Negative oil prices mean that the cost of transporting oil to refineries or storing it has exceeded the value of oil itself. Of course, the above are only futures prices. Due to the approaching delivery time.

The bulls suffered serious losses and did not want spot crude oil, so they were forced to stop and close their positions. Even if crude oil is in stock, there is no place to store it. Even if there is a place to store it, the cost of storage is higher than the oil price itself. Might as well sell it as soon as possible.

The more reason is that the loss is serious, the position has been exposed, and it is impossible to add margin, so we can only force the liquidation.