Moreover, this phenomenon is obviously bearish by financial capital, and the personal behavior of using warehousing logistics to forcibly open positions has led to a sharp drop in oil prices. After all, the dollar is delivered in kind, and the futures market is greatly affected by spot trading. Take the negative value of American crude oil as an example, because American crude oil has no physical processing ability. They paid more money at that time, not to acquire oil entities in the future, but to earn RMB in the capital market, throwing high and sucking low. But on the last trading day, in order to avoid solving the problem of physical oil,
Had to leave at a loss. As everyone rushed to change hands, there was a situation of killing more and letting the price be negative. In other words, the double-headed would rather lose money than solve the physical oil, because we don't have the ability. If you really get the physical oil, you will not only earn a penny, but also bear the storage and transportation costs and pay more. It is better to let the market lose money. Although there is a loss, we still have some money left in our hands. Different pricing methods: the harm of international crude oil price depends on the change of OPEC output and the change of Eurasian demand. American crude oil price mainly depends on Cushing crude oil inventory: when the inventory is high, WTI price drops and Brent -WTI spread widens;
When the inventory is low, the WTI price rises and the Brent -WTI crude oil price difference decreases. In a word, American crude oil is the benchmark oil for futures trading based on foreign markets, while international crude oil is the standard oil for spot trading in European markets. The difference between international crude oil and American crude oil is very large, and the difference is about 5%. However, from the data point of view, international crude oil and American crude oil basically fall and rise simultaneously, but the market quotation is based on the international market quotation. On the other hand, the reason for the recent sharp drop in US crude oil is a sign of pessimism about the US economy.