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Three Years Ago, Oil Prices Fell Below Zero. One Man Absolutely Refuses to Give Up on Finding Out Why

Three years ago this week, U.S. energy prices collapsed as the pandemic triggered arguably the swiftest economic downturn the world has ever seen.. ....

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Investigators probe Essex Boys traders who made £570million in an afternoon betting on oil prices

The group of traders, many of whom are based in the same Essex village, grabbed headlines around the world on April 20, 2020, when they made £570million by betting on the price of oil. ....

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Bloomber Businessweek: The Essex Boys: How Nine Traders Hit a Gusher With Negative Oil

ILLUSTRATION: SOPHY HOLLINGTON FOR BLOOMBERG BUSINESSWEEK
By Liam Vaughan, Kit Chellel, and Benjamin BainDecember 10, 2020, 12:01 AM EST
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Among the many previously unthinkable moments of 2020, one of the strangest occurred on April 20, when the price of crude oil fell below zero. West Texas Intermediate futures, the most popular instrument used to trade the commodity, had started the day at $18 a barrel. That was already low, but prices kept tumbling until, at 2:08 p.m. New York time, they went negative.
Amazingly, that meant anyone selling oil had to pay someone else to take it off their hands. Then the crude market collapsed completely, falling almost $40 in 20 minutes, to close at –$38. It was the lowest price for oil in the 138-year history of the New York Mercantile Exchange and in all likelihood the lowest price in the millennia since humans first began burning the stuff for heat and light. ....

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