石油首次跌破0

Oil Plunges Below Zero for First Time in Unprecedented Wipeout

石油首次跌破0

• U.S. crude trades at lowest level in data going back to 1946

• Crude in U.S. trades more than $40 below zero at lowest level

• 数据追溯到1946年，美国原油交易处于最低水平

• 美国原油在跌破0元至40美元以上

Oil Prices Will Remain Low in Short-Term: Goldman Sachs’ Tilton

油价在短期内将维持在低位：高盛（Goldman Sachs）

Of all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping than Monday’s collapse in a key segment of U.S. oil trading.

自冠状病毒大流行爆发以来，金融市场出现了前所未有的剧烈波动，没有什么比周一美国石油交易关键板块的暴跌更让人吃惊。

The price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory -- minus $37.63 a barrel. That’s right, sellers were actually paying buyers to take the stuff off their hands. The reason: with the pandemic bringing the economy to a standstill, there is so much unused oil sloshing around that American energy companies have run out of room to store it. And if there’s no place to put the oil, no one wants a crude contract that is about to come due.

将于周二到期的西德克萨斯原油期货合约价格跌至负值区间，每桶下降37.63美元。没错，卖家实际上是付钱给买家，让他们把东西从他们手中拿走。原因是：随着流感大流行使经济陷入停滞，大量未使用的石油四处游荡，以至于美国能源公司已经没有空间储存石油。如果没有地方放置石油，没有人想要一份即将到期的原油合同。Underscoring just how acute the concern over the lack of storage is, the price on the futures contract due a month later settled at $20.43 per barrel. That gap between the two contracts is by far the biggest ever.

一个月后到期的期货合约价格收于每桶20.43美元，突显出人们对缺乏储存的担忧是多么严重。这两份合同之间的差距是迄今为止最大的。

“The May crude oil contract is going out not with a whimper, but a primal scream,” said Daniel Yergin, a Pulitzer Prize-winning oil historian and vice chairman of IHS Markit Ltd.

普利策獎獲獎石油歷史學家、IHS Markit Ltd副董事長丹尼爾·耶爾金(Daniel Yergin)表示:「5月的原油合同不是嗚咽,而是原始的尖叫。

WTI traded in negative territory for the first time

WTI首次以负值交易

“There is little to prevent the physical market from the further acute downside path over the near term,” said Michael Tran, managing director of global energy strategy at RBC Capital Markets. “Refiners are rejecting barrels at a historic pace and with U.S. storage levels sprinting to the brim, market forces will inflict further pain until either we hit rock bottom, or COVID clears, whichever comes first, but it looks like the former.”

加拿大皇家银行资本市场全球能源战略董事总经理迈克尔特兰（MichaelTran）表示，“近期内，很难阻止实体市场进一步走急下行通道”。“炼油厂正以历史性的速度拒绝桶，随着美国储存水平迅速冲向边缘，市场力量将造成进一步的痛苦，直到我们要么触底，要么COVID清除，以先到者为准，但它看起来像前者。”

Since the start of the year, oil prices have plunged after the compounding impacts of the coronavirus and a breakdown in the original OPEC+ agreement. With no end insight, and producers around the world continuing to pump, that’s causing a fire-sale among traders who don’t have access to storage.

在冠状病毒的复合影响和欧佩克最初协议的破裂之后，油价暴跌。由于看不到尽头，世界各地的生产商继续抽水，这导致那些无法进入存储的交易者进行火爆销售。

The extreme move showed just how over supplied the U.S. oil market has become with industrial and economic activity grinding to a halt as governments around the globe extend shut downs due to the swift spread of the coronavirus. An unprecedented output deal by OPEC and allied members a week ago to curb supply is proving too little too late in the face a one-third collapse in global demand.

这一极端举动表明，随着全球各国政府因冠状病毒的迅速蔓延而延长关闭时间，美国石油市场供过于求，工业和经济活动陷入停顿。石油输出国组织（OPEC）和盟国一周前达成一项前所未有的产量协议，旨在限制供应，但事实证明，面对全球需求三分之一的暴跌，为时已晚。

There are signs of weakness everywhere. Even before Monday’s plunge, buyers in Texas were offering as little as $2 a barrel last week for some oil streams. In Asia,bankers are increasingly reluctant to give commodity traders the credit to survive as lenders grow ever more fearful about the risk of a catastrophic default.

到处都有疲软的迹象。甚至在周一暴跌之前，得克萨斯州的买家上周就为一些石油流提供每桶2美元的价格。在亚洲，银行家越来越不愿意给大宗商品交易商提供生存信贷，因为贷款人越来越担心灾难性违约的风险。

In New York, West Texas Intermediate for May delivery dropped as low as negative $40.32 a barrel. It’s far below the lowest level previous seen in continuation monthly data charts since 1946, just after World War II, according to data from the Federal Reserve Bank of St. Louis. Brent declined 8.9% to $25.57 a barrel.

在纽约，西德克萨斯中质油5月交割价跌至每桶40.32美元。圣路易斯联邦储备银行的数据显示，这远低于二战后延续月度数据图表中此前的最低水平。布伦特原油下跌8.9%，至每桶25.57美元。

Crude stockpiles at Cushing -- America’s key storage hub and delivery point of the West Texas Intermediate contract -- have jumped 48% to almost 55 million barrels since the end of February. The hub had working storage capacity of 76 million as of Sept. 30, according to the Energy Information Administration.自2月底以来，美国西德克萨斯中质合约的主要储存中心和交割点库欣的原油库存已跃升48%，至近5500万桶。根据能源信息管理局的数据，截至9月30日，该中心的工作存储能力为7600万。

Fund Inflow

Despite the weakness in headline prices, retail investors are continuing to plow money back into oil futures. The U.S. Oil Fund ETF saw a record $552 million come in onFriday, taking total inflows last week to $1.6 billion.

尽管整体价格疲软，但散户投资者仍在继续将资金投入石油期货。美国石油基金ETF上周五流入量达到创纪录的5.52亿美元，使上周总流入量达到16亿美元。

The price collapse is reverberating across the oil industry. Crude explorers shut down 13% of the American drilling fleet last week. While production cuts in the country are gaining pace, it isn’t happening quickly enough to avoid storage filling to maximum levels, said Paul Horsnell, head of commodities at Standard Chartered.

油价暴跌正在整个石油工业中引起反响。原油勘探者上周关闭了美国13%的钻井船队。渣打银行（StandardChartered）大宗商品主管保罗？霍斯内尔（PaulHorsnell）表示，尽管该国减产步伐加快，但速度不够快，无法避免入库量达到最高水平。”

The background psychology right now is just massively bearish,” Michael Lynch, president of Strategic Energy & Economic Research Inc said in a phone interview. “People are concerned that we are going to see so much build up of inventory that it’s going to be very difficult to fix in the near term and there is going to be a lot distressed cargoes on the market. People are trying to get rid of the oil and there are no buyers.”

战略能源与经济研究公司总裁迈克尔 林奇（MichaelLynch）在一次电话采访中表示："目前的背景心理学只是大看跌。"人们担心，我们将看到库存积累太多，短期内将很难修复，市场上将有很多不良货物。人们正试图摆脱石油，没有买家。

MORE OIL-MARKET NEWS

The son of the legendary founder of Hin Leong said the Singapore oil trader hid about $800 million in losses racked up in futures trading, suggesting a much bigger hole in the company’s finances than thought, according to people with knowledge of the matter.

据知情人士称，新加坡石油巨头兴隆集团创始人的儿子说，新加坡石油交易商隐瞒了约8亿美元的期货交易损失，表明该公司的财务漏洞比想象中要大得多。

A Nigerian oil-industry union called off plans for a strike that threatened the country’s crude exports, after authorities released workers accused of breaking rules aimed at containing the coronavirus.

尼日利亚一个石油工业工会取消了威胁该国原油出口的罢工计划，此前当局释放了被指控违反旨在遏制冠状病毒的规定的工人。

Mexico’s Pemex has too much gasoline and nowhere to store it, potentially racking up significant ship fees as demand wanes because of the fast-spreading coronavirus.

据知情人士称，这位新加坡石油交易商的儿子说，这位新加坡石油交易商隐瞒了约8亿美元的期货交易损失，表明该公司的财务状况比想象中要大得多。尼日利亚一个石油工业工会取消了威胁该国原油出口的罢工计划，此前当局释放了被指控违反旨在遏制冠状病毒的规定的工人。