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London Traders Hit $500 Million Jackpot When Oil Went Negative

3rd August 2020

"At 2:30 p.m. New York time on Monday, April 20, the May West Texas Intermediate crude oil futures contract closed at negative $37.63 per barrel. That was weird! We talked about it a lot, trying to piece together explanations for why a commodity that has essentially always traded at a positive price spent one day at an extremely negative price."

See the full article here:

https://www.bloomberg.com/news/articles/2020-08-04/oil-s-plunge-below-zero-was-500-million-jackpot-for-a-few-london-traders