Crude oil price is bad: On April 20, 2020, US time, crude oil futures for May delivery once fell to -40 USD/barrel. The main reasons of "negative oil price" are not only production cost, but also key factors such as limited time, oversupply and urgent inventory. Because there is not enough oil storage space, it is difficult for traders to find or establish a storage base within a short time after receiving the oil spot if they do not process the May contract as soon as possible. Facing the present situation, fewer and fewer refineries and enterprises are willing to buy oil spot. When the transportation cost of crude oil is higher than the economic value of oil itself, it will lead to the situation that producers have to lose money and let buyers buy oil.

Tips:

① The above instructions are for reference only and do not make any suggestions.

(2) There are risks in entering the market, so investment needs to be cautious.

Response time: August 3, 2020. Please refer to the latest business changes announced by Ping An Bank in official website.

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