The oil market received positive news on Thursday as oil futures for Brent and WTI Crude rallied for the first time since the oil price crash in early March, all fueled by the positive news of vaccine approval in Canada and the United Kingdom. Brent Crude hit $50 per barrel, while WTI Crude was trading as high as $47.23 Thursday. Analysts are optimistic that this may be a strong indication that the economy will receive a boost heading into next year.
Prices in the oil sector are under pressure today prompted by a gigantic build in distillate inventories last week as reported in today’s Department of Energy (DOE) petroleum report.
April 20, 2020 will go down in history as the first-ever negative trading day for WTI Crude as stocks plunged 321%, saw -$40.32 a barrel, and created a historic “super contango.”