Hamesh Sharma of Pathfinder with an overview of the implications for energy stocks and airlines such as Air New Zealand. What does the future hold for oil?
Late in April, for the first time ever, West Texas crude oil futures plunged to a negative value (a day before they expired) meaning that people were being paid to accept barrels of oil.
This may seem absurd, but demand destruction for oil (as the global economy is in lockdown) and the inability to store excess oil supply is wreaking havoc in the oil market.
This demand shock comes after the Saudi-Russian energy price war which began earlier this year, meaning there are issues on both the supply and demand side of the equation for oil.
Read more of Hamesh's article here