On April 20, 2020, US time, crude oil futures for delivery in May once fell to $40 per barrel. The main reasons for the "negative oil price" are not only the production cost, but also the 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 to let buyers buy oil, so the price is negative.

Response time: September 30, 2020. Please refer to the latest business changes announced by Ping An Bank in official website.

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