Thats right you read that correctly, I cannot type this fast enough as the price of crude in US and Canada is in almost free fall. I would be sitting on the sidelines of trades in both traditional markets and crude today while this is going on.
We have US Crude free fall all the way down to $1 dollar now today, more than 94% drop in one day!
In Canada oil prices are already trading at negative prices, which yes that means that they are paying to have oil bought and stored.
What many don’t know if Dan Pena has been talking about this collapse for a long time and said it was coming!
UPDATE 1: CRUDE just dropped below $1 to $0.85 cents!
What will happen to the airline companies that hedged? Lost hundreds of millions or billions?
UPDATE 2: Oil just hit $0, told you negative could come today.
UPDATE 3: Oil futures hit -$3.70