Road, maybe that is actually not the case. Rolling overs as well. Maybe that is oil. It could just be a sentiment feeling, as well as any sort of Political Risk because of kim jonguns health uncertainty. Lets get to todays market moving news from our team in new york, as well as washington. We want to begin with this meltdown in the oil market. Wti futures plunging below zero for the first time in history yesterday as many storage tanks reached capacity. Brent for delivery in june pushing to the lowest levels since 2002. Annmarie hordern has more. Annmarie what we are really watching today is the number of contracts for wti and brent. Yesterday, the big question was is this just a big technical anomaly. I think what you are seeing today is that this is more widespread. What is showing is what traders have been saying for quite some time. Thething i want to bring up point is the june contract, trading at 16. 69. That is a contract that is not expiring. In 18dropping the most years. You
Putting pressure on oil markets as well. And marie hoarder me for more. Walk us Annmarie Hordern joins me for more. Walk us through the veracity of the selloff, and does it last . Annmarie the next 24 hours is going to be quite bumpy for this may contract. Basically, it is Financial Derivatives meeting the physical oil market and what we are seeing on the storage side. If you are not out of this position financially and you are a futures trader, you have to accept the physical oil. The problem is, theres really nowhere else to put it. Look at cushing. That storage is quickly filling up, and that is the main hub in the United States, where you have pipelines to canada, the midlands, or the gulf. The may contract now trading at , which3, plus contango means if you look at the june contract, trading at about 23 a barrel, it is about a nine dollar differential, the most on record. If you look down the table of what you see for june, july, august, the prices are certainly higher on the futu
Lots of guests coming up mel Mellody Hobson will join us. Well ask if todays the start of a downturn or a buying opportunity. The ceo of icelandbased Decode Genetics will join us. What the company has learned about how the virus spreads. Its an interesting study. Lets focus in on the big stories we are watching in this final hour of trade. Bob pisani tracking todays selloff Courtney Reagan with plunging retail Sales Numbers and wilford. Bob, a little recovery weve seen lets take a look at the s p and call this one cuomo versus the horrible Economic Data because the markets once again, cuomo moves markets. 12 30, started talking about lower hospitalization rates, the market lifted at that time continuing to lift but cant compete against those horrible Economic Data sara was talking about. The energy, the banks, the small caps, the industri industrials, Economic News, they suffer the Energy Stocks getting pounded, even down double digits, some recovering off the lows like apache and hess
Its not difficult to be crabby when you are basically living hand to mouth with government stimulus. I thought that encompassed the markets perfectly for a day like today. A lot of earnings coming out. Delta looking at a 50 cut in daily cash burn by the end of june. In terms of their First Quarter loss, they had about a . 51 loss , and revenue was down 18 year on year. As we expected, pretty brutal when it comes to delta. Baker hughes, oil services company, saying the outlook for oil and gas is certain. No kidding. The revenue down by about 4 year on year. 0. 11, acoming in at little bit light. Lets get you some of the headlines here. All of todays market moving news from new york, as will is washington. Brent crude getting sucked into the lowest level since 1999. Bloombergs part two thought to be role bloomberg spoke to thought he be role spoke to fatih birol. Some of the countries are cutting their production earlier than announced. Others joined them. If others do not follow the ste
Everywhere so what are people doing in the netherlands where a quarter of the country are ready live under sea level some architects and im still thought it would make sense if houses could float. Living on water in the City Center One day more than a 100 people live on this side canal in amsterdam. Michael schmidt and his wife yvonne van sock among the 1st residents. To the flames confusion its a different way of life here on the sly and. The waters of parkinson reflects everywhere. And now exactly it actually seems more extreme. Youre closer to nature when the wind blows and you open the door a gust of wind will come rushing into your face so everything arrives pretty directly here. This is one of a total of 30 buildings which are part of the project strong strip amsterdam each building has its own design. All have one thing in common they float on special concrete rafts fastened on to pillows the Swimming Foundation needs to be able to carry several 100 tons and must therefore be ba