the green...
European stocks roundtripped from ugliness overnight to end mixed but all eyes were on Italian credit markets which were once again starting to signal redenomination risk...
FANG Stocks made another new record high today...
Both HY and IG credit markets stumbled today...
Treasury yields largely shrugged off everything today ending modestly lower (2Y -1bps, 30Y -3bps)...
10Y Yield drifted lower...
The dollar trod water today for a second day, ending slightly higher...
Cryptos had an ugly day today, erasing gains from the weekend...
Gold prices rallied on the day (spot and futures) and compressed the premium modestly...
Unfortunately, Economic collapse has begun... there is no way that the U.S. economy will ever return back to the level it was at the end of 2019 !!!
👉 To learn the truth and prepare yourself for the future, keep watching Financial Argument.
👉 Full Transcription:
🚨 All Rights Reserved © 2020 Financial Argument™
✍️ Written By: FINANCIAL ARGUMENT
🎤 Narrated By: CHAD SHIRLEY
🎼 Music By: DARIO TARTAGNI
👉 Hopefully, by now you realize the importance of being prepared for the financial crisis. Be sure to check out my videos on economic collapse, stock market crash preparation, financial news, economic news and don’t forget to like and share this video.
🚨 DISCLAIMER: The financial and political opinions expressed in this video are not necessarily of "Financial Argument" or its staff. Opinions expressed in this video do not constitute personalized investment advice and should not be relied on for making investment decisions.
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#oilprice #petrodollar #economiccollapse
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