Why did the WTI futures have a negative price?

The for immediate delivery of WTI oil has a negative price. Why?
-> If you are long, you HAVE to take delivery or roll the futures into Mays.
-> The roll is similarly expensive.
-> There is no storage left.
Some may end-up taking delivery of those barrels in their gardens…

Negative price of oil futures

 

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Written by Gontran de Quillacq

Gontran de Quillacq is an expert witness and a legal consultant. He is a recognized authority in options, trading, derivatives, structured products, portfolio management, hedge funds, mathematical finance, quantitative investment, strategy research and financial markets in general.

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