The 20 Minutes That Broke the U.S. Oil Market
- A perfect storm drove prices into negative territory
- Among the hardest hit: retail investors halfway across world
Source: Bloomberg
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It was evident from the very beginning on April 20 that the oil market was headed for trouble.
Frantic sell orders had been pouring in overnight and any traders who connected to the Nymex platform that morning could see a bloodbath was coming. By 7 a.m. in New York, the price on a key futures contract -- West Texas Intermediate for May delivery -- was already down 28% to $13.07 a barrel.